How to Repatriate Your UK Pension Without Losing Half of It

Brexit’s hangover has proved to be a nightmare for many UK pension holders.

The problem. Thousands of French and European nationals who lived and worked in the UK are struggling to bring their pensions back. Since Brexit, it’s become a complex bureaucratic ordeal as British banks close accounts for non-residents and pension schemes block transfers to Europe, while those using schemes in Jersey and Guernsey can be taxed twice as they do not have tax treaties with France.

The options. If you contributed under a UK payroll, QROPS is now off the table (25% tax penalty). That leaves two real options:

• Full encashment. HMRC withholds 45% at source. We can help reclaim it, but it can take a year. Then you declare the sum in France at 7.5% income tax and 9.1% social charges. If the transfer is delayed, the tax could spike.
• ISIPP. No tax, no penalty, flexible and set up in four months. You can draw down, move funds to France and even keep contributing if under 55. Adding an NT code will also avoid UK withholding tax.

Takeway. DTB has transferred over 300 pensions. We handle it all, reclaiming tax, setting up ISIPP, applying for NT codes and planning your assurance vie strategy in France.