Providing information and clarity

for British Expats looking to Transfer their UK Pension Offshore


Expatriate Pension NEWS - HMRC, QROPS, QNUPS



Important events and legislation that will effect your Pension Income, QROPS & QNUPS Pensions & Pension Transfers:-



2012 Updates:


As a result of Q-Day that came into affect on 6th April 2012 a number of new regulations have been put in place by HMRC.


In summary the main points to be aware of are:-


1)  New Zealand QROPS will be restricted on providing lump sum access above 25%.


2) All QROPS must now have a system to tax both residents and non-residents equally.


3)Guernsey QROPS are no longer open to non-Guernsey residents. No new transfers are accepted. This decision by HMRC will not have any negative consequence for anyone that currently has a QROPS in Guernsey as at the point of transfer the schemes were recognised as Qualified Recognised Overseas Pension.


A full overview and explanation of the new proposal can be found HERE



4) Lifetime Allowance Limits


- Lifetime Allowance Limit is to be reduced from GBP 1.8m to GBP 1.5m.


Any amount over your lifetime allowance taken as a lump sum is taxable at 55 per cent.


Any amount over your lifetime allowance taken as a pension is taxable at 25 per cent.





Limited Annual Pension Contributions - As of 2011, the maximum pension contribution limit has been reduced to £50,000 (down from £255,000).

2011 Updates - A standardised rate of 55% Tax from age 55 onwards is applicable on all pensions in the event of death. This is now known as a "Tax Recovery Charge".

Taxation Updates:

Non Domicile Spouse Taxation Limit of £55,000. Any amount above this in your estate will be taxed at 40% Inheritance Tax

Can we Help? - If you are a British expat or you have lived in the UK and contributed to a UK Pension for over 7 years and want information on how to transfer your pension offshore, we can help you.


You could be transferring your UK pension abroad into a QROPS or QNUPS tomorrow! Saving you and your family significant amounts of Pension income that could be lost currently.


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