As a Pace member, you have the option to transfer your benefits out to another registered pension scheme - or to transfer benefits held elsewhere into Pace.
If you leave the UK, you can usually choose to move the money you’ve saved over to a scheme in another country, or leave it where it is until you retire. The money is always yours and you won’t lose it if you leave the UK.
If you want to transfer your pension savings overseas, the receiving arrangement needs to be a Recognised Overseas Pension Scheme (ROPS). A list of schemes that have told HM Revenue and Customs (HMRC) they meet the conditions to be a ROPS can be found on the GOV website.
HMRC can’t guarantee these are ROPS or that any transfers to them will be free of UK tax. It’s your responsibility to find out if you have to pay tax on any transfer of pension savings.
Many people have been targeted by pension scams, offering seemingly attractive ‘investment opportunities’ to encourage you to transfer your pension savings to their funds.
These scams could result in the loss of your entire pension savings and you could also face significant tax penalties. If in doubt, before you sign anything, you should contact the Pensions Advisory Service on 0300 123 1047.
To find out more, you can visit the Pensions Advisory Service or visit the Pensions Regulator’s 'scams website' for details of what to look out for.