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  • 1 Post By PLamHK
  • 1 Post By Beanieskis

Transfer UK Pension scheme to an HMRC-registered HK Pension scheme

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  1. #1

    Transfer UK Pension scheme to an HMRC-registered HK Pension scheme



    Hi all,
    Assuming here are people who have been in a similar situation in the past and might have some guidance for me:

    I used to work in the UK years ago and had accumulated some money in the private pension scheme of my employer (administered by one of the big UK insurance companies). After I left the UK to continue working with the same employer in HK, this pension scheme has been in a dormant state and I didn't bother.

    The thing is that I have resigned from my job and the pension scheme provider stipulates that I have to transfer out my scheme within one year. I have explored some providers in the UK and with they wouldn't transfer my pension in since I don't have a UK residence (neither am I a UK citizen btw).

    That leaves me to transferring my pension to HK. And that must be one from the list that the HMRC acknowledges (edit: tried adding the link here, but that's not allowed). These are all companies that I don't know, and also when I google them, they all seem rather niche. Now my question is:

    Did anybody transfer an HMRC-registered pension to HK in the past and can maybe point me to a provider, where it was possible or they even made good experiences?



    Last edited by christian03; 13-09-2024 at 01:39 PM.

  2. #2

    Join Date
    Jul 2016
    Posts
    228

    Seems schemes that made into the list are ORSO from the employer, initiated and done for their employees. No public MPF sheme there. You may ask if your employer has ORSO and can be bothered to register with HMRC. I gave up on this because it seems like a lot of company long-term administration hassle, with exposure to tax risks/liabilities for a tiny benefit of single individual(s). It's surprising to see there are any schemes registered at all tbh.


  3. #3

    Join Date
    Mar 2024
    Posts
    715

    What exactly will they do if you don't transfer out within a year? Steal your money?

    Beanieskis likes this.

  4. #4
    Quote Originally Posted by PLamHK:
    What exactly will they do if you don't transfer out within a year? Steal your money?
    Might be some annoying exchange of messages, but in the end of the day if I tell them that I can't find anybody in my jurisdiction who can transfer the scheme, can't see what else they can ask me to do. Stealing shouldn't be an option for them

    Realistically I think they are considering my employment to be ended the moment my UK-based employment ended. Since then I am a dormant member. And I would just not notify them if I change my employment.

  5. #5

    Join Date
    Oct 2006
    Location
    Hong Kong
    Posts
    15,611

    Was previously able to transfer my SIPP to AJ Bell. But not sure if they take on non-residents anymore.

    There is also My Expat SIPP but haven't dealt with them personally.

    https://www.myexpatsipp.com/

    I remember something about QROPS but from recollection all of that sounded like a shady money grab.


  6. #6

    Join Date
    Feb 2009
    Location
    Hong Kong
    Posts
    2,710

    I believe AJ Bell don't let non-residents open new accounts anymore. I have heard mention of www.myexpatsipp.com. Steer clear of QROPS - there are some nightmare stories if you do a quick google.

    DO you have any other existing pension account in the UK you could transfer it to?

    pin likes this.