FAQs on Foreign Pensions
05 April 2017
The Pensions Industry Stakeholder Forum has shared the FAQs from the technical consultation on foreign pensions in Schedule 3 of Finance Bill 2017 published on 5 December 2016.
Examples of some of the questions asked during consultation:
- Why will 100% of a foreign pension be taxable from 6 April 2017 when no UK tax relief was given on the pension savings when they were accrued?
- Will the taxation of 100% of foreign pension from 6 April 2017 also apply to payments out of a qualifying recognised overseas pension scheme (QROPS)?
- How will UK tax rules apply to foreign pension savings that have had UK tax relief on contributions (such as migrant member relief or double taxation relief) where the savings span 6 April 2017?
- Will the new rules on lump sums apply to payments made from overseas employer-financed retirement benefits schemes (EFRBS) out of funds built up, or rights accrued, prior to 6 April 2017?
The FAQs will become available on GOV.UK but in the meantime they are accessible through the link below.