Move your UK pension to Switzerland (ROPS)
After working in the UK and contributing to a UK pension, can you transfer your UK pension assets to Switzerland (ROPS)?
In order to transfer your UK pension assets to Switzerland you must use a HMRC approved ROPS (Recognised Overseas Pension Scheme). After a significant update on this list there are only a limited number of providers. This is primarily due to the differences on how a member can access their pension. As you may know, in Switzerland you are able to access your pension prior to retirement should you wish to buy a property or start a business. In the UK this is not an option and the only time you can access your pension is at the age of 55 (will rise to 57 in April 2028).
In addition to using a ROPS you also need to meet a strict criteria to qualify and be able to transfer your UK pension assets. Also you should consider if transferring your UK pensions to a Vested Benefits account will benefit you or are there other alternatives such as an International SIPP which are better suited to your needs. You should consider all of the following;
- Your UK pensions value
- Whether your UK pension is a Final Salary or Money Purchase
- When you wish to retire (access your pension)
- Will you retire in Switzerland or a different country
- Your age and years left till retirement
- Do you wish to leave your UK pension to your spouse or children (estate planning)
You should always seek professional advice when reviewing your pension options to ensure you are making the right decision for you and your family. SuisseRock Advisory Services have specialised in UK pension transfers for over 10 years now, helping Swiss nationals and expatriates alike and have overseen the transfer of over £100 million of UK pension assets.
Book your complimentary UK pension review