Budget end to overseas pensions 'loophole' could cause 'chaos'

Budget papers have confirmed that, from 30 October, the overseas transfer charge (OTC) will apply to more pension transfers to qualifying overseas pensions schemes. Certain transfers were excluded from the 25% OTC on transfers from UK registered pensions schemes to qualifying recognised overseas pension scheme (QROPS) when the 2017 rules were brought in. Under Budget changes, from 30 October OTC applies to all transfers to EAA and Gibraltar established QROPS where the member is UK resident or resident in a different EEA country. An exclusion has been maintained for those who are tr...