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You may want to move some or all of your pension fund (sometimes called a 鈥榩ension pot鈥�) if:

• 测辞耻鈥檙别 changing job
• your pension scheme is being closed or wound up
• you want to transfer to a better pension scheme
• you have pensions from more than one employer and want to bring them together
• 测辞耻鈥檙别 moving overseas and want to move your pension to a scheme in that country

Get help and advice

You can get free, impartial information about transferring your pension from .

You can get impartial advice about workplace pensions from an independent financial adviser. You鈥檒l usually have to pay for the advice.

If 测辞耻鈥檙别 concerned about a pension scam

Contact Action Fraud if 测辞耻鈥檙别 transferring a pension and are concerned about a scam.

You can also to Action Fraud.

You can transfer your UK pension pot to another registered UK pension scheme.

You can also use it to buy a 鈥榙eferred annuity contract鈥� - an agreement that gives you a guaranteed income in the future.

Before you make a transfer

Contact your current pension provider and the provider you want to transfer to. You鈥檒l need to check if:

• your existing pension scheme allows you to transfer some or all of your pension pot
• the scheme that you wish to transfer into will accept the transfer

If schemes are registered with HMRC for tax purposes, it does not mean they are endorsed by government.

Get help and advice before transferring your pension.

If you transfer your pension, you may:

• have to make payments to the new scheme
• have to pay a fee to make the transfer
• lose any right you had to take your pension at a certain age
• lose any fixed or enhanced protection you have when you transfer
• lose any right you had to take a tax free lump sum of more than 25% of your pension pot

Your pension providers can tell you whether any of these will apply.

You may be able to transfer your UK pension savings to an overseas pension scheme.

Schemes you can transfer to

The overseas scheme you want to transfer your pension savings to must be a 鈥榪ualifying recognised overseas pension scheme鈥� (QROPS). It鈥檚 up to you to check this with the overseas scheme or your UK pension provider or adviser.

If it鈥檚 not a QROPS, your UK pension scheme may refuse to make the transfer, or you鈥檒l have to pay at least 40% tax on the transfer.

Tax when you transfer to a QROPS

You may have to pay 25% tax on a transfer. Whether you pay tax depends on both:

• where the QROPS you transfer to is based - it鈥檚 your responsibility to find out where this is
• your available overseas transfer allowance

When you do not have to pay tax on a transfer to a QROPS

You usually do not pay tax if you transfer to a QROPS provided by your employer. Check with the scheme to find out.

You do not have to pay tax if both of the following apply:

• you live in the country your QROPS is based in
• the transfer does not exceed your available overseas transfer allowance

If you鈥檝e requested to transfer to a QROPS based in the EU, Norway, Iceland, Liechtenstein or Gibraltar

You do not have to pay tax when you transfer to a QROPS based in the EU, Norway, Iceland, Liechtenstein or Gibraltar if all the following are true:

• you live in the UK, the EU, Norway, Iceland, Liechtenstein or Gibraltar
• you requested the transfer before 30 October 2024 and it鈥檚 completed before 30 April 2025
• the transfer does not exceed your overseas transfer allowance

If you move countries within 5 years of the transfer

Fill in form APSS 241 and give it to your scheme administrator. You鈥檒l:

• get a refund if you鈥檝e moved to the country your QROPS is based in
• have to pay 25% tax on your transfer if you鈥檝e moved away from the country your QROPS is based in

Overseas transfer allowance and charge

Your overseas transfer allowance

The overseas transfer allowance is usually 拢1,073,100. This may be higher if you hold a protected allowance.

Your overseas transfer charge

You may have to pay an overseas transfer charge if you transfer your pension overseas or you may be exempt - check with your scheme provider.

If you exceed your overseas transfer allowance, and the transfer is otherwise exempt from the overseas transfer charge, you鈥檒l have to pay a 25% overseas transfer charge on聽the excess above the allowance.

If you are not exempt from paying the overseas transfer charge, you鈥檒l have to pay a 25% overseas transfer charge on the total amount you are transferring.

How to transfer

Form APSS 263 tells you what information you鈥檒l need to provide before making a transfer.

Download and fill in the form and give it to your UK pension scheme administrator.

Payments from an overseas pension

You may have to pay UK tax on some payments from your overseas scheme. This depends on when you were a UK resident.