Retirement Savings

While employed by a Swiss affiliate of TotalEnergies my company (and I believed me thru monthly deductions) paid into funds titled ‘retirement savings’, in effect pension payments with Swisslife Preferred Plus funds. This is not ROPS/QROPS qualifying although I understood it was before 2017 and I now require to take it as a lump sum, £250K approximately. What is my tax liability if transferred to me in the UK and do I qualify for a tax-free lump sum of 25%?

Hi Harvey57 Jackiboy57,
From 6 April 2017 the whole foreign pension or annuity payable to a UK resident will be chargeable to tax. This means that pensions paid to UK residents will be taxed in the same way whether the scheme is based in the UK or overseas.  From 6 April 2017 lump sums paid by non-UK pension schemes to UK residents will be taxable regardless of the type of pension scheme paying the lump sum. However, the taxing provision and the taxable amount will depend on the nature of the scheme making the lump sum payment.
Thank you.

'However, the taxing provision and the taxable amount will depend on the nature of the scheme making the lump sum payment.' What exactly does this mean? The retirement savings were made up of 12% employer and 3% employee contributions. Can you confirm that if taxed in the 'same way' whether based in the UK or overseas I can qualify to take a 25% tax free lump sum?

Hi Harvey57 Jackiboy57,
Please contact the pension schemes services helpline on 0300 123 1079 open 9am to 5pm Monday to Friday who will be able to answer your query. 
Thank you.