Any overseas / QROPS experts out there ?

cado1 · 21 February 2018 at 5:49PM

I lived and worked in Jersey in the Channel Islands for 13 years before returning to the UK in 2016. Whilst in Jersey I built up workplace pension pot but my last employer over there did not run a QROPS registered scheme. Now I am back in the UK and planning to stay here I wanted to move my pension pot over and add it to my workplace SIPP.

However I am struggling to find any pension provider that will accept a NON QROPS registered scheme into the UK. As I am no longer resident in Jersey I cannot move it from the current scheme into a QROPS registered scheme. The Jersey workplace pension advisor said there should be UK providers that will accept it as is but couldn't say who ?
Does anyone have any ideas ??

Malthusian · 21 February 2018 at 6:06PM

Exactly what kind of scheme did you pay into in Jersey? Is it a Recognised Overseas Pension Scheme (ROPS)?

If the scheme you paid into isn't considered a qualifying pension scheme by HMRC, you can't transfer it into any UK pension scheme. It would count as a contribution and would therefore be subject to the restrictions on earned income and Annual Allowance.

xylophone · 21 February 2018 at 6:25PM

https://www.aegon.co.uk/support/faq/pension-technical/Overseas-transfers-in.html

Does the above throw any light?

Aegis · 21 February 2018 at 7:17PM

It's very rare that I see someone wanting to bring a pension sitting outside the UK jurisdiction in to the UK - it's much more often the other way around. Why are you looking to achieve this rather than leaving the scheme offshore?

bostonerimus · 22 February 2018 at 6:44AM

Why not leave it in Jersey? Check the tax treaty and current rules, I don't know them for sure, but I bet the pension will remain tax deferred from UK and jersey tax until you take income from it when it will be taxable in the UK (if you are a UK resident) and you can file a DT form to get relief from tax in Jersey.

atush · 22 February 2018 at 1:41PM

Dont forget you are also entitled to a partial Jersey State Pension too.

cado1 · 22 February 2018 at 2:16PM

Aegis wrote: »

It's very rare that I see someone wanting to bring a pension sitting outside the UK jurisdiction in to the UK - it's much more often the other way around. Why are you looking to achieve this rather than leaving the scheme offshore?

I thought it would be best to put it all into one pot ? It's currently invested in a couple of mutual funds and I wanted to manage it more actively ?

cado1 · 22 February 2018 at 2:17PM

bostonerimus wrote: »

Why not leave it in Jersey? Check the tax treaty and current rules, I don't know them for sure, but I bet the pension will remain tax deferred from UK and jersey tax until you take income from it when it will be taxable in the UK (if you are a UK resident) and you can file a DT form to get relief from tax in Jersey.

Thanks for this information i'll investigate the tax treaty status

cado1 · 22 February 2018 at 2:18PM

atush wrote: »

Dont forget you are also entitled to a partial Jersey State Pension too.

Yes I qualify for 27% of whatever the Jersey state pension is when I retire :-)

atush · 22 February 2018 at 7:08PM

I only have 7 years lol. You need a min of 6 to qualify

Any overseas / QROPS experts out there ?

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