QROPS Questions UK Pension

stamboy

Is there any circumstances where it would be advantageous to transfer out of a QROPS pension assuming you are a British citizen and have no intention of retiring in the UK?

xylophone

Is this relevant?

https://www.pruadviser.co.uk/knowledge-literature/knowledge-library/transfer-to-from-QROPs/

If a transfer payment is from a Recognised Overseas Pension Scheme (ROPS) or a Qualifying Recognised Overseas Pension Scheme (QROPS) the member can apply to HMRC for an enhanced Lifetime Allowance (LTA). The member must claim this enhancement no later than 5 years after 31 January following the tax year in which the transfer payment was made. It is the member's responsibility to ensure that he/she applies for the appropriate LTA enhancement. When an overseas transfer is received the scheme will normally write to the customer pointing out:

they may be able to apply for an enhanced LTA if the transferring scheme was a ROPS or a QROPS
the transferring scheme should be able to confirm if they are a ROPS or QROPS.
they should speak to HMRC and/or a financial adviser about this.

Or this?

https://www.gov.uk/guidance/overseas-pensions-pension-transfers


Pension transfers from a QROPS (or former QROPS) to another QROPS may be liable to an overseas transfer charge of 25% of the amount that’s being transferred.

[Deleted User]

Also check the charges on QROPS - I did look at these a few years ago, but (from memory) the risk of the charges, the ongoing charges! and HMRC and destination countries tax treatment of QROPS may or may not be favourable in the future, some of the absolute charlatans who sell them - far outweigh the risk of just taking a UK pension/SIPP etc with a NT tax code and being treated as income/pension and paying tax in the destination country