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What are the UK tax implications if my pension fund is substantial?

A transfer to a QROPS will be what is known as a “benefit crystallisation event”. This may give rise to a tax charge if the amount transferred exceeds the “lifetime allowance” (LTA) – which has been £1.0 million from April 2016 onwards.
If, however, you have registered for “primary protection”, “enhanced protection” or “fixed protection”, then lesser tax charges may apply.
It is worth noting that the benefit of a QROPS is that once a large pension is outside of the UK then any further increases will fall outside the lifetime allowance rules.
In addition, the tax on transferring a large pension out of the UK which is in excess of the LTA is lower than if you take the benefits in the UK. The tax rate on the funds in excess of the LTA is only 25% on a QROPS transfer, as opposed to up to 55% on withdrawal of the funds from the UK scheme.

NZ free phone:0800 102 599 / OZ Free Phone:1800 857 410 /

very stress free

Thank you Cambel for your help and guidance throughout this process in getting my pension transferred (very stress free for me). It is greatly appreciated and I would certainly recommend you and Charter Square to others who are interested in transferring their pension.

David R, New Zealand

You guys rock!

I just wanted to say a great big thank you to you and your team. You are all totally awesome. I received a cheque yesterday from the Prudential to apologise for the ‘recent inconvenience’ that I had experienced. Thank you for doing this for me. You guys rock!

Noelle B, New Zealand

professional, insightful

Charter Square were professional, insightful and a pleasure to work with. They rose to the challenge of consolidating my overseas pensions and bringing them home with minimum fuss for me and maximum effort on their part.

Jens H, New Zealand

thorough, professional and prompt

Very thorough, professional and prompt service from the team at Charter Square. Thanks for making the bewildering world of pension transfers super simple.

Jules T, New Zealand

Best party to deal with

Thank you kindly for keeping in touch with me. For now, I will not be moving my pension. I will however be keeping your details and referring back to you when I wish to pursue. You by far are the best party to deal with, no nonsense, professional and in my opinion genuine. I do sincerely thank you for your advice to date.

GE, New Zealand


Securing the freedom to use savings that are actually ours to work with has been stressful in the extreme. While I never planned on giving up there were many times when the current (UK) holder made the whole process seem well beyond my determination and ability. It’s easy to look at the 36 month history of this claim with the benefit of hindsight, but the conclusion is that employing Charter Square in the first instance would have been wise had I been able to anticipate the red-tape that appears to have been deliberately created to stall access.

CP, Auckland
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