.png)
.png)
A new 25% charge will apply to pension transfers.
A new 25% charge has been introduced for pension transfers made to qualifying recognised overseas pension schemes (QROPS). The measure took effect for transfers requested on or after 9 March 2017. Transfers will however be tax-free when:
- the individual and the pension scheme are in countries in the European Economic Area (EEA);
- if outside the EEA the individual and the pension scheme are in the same country;
- the QROPS is provided by the individual’s employer;
- the QROPS is an overseas public service pension scheme and the individual is employed by one of the employers in the scheme; or
- the QROPS is established by an international organisation to provide benefits for past service and the individual is employed by that entity.
If the individual’s circumstances change within five tax...
Alternatively, you can register free of charge to read a limited amount of subscriber content per month.
Once you have registered, you will receive an email directing you back to read this item in full.
