Transfer Overseas Pension To The UK

Country

Can you transfer to the UK?

What’s involved?

Swiss Pension

Yes

• A pillar 3 (private pension) can be cashed out or transferred (but may involve exit fees or taxes).
• A pillar 2 (company pension) can be more difficult. You might be able to transfer some but not all of your pension. Benefits must usually be paid into a Swiss bank account.

German Pension

Yes

• Germany has a Double Taxation Agreement (DTA) with the UK, so you may be able to reclaim any German tax paid on your pension.

Spanish Pension

Yes

• You need to inform the UK and Spanish authorities (International Pension Centre and the Instituto Nacional de la Seguridad Social).
• Using a QROPS is the easiest way to transfer schemes from Spain to the UK.

USA Pension – 401(k) plan

No

• You can’t transfer a 401(k) plan directly from the USA to a UK pension scheme.
• With expert advice, there can still be creative and efficient ways to access and use your 401(k) retirement savings from the UK.

Belgian Pension

Yes

• All types of pensions from the Federal Pensions Service can be paid out anywhere in the world, so a transfer may not be necessary.
• If you want to transfer a Belgian pension to the UK, transferring from a QROPS is the simplest method.

Dutch Pension

Yes

• There can be enough flexibility with pensions in The Netherlands to transfer a private pension, occupational scheme, or defined benefit scheme to the UK.
• The UK pension scheme you’re transferring into must meet the conditions of Dutch tax authorities.
• A Dutch State Pension (AOW) cannot be transferred to the UK.

Irish Pension

Yes

• It sometimes depends on your scheme in Ireland.Defined contribution is easier than defined benefit.
• With a Personal Retirement Savings Account (PRSA), the UK scheme you want to transfer to must be compatible with Irish pension law.
• Transferring an Irish State Pension to the UK is straightforward as the two countries have a social security agreement.

French Pension

Yes

• It is possible, but HMRC QROPS rules exclude French pensions, so there will be fewer transfer options.
• Pensions in France can be complex, so expert advice is essential when navigating the international laws if you want to transfer a French pension to the UK.

Italian Pension

Yes

• Like France, relatively recent HMRC rule changes can be restrictive around Italian pensions.
• Transfers from an Italian pension to a UK scheme can be possible, but there are no QROPS in Italy.

Other EU Pension

Yes/No

• You can usually transfer a pension from the EU to the UK (especially within the European Economic Area EEA), however, it depends on the specific country.
• You can’t transfer your pension to the UK for some countries, or your options are limited.
• It’s best to research and get advice based on a particular country and pension.

Australian Pension

Yes

• The Australian pension system is made up of a compulsory superannuation fund.
• If you’re a temporary resident you can claim a departing superannuation payment (DASP) if your right to work ends or you leave Australia. However, there can be a 65% tax plus management fees.
• For permanent residents, you can access your superannuation from the UK, but if you want to transfer it – you have to be over 55 (or over the current preservation age).