Lifetime allowance question

sandsy

I have pensions savings (money purchase) overseas. I'm fairly sure the pension scheme would not be recognised as a qualifying scheme by HMRC. It was totally run within the rules set by the regulatory authorities and tax authorities within that country. I (and my foreign employer at the time) only contributed to it when I was in that country and I received tax relief on contributions according to the rules of that country. So it was totally independent of anything to do with the UK. At the time, I was resident for tax purposes in that country.

My question is.....does it count towards my lifetime allowance here in the UK? I'm now back in the UK permanently, plan to retire here and have other pension arrangements, past and present, in the UK.

I've tried to Google it and my gut feeling is that it doesn't count. But I'd appreciate a second opinion from the pensions experts please?

molerat

http://www.hmrc.gov.uk/manuals/rpsmmanual/rpsm13100040.htm

Not an expert but ......

The lifetime allowance is an overall ceiling on the amount of UK tax-relieved pension savings that an individual can draw ............

vbm

No it doesnt, and even if you transferred it to a UK pension scheme, you would receive an enhancement to your LTA against that amount.