Retirement Planning - Transferring UK Pension to France

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Introduction
Whether you are relocating to France in
retirement, moving with your family or exploring
the opportunity of life overseas, deciding
whether to take your pension with you and how
to go about it can make a significant
difference to your future income. Here, the
Chase Buchanan Wealth Management Bordeaux team
explains some potential options, the pros and
cons.
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Managing Your Pension When Moving to France
Leaving a pension in situ without taking any
action can limit your future pension income, with
the complexities of exposure to UK tax charges,
currency risk, and potential caps on the pension
commencement lump sum value you are permitted to
withdraw.
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Managing Your Pension When Moving to France Cont
There is the possibility that the recently
abolished Lifetime Allowance (LTA) will be
reintroduced into the UK legislation following
next years general election. Should that happen,
owners of UK pension savings above 1 million, or
anticipated to reach this value, will have
further UK tax to account for, eroding the total
value of their retirement wealth.
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How to Transfer a UK-Based Pension to an Overseas
Pension Scheme
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There are two primary ways British expatriates
relocating to France transfer their pension
assets 1. Self-Invested Personal Pension
(SIPP) 2. Recognised Overseas Pension
Schemes (ROPS) Both pension transfers have pros
and cons, but it is important to note that France
has no HMRC-approved ROPS.
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Tax Implications of Transferring Your UK Pension
to France
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The majority of pension transfers do not attract
the 25 Overseas Transfer Charge, either because
the expatriate selects a UK-based SIPP or because
they are transferring a UK pension fund to the
same country as their place of residence.
Rules apply throughout the EEA, so if you were
to relocate to France and transfer your pension
to a ROPS elsewhere in Europe, you would remain
protected.
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Tax Implications of Transferring Your UK Pension
to France Cont
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Need Help?
For more information about transferring your UK
pension to France or picking the most suitable
solutions, please get in touch with the
international pension transfer local team in
Bordeaux or the Chase Buchanan Wealth Management
UK Administration Centre.
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Source
https//chasebuchanan.com/transferring-your-uk-pen
sion-to-france/