Pension Transfer
Tailored Financial Services for Global Citizens
Specialist Pension Transfer Services
UK pensions are among the most complex financial assets to navigate, especially from overseas. The rules are intricate, they change frequently, and many pension decisions cannot be undone once made. This is not something individuals should attempt alone — getting it wrong can be costly and irreversible, which is precisely why regulated, professional advice exists and matters.
NEBA Private Clients specialises in expat pension transfers, including QROPS (Qualifying Recognised Overseas Pension Schemes) and SIPPs (Self-Invested Personal Pensions), ensuring your pension is handled in compliance with both local and international regulations, wherever you choose to retire.
Your options as an expat
When you live abroad, a UK pension generally gives you three broad choices. For many people, leaving it in the UK is the right decision — and a good adviser will tell you so.
Keep your pension where it is. For many expats this remains the most appropriate and lowest-risk option, particularly where defined benefits are involved or the transfer value is not favourable.
Move your pension into a UK-regulated Self-Invested Personal Pension designed for expatriates, keeping it under UK regulation whilst giving you broader investment and currency flexibility.
Transfer your pension to a Qualifying Recognised Overseas Pension Scheme outside the UK. This can suit people who have settled permanently abroad, but the rules are strict and advice is essential.
Key Considerations
Not sure which option is right for you?
Speak With Our ExpertsWhat is a QROPS?
A QROPS (Qualifying Recognised Overseas Pension Scheme) is an overseas pension scheme that meets HMRC conditions and is able to receive transfers from UK pensions. QROPS were introduced in 2006 and are typically considered by people who have left the UK permanently.
Depending on the jurisdiction, a QROPS may offer benefits such as consolidation of multiple pensions, currency flexibility and estate-planning advantages. However, the rules governing QROPS are strict and must be followed carefully.
What is a SIPP?
A SIPP (Self-Invested Personal Pension) is a UK-based pension wrapper that gives you greater control over how your pension is invested. An International SIPP is designed specifically for expatriates: it keeps the pension under UK regulation while offering investment and currency flexibility.
For many expats, an International SIPP is more suitable than a QROPS, because it retains the protections of UK regulation while still meeting the needs of someone living overseas.
The risks you must understand
These risks are exactly why expert help is essential. Pension transfer decisions can be irreversible, so it is vital to understand what is at stake before acting.
- Giving up guarantees: Transferring out of a defined benefit pension means giving up valuable guaranteed benefits, which is rarely in your interest.
- The 25% Overseas Transfer Charge: A 25% tax charge may apply to overseas pension transfers unless specific conditions are met.
- UK tax on return: UK tax may apply if you return to the UK after transferring your pension overseas.
- Scams: Overseas pension transfers are a known target for scams. Cold approaches and promises of guaranteed returns are red flags that should always be treated with suspicion.
- Mandatory advice: Transferring safeguarded benefits worth over £30,000 legally requires advice from an FCA-authorised pension transfer specialist.
Frequently asked questions
Often yes — typically to an International SIPP or an eligible QROPS. However, the State Pension cannot be transferred, and defined benefit pensions require specialist regulated advice before any transfer can proceed.
A SIPP stays within UK regulation, while a QROPS moves the pension to an HMRC-recognised scheme outside the UK. The two have different tax, currency and access implications, so the right choice depends on your circumstances.
Possibly. A 25% Overseas Transfer Charge may apply unless certain conditions are met. The rules change over time, so it is important to confirm the position at the time of transfer.
Usually not. Transferring out means giving up a guaranteed lifetime income. Where the benefits are worth over £30,000, you must take advice from an FCA-authorised pension transfer specialist before proceeding.
It varies, but a transfer typically takes several weeks. We manage the process for you to keep it as smooth and straightforward as possible.
Download Our Free Guide
Considering transferring your UK pension overseas? Our free guide explains your options — including QROPS and SIPP transfers — and the key steps NEBA Private Clients can help you take.
