RPSM14101040 - Technical Pages:
Transfers: Recognised transfers from registered pension schemes:
Recognised overseas pension scheme
Recognised overseas pension scheme
Under section 150(8) a
recognised overseas pension scheme is an
overseas pensionscheme that meets the following requirements
prescribed under The Pension Schemes (Categories of Country and
Requirements for Overseas Pension Schemes and Recognised Overseas
Pension Schemes) Regulations 2006 (SI 2006/206). It must:
- be established in a Member State of the
European Union, Norway, Liechtenstein or Iceland, or
- be established in a country or territory
with which the UK has a Double Taxation Agreement that contains
exchange of information and non-discrimination provisions - see the
list in
RPSM14101046 (there is more
information on the provisions of particular Double Taxation
Agreements in the Double Taxation Relief Manual), or
- satisfy the requirement that, at the time
of the
recognised transfer, the rules of the scheme
provide that:
- at least 70% of the funds transferred will be
designated by the r scheme manager for the purpose of providing the
member with an income for life,
- the pension benefits (and any associated lump sum)
payable to the member under the scheme, to the extent that they
relate to the transfer, are payable no earlier than they would be
if pension rule 1 in section 165 applied, and
- membership of the scheme is open to persons
resident in the country or territory in which it is
established.
Pension rule 1 in section 165 provides that no payment of
pension may be made before the day on which the member reaches
normal minimum pension age, unless the ill-health condition was met
immediately before the member became entitled to a pension under
the scheme. Guidance on the normal minimum pension age is provided
at
RPSM08100010 to
RPSM08100030, and there is guidance
on the ill-health condition in
RPSM08100070.
