3. Transferring to an overseas pension scheme

You may be able to transfer your UK pension savings to an overseas pension scheme.

Before you transfer

The overseas scheme you want to transfer your pension savings to must be a ‘recognised overseas pension scheme’. It’s up to you to check this with the overseas scheme or your UK pension provider or adviser.

If it’s not, your UK pension scheme may refuse to make the transfer, or you’ll have to pay at least 40% tax on the transfer.

Form APSS 263 tells you what information you’ll need to provide before making a transfer.

Download and fill in the form and give it to your UK pension scheme administrator.

If you’re under 75, your UK pension scheme administrator will work out what percentage of your lifetime allowance is used by the transfer.

They will tell you if the amount you’re transferring is more than your allowance and if you will be taxed on any excess.

Payments from an overseas pension

You may have to pay UK tax on some payments from your overseas scheme. This depends on when you were a UK resident.