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Posted Thu, 31 Oct 2024 07:43:49 GMT by jmo
Hi - I have held a QROPS for the last 3 complete tax years (as per HMRC definition) , transfer was 2021. It is a private pension. I am over 55. I have a couple of questions regarding the rules on taking a lump sum: 1. If my pension was in the UK, I could take 25% lump sum free from UK tax since I am over 55. Is the same true now it is in a QROPS, or I need to wait until Apr 2027 when full 5 years complete in the QROPS? 2. I'm uncertain as to the relevance of the 10 year QROPS rule. Would it apply to me and how would I know if I've fallen foul of it? 3. Can a lump sum from a QROPS only happen once at commencement, or can be taken in a few small lump sum up to an allowed limit? Thank you!
Posted Tue, 05 Nov 2024 16:14:47 GMT by HMRC Admin 33
Hi,
Since 6 April 2017, you need to have been resident outside the UK for 10 consecutive tax years before you can access a QROPS pension (before April 2017, the requirement was five consecutive tax years). However, even if you satisfy the 10-year rule, you may still fall under UK tax rules if you withdraw from a QROPS within five years of switching from a UK-based pension. 
Thank you.

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