Foreign Pension Contributions - Transfer Tax Status?

Through my employer of 12 years a pension pot of approximately 250K has been amassed by monetary inputs by my employer (12%) and me (6%). It is in funds managed by SwissLife Luxembourg. I've reached the age of 65 and i am required to transfer it to my bank in the UK then to a pension plan. SwissLife are insisting it must go into a bank. Luxembourg is not a ROPS/QROPS, I know this but had it been qualifying the tax burden would be enormous which seems strange considering I received no benefit had it been a UK pension (20% government contribution). What are my options, I want to put the entire fund into a pension in the UK if  I can find a provider who will accept it!?

Hi Rubi57mc,

You would need to discuss this with a financial adviser as HMRC cannot offer financial advise.

Thank you.

ok, if i transfer a 250K pension pot to the UK will I be expected to pay tax on it, if so at what rate?

Hi,

There may be a transfer charge to pay. You can see guidance here:

Overseas pensions: pension transfers

Thank you.