Transferring a UK Pension to Europe as a Resident in Poland
Residents in Europe have the option of transferring a UK pension scheme to a Qualifying Recognised Overseas Pension Scheme (QROPS) in Malta.
Malta is a country in the European Union and a member of the European Economic Area.
A QROPS in Malta is a regulated pension scheme and retirement benefits can be received anywhere throughout the European Economic Area (EEA).
Moving to Poland| UK Pension Transfers to a Pension Scheme in Europe
If you are moving to Poland, it is possible to transfer private pension schemes in the UK to Europe by setting up a QROPS in Malta.
It is possible to set up a QROPS in euros rather than pounds sterling.
Transferring a Pension to Europe
You may want to move some or all of your pension fund (sometimes called a ‘pension pot’) if:
- you’re changing job
- your pension scheme is being closed or wound up
- you want to transfer to a better pension scheme
- you have pensions from more than one employer and want to bring them together
- you’re moving overseas and want to move your pension to a scheme in that country
source: https://www.gov.uk/
Tax on a Malta QROPS for Residents in Poland
- No tax at source in Malta if resident in the European Economic Area
- There is a double taxation agreement between Poland and Malta
- Local taxes in Poland apply
Tax on Transfer
There is no tax on transfer under current rules.
However, there is an Overseas Tax Charge (OTC) which can apply if you leave the European Economic Area (EEA) within five years of transferring your pension scheme.
How to Transfer a UK Pension to a QROPS
A financial adviser can provide you with the necessary forms to begin the process. An adviser will guide you through the process and make recommendations based on your circumstances.
Please contact us for more information.
What is the Currency in Poland?
The Polish currency is the Zloty which is divided into 100 Groszy.
Unlike the majority of members in the European Union who adopted the Euro, Poland is still using its own Currency, the Zloty (PLN).
There is no target date for Polish euro adoption. The country’s former Deputy Prime Minister Janusz Piechociński has stated that Poland will not join the Euro until at least 2020.
You must be logged in to post a comment.