Submitted on Sunday 14th January 2018
Published on Friday 19th January 2018
Current status: Closed
Closed: Thursday 19th July 2018
Signatures: 443
Scrap the 25% overseas transfer charge expats pay on QROPS pensions
Expats pay the charge on moving pensions from the UK to a QROPS or between QROPS unless they live in Europe or one of 13 countries which have QROPS outside Europe, which is unfair to the thousands who cannot access a QROPS pension where they live
The overseas transfer charge discriminates against expats outside the EEA in a country which does not host a QROPS, making them pay a 25% exit tax on moving their pension fund from the UK to a QROPS to gain better financial terms. The charge is unreasonable as the rules punish QROPS members for financial planning when savers with other pensions, like Self-Invested Personal Pensions (SIPPs), can live in the same place as a QROPS saver and suffer no transfer charge on moving their fund
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