Overseas aspects of pension schemes

STOP PRESS: In the Autumn Budget 2024 of 30 October 2024, the key pensions announcements included reducing tax-free overseas transfers of tax-relieved UK pensions. To give effect to this the government will introduce legislation in a new Finance Bill 2024-25 to:

—remove the exclusion from the Overseas Transfer Charge for transfers to Qualifying Recognised Overseas Pension Schemes (QROPS) in the European Economic Area (EEA) or Gibraltar from 30 October 2024 to address the risk of individuals receiving double tax-free allowances

—bring the conditions of Overseas Pension Schemes (OPS) and Recognised Overseas Pension Schemes (ROPS) established in the EEA in line with OPS and ROPS established in the rest of the world, with effect from 6 April 2025

—require scheme administrators of registered pension schemes to be UK-resident from 6 April 2026

HMRC published its Pension Schemes Newsletter 164 for October 2024, which contains a summary of all the announcements in the Autumn Budget 2024 in connection with tax-relieved pension savings, and has also updated some of its guidance and a number of sections in the Pensions

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