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UK Pension Transfers
UK Pension Transfer Service: Your Guide to Moving UK Pensions Abroad, Pensions can be complex beasts. There are no guarantees, and numerous variables can drastically alter outcomes. Although retirement planning is complex in any situation, moving overseas adds a whole new dimension. We believe deciding whether (and where) to move your pension(s) is arguably as important as deciding to emigrate. That’s why you need straightforward expat UK pension transfer advice: because it’s your money, and you deserve to keep as much of it as possible, So, we’re going to simply explain UK pension transfers. Here’s what you need to know.
UK Pension Transfers – The Basics
What is a pension transfer?
Transferring your pension means moving your funds from one scheme to another, either in the UK or internationally. Reasons you may wish to transfer your pension include amalgamating multiple pensions, accessing a better scheme, or moving overseas. Although there are many reasons to shift your pension elsewhere, in this guide, we focus on the rationales of expats and international workers.
Pension transfer risks
Transferring your pension can be a worrying time. There are many considerations including exit fees, administration charges, loss of perks or bonuses, and whether tax benefits actually materialize. It is also a time when you may be vulnerable to scams. To protect consumers, UK pension legislation covers all pension transfer activity. Always ensure your financial adviser is qualified and regulated.
Which types of UK pension can you transfer?
Broadly speaking, there are three main pension types to consider when leaving the UK:
1. UK State Pension
- You cannot transfer your UK State Pension abroad. However, your entitlement depends on your National Insurance (NI) contributions, not your country of residence or domicile. You can claim your state pension overseas, even if you’re not a UK citizen. The Department for Work and Pensions (DWP) can pay your pension into a UK bank account or an overseas account in local currency. Note that in some countries, your pension payments will not increase annually if there is no reciprocal agreement.
2. Occupational Pensions (Workplace Pensions)
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Defined Benefit (final salary/salary-related) pensions
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Defined Contribution (money purchase) pensions
Both types can often be transferred, with exceptions such as unfunded public sector schemes (e.g., NHS or teachers), schemes still in contribution, or those in drawdown. If you have a defined benefit pension over £30,000, consulting a regulated independent financial adviser is a legal requirement.
3. Personal Pensions
- Personal pensions, stakeholder pensions, and Self-Invested Personal Pensions (SIPPs) are generally transferable offshore.
Do you need to transfer your UK pension if you're overseas?
You don’t have to transfer your pension if you live abroad. You can continue contributing to your UK pension from overseas if payments are made through a UK bank account. If contributions stop, the pension becomes preserved or frozen but may continue to grow. Keep in mind some providers charge fees or restrict payments to overseas bank accounts.
Pension Transfer Options for Expats - QROPS and SIPPs
About QROPS
A Qualifying Recognised Overseas Pension Scheme (QROPS) is a non-UK pension scheme that meets HMRC criteria, allowing potentially tax-free transfers from UK pensions. QROPS offer flexibility and broader investment options but come with conditions like the Overseas Transfer Charge, potential tax implications, and administration fees.
Learn more about QROPS on our dedicated QROPS page
About SIPPs
International SIPPs (iSIPPs) are FCA-regulated UK pensions providing flexible, multi-currency investment opportunities. They are often cheaper than QROPS and better for expats who move between countries or return to the UK. However, they do not protect against the Lifetime Allowance tax.
Discover more on our iSIPP page.
How to Choose Between QROPS and SIPP?
The best option depends on your personal situation, pension size, residency, and retirement goals. Generally:
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For pension pots nearing or exceeding £1 million, QROPS may offer better tax advantages.
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For smaller pots and those wanting flexibility and lower costs, iSIPPs are often preferable.
Always get independent financial advice before making a decision. Find out more about choosing the right option on MoneyHelper’s pension transfer guide.
CONTACT US
Expert UK Pension Transfer Advice
Transferring your UK pension overseas is a major financial decision. At [Your Company Name], our experienced advisers will guide you through every step of the process, ensuring you maximise your pension’s value and enjoy peace of mind, Get in touch today for a free, no-obligation pension review!
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UK Pension Transfer Service FAQs
Can I transfer my UK State Pension overseas?
No, but you can claim it abroad based on NI contributions. See gov.uk.
Which pensions can I transfer?
Most occupational and personal pensions are transferable except some public sector schemes. Learn more on HMRC pension transfers.
What taxes apply when transferring my pension?
Transfers to QROPS may incur a 25% Overseas Transfer Charge unless certain conditions are met. Check HMRC’s guidance.
Are there fees?
How do I avoid pension scams?
Use only FCA-authorised advisers. See FCA’s pension scam advice.
Testimonials
What Our Clients Say
“I transferred my pension using Chris and Maxi’s expertise in this area. My existing scheme in the UK made it very difficult for me to take control of my own retirement savings. Chris and Maxi showed great determination, perseverance and care, in finally delivering my chosen result.”
“I wanted to transfer my pension from the UK. At first, I had a feeling of trepidation about using an online adviser. Chris and Maxi not only delivered a faultless transfer but the performance of my funds since has been first class.”