Most forms of UK pension can be transferred to a QROPS, but there are some important issues that you should consider when thinking about transferring your pension to a QROPS including:

Transfer penalties or market value adjustments may reduce the value of your pension fund on leaving or moving your current pension.

A comparison of costs and benefits between your existing pension and the new provider.

Any guarantees that apply to your existing pensions would be lost on transfer.

The tax treatment of income and capital payments in your Country of residence should you decide to take benefits.

A comparison of your entitlement to tax-free cash at retirement.

It is possible to transfer your pension even if you have started to drawdown benefits (USP - unsecured pension). However, if you are receiving a pension from your ex-employer's scheme or annuity it's probably too late.

Lifetime allowance recovery charge

If the value of your pension benefits transferred to a QROPS added to any previous pension benefits that you have taken is greater than the lifetime allowance and you haven't already protected the fund, then the excess may be subject to a recovery charge. A recovery charge of 25% will be applied to the excess.

The lifetime allowance:

Your Independent Financial Adviser may be able to advise you on the implications of transferring your pension. If you don't have a suitably qualified adviser we can introduce you to an authorised, highly qualified UK Financial Planning firm with expertise in the field of international pension planning.