What impact does a transfer to a Qualifying Recognised Overseas Pension Scheme (QROPS) have on my lifetime allowance?

 

A transfer to a Qualifying Recognised Overseas Pension Scheme (QROPS) is classed as a Benefit Crystallisation Event for the purpose of your lifetime allowance. The amount crystallised is the total value of the transfer. Any excess above the 2018/2019 lifetime allowance of £1.03 million when taking into account any other benefits, would be subject to a tax charge of 25%.

Was this article helpful?

Please score it so we can improve and offer you more

LikeDislike
Loading...
Members