The following Pensions practice note produced in partnership with Sean McNulty of Blake Morgan provides comprehensive and up to date legal information covering:
Pension rights may be transferred from one scheme to another. To avoid any adverse tax consequences under the Finance Act 2004 (FA 2004), a transfer from a UK-registered pension scheme must constitute a 'recognised transfer' as such a transfer is expressly recognised at FA 2004, s 164(1)(c) as a type of authorised member payment.
This Practice Note covers the considerations applicable on:
the only type of recognised transfer possible from a UK-registered pension scheme to an overseas pension arrangement (namely a transfer to a Qualifying Recognised Overseas Pension Scheme (QROPS))—for further information, see: Transfer to a QROPS, below
transfers from a UK-registered pension scheme to overseas arrangements other than a QROPS—for further information, see: Transfer to an overseas pension scheme other than a QROPS, below
transfers from overseas arrangements to a UK-registered pension scheme—for further information, see: Transfers from overseas pension schemes
Between 13 January 2019 and
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