Transfer of rights in a UK pension scheme overseas

Produced by in association with John Hayward

Employment Tax

Guidance

STOP PRESS: At Spring Budget 2024, the Chancellor announced that the remittance basis would be abolished from 6 April 2025, although this only applies to foreign income and gains arising on or after that date. The remittance basis rules still apply to unremitted income and gains arising before that date but remitted later. For more details, see the Abolition of the remittance basis from 2025/26 guidance note.

Introduction

A pension transfer is the movement of an individual’s accrued pension rights from one pension scheme to another. UK pensions tax legislation specifies which transfers may be made without adverse tax consequences.

Such transfers are known as ‘recognised transfers’ and are a type of authorised member payment. The term ‘authorised member payment’ means that this is a type of transaction that can be made without any tax implications on the member. Such transfers are reported to HMRC but there are no taxation consequences.

To constitute authorised

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