Lost track of your old pensions?

Capital at risk

Choose a self-employed pension that puts you in the driving seat

Sign up to our flexible pension plan for the self-employed and contribute as much or as little as you like, as often as you like.

Get started

When investing, your capital is at risk

The Climate Plan - invest in line with the Paris Agreement

Find out how you can use your pension to invest in environmentally friendly businesses at the forefront of the transition to a low carbon economy.

Get started now

When investing, your capital is at risk

Pensions explained

Finding & Transferring pensions

How to transfer an overseas pension to the UK

It’s often possible to transfer an overseas pension to the UK, but the rules vary by the origin country and type of pension being transferred. In some cases, it may be better to draw down money from the overseas pension into a local bank account, and transfer or withdraw that money in the UK.

Transferring an overseas pension to the UK might depend on:

whether it’s an eligible ROPS pension scheme;
whether a UK pension provider is willing to accept the transfer; or
the specific transfer rules of the origin country.

PensionBee and pension transfers from abroad

As of April 2023, PensionBee doesn’t accept overseas pension transfers.

Moving money from an overseas pension into a PensionBee pension can be done indirectly, however there are likely to be tax efficiency implications which should be discussed with a suitable Independent Financial Adviser (IFA).

An overseas pension can be drawn down into a local bank account, before that money’s transferred to a UK bank account and then paid into a PensionBee pension plan. PensionBee is unable to accept international bank payments.

If moving money using this method, bear in mind:

to transfer money to a UK bank account, a currency exchange fee may apply;
money transferred to the UK may gain or lose value as exchange rates fluctuate;
tax considerations around withdrawing the pension; and
contribution limits.

For further information, please see our FAQ.

Recognised Overseas Pension Schemes (ROPS)

ROPS are a type of overseas pension that meet a set of rules set by HMRC - for example, not being accessible until the age of 55 (rising to 57 from 2028). Overseas pensions that meet these rules are easier to transfer to the UK than ones that don’t.

Here is a list of overseas ROPS.

If your overseas pension is ROPS:

some UK pension providers may be happy to accept the transfer, though they may also conduct additional fraud checks first; and
it should take the same amount of time to transfer compared to a UK-based pension.

If your overseas pension isn’t ROPS:

your UK pension provider may refuse to take the transfer.

‍

Overseas transfer charges

Some overseas transfers from ROPS may incur a ^{_corporation_tax} tax charge. This is deducted by the ROPS provider on behalf of HMRC, before the transfer is made.

Transfers from non-ROPS may incur an unauthorised payments charge of at least ^_higher_rate.

The particular details around overseas transfer charges can be a little complicated. For further details, visit the gov.uk.

What are the tax implications of transferring a pension from overseas?

Impact on tax relief

Most UK taxpayers will benefit from tax relief when making contributions into their UK pension. A standard rate taxpayer would receive a £20 top up on a £100 contribution, for example.

But overseas pension transfers into UK pension plans aren’t considered contributions. Therefore, they’re ineligible for tax relief. So a basic rate taxpayer wouldn’t receive any top up if they were to transfer their overseas pension to the UK.

Impact on the annual allowance

The annual allowance is the maximum amount of money that can be paid into a UK pension before a tax penalty is charged. The allowance as of the ^{_current_tax_year_yyyy_yy} tax year is ^{_annual_allowance}.

Because overseas transfers aren’t considered contributions, they won’t contribute to the annual allowance. Therefore, an overseas pension worth more than ^{_annual_allowance} could be transferred to a UK pension without incurring a tax penalty.

‍

Risk warning

As always with investments, your capital is at risk. The value of your investment can go down as well as up, and you may get back less than you invest. This information should not be regarded as financial advice.

Last edited: 06-04-2025