Part 4Pension schemes etc

Chapter 6Schemes that are not registered pension schemes

F1Non-UK schemes: the overseas transfer charge

244FExclusion: receiving scheme is an overseas public service scheme

(1)

A transfer to a QROPS is excluded from the overseas transfer charge F2under section 244AC if—

(a)

the QROPS is an overseas public service pension scheme, and

(b)

when the transfer is made, the member is an employee of an employer that participates in the scheme.

(2)

A QROPS is an “overseas public service pension scheme” for the purposes of this section if—

(a)

either—

(i)

it is established by or under the law of the country or territory in which it is established, or

(ii)

it is approved by the government of that country or territory, and

(b)

it is established solely for the purpose of providing benefits to individuals for or in respect of services rendered to—

(i)

that country or territory, or

(ii)

any political subdivision or local authority of that country or territory.

(3)

For the purposes of this section, an employer participates in a QROPS that is an overseas public service pension scheme if the scheme has effect so as to provide benefits to or in respect of any or all of the employees of the employer in respect of their employment by the employer.