Q. Is there any tax payable upon exit from my UK pension plan to an overseas scheme?

A. No UK tax is payable if the transfer is to a QROPS. Such transfers are authorised payments. It is unlikely that a transfer to a non-qualifying overseas scheme would proceed because of the extreme tax penalties. An unauthorised payment charge of 55% would be levied and the exporting scheme would also be liable for a further 40% penalty charge. There is however, potentially NZ tax payable on the receipt of pension amounts into NZ. After four years, an increasing amount of tax is payable on any transfer in from the UK.  


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