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FAQ 14 – Are there minimum and maximum transfers?

There is no limit to the size of funds that may be transferred and accumulated within a QROPS. A transfer from a UK registered pension scheme to a QROPS is a “benefit crystallisation event” (BCE). A test against the individuals’ lifetime allowance (£1.8 million for the 2010/11 tax year) will be performed and any excess would be taxed.

Prior to 5th April 2009 it was possible to apply to HMRC for enhanced protection which permits a sum in excess of the lifetime limit to be transferred without incurring an unauthorised payment charge.

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