It's possible to transfer UK personal and company pensions to The Overseas Pension - QROPS, including protected rights and pensions in drawdown (USP and ASP).

However, if a pension income is already in payment from an ex-employer's scheme or annuity it's probably too late.

Guernsey retirement annuity contracts can also be transferred to The Overseas Pension - QROPS.

We can accept transfers from:

• Personal Pensions
• Self Invested Personal Pension Scheme (SIPPS)
• Small Self Administered Pension Schemes (SSAS)
• Pensions in drawdown
• QROPS
• Additional Voluntary Contributions (AVC)
• Occupational Schemes (Company pensions)

The application process:

• The completed application and transfer application forms need to be sent to The Overseas Pension, along with
• Certified copies of passport and proof of residence, and
• The transferring scheme will usually provide a discharge form to be completed and sent to The Overseas Pension
• If the transferring pension has protected rights form HMRC CA1881 needs to be signed by the applicant
• The Overseas Pension will verify the forms and if correctly completed open a QROPS
• At the same time funds will be requested from the ceding scheme
• Once funds are received the investment instructions can be actioned

The process takes approximately 4 - 8 weeks to complete.

Important Considerations:

There are some important issues that you should consider when thinking about transferring to a QROPS, including:

• Transfer penalties or market value adjustments be applied on transfer
• Any guarantees that apply to the existing pension would be lost on transfer
• The tax treatment of income and capital payments in the country of residence
• Any differences in the benefits payable at retirement

Lifetime allowance recovery charge

If the value of pension benefits, transferred to a QROPS added to previous pension benefits, is greater than the current lifetime allowance the excess may be subject to a recovery charge. The recovery charge is 25% where applied. Primary enhanced and fixed protection apply on transfer to a QROPS.