If you have a UK pension and currently live in Germany, or intend living in Germany, and you remain a non-resident of the UK for five years or more, you should consider a QROPS transfer.
A QROPS (Qualifying Recognised Overseas Pension Scheme) is an overseas pension scheme, recognised by HMRC that meet certain conditions and standards equivalent to a UK pension. Therefore any UK pension can be readily transferred to an overseas scheme, provided that the overseas scheme is registered with HMRC as a QROPS.
Currently there are numerous QROPS funds in Germany and transfer is possible by a single premium to a basic pension (RÜRUP) or direct insurance (bAV).
What should be done now?
1. Your pension provider has probably already provided you with a Pension Value. We need this in copy.
2. Furthermore, we ask you to notify whether the supply is to be installed through a new employer – then we would choose the implementation of direct insurance – or whether you want to manage the assets as a private contract, then we would base on a basic pension.
If you have any questions, please do not hesitate to contact firstname.lastname@example.org as a specialist in this transmission business.