Pension Transfers

Pension Transfer Checklist: 20 Things to Verify Before Transferring

By QROP Direct Editorial Team · Reviewed by an independent regulated pension specialist · Reviewed 2026-06-10

Pension Transfer Checklist: 20 Things to Verify Before Transferring

Pension transfers are among the most consequential financial decisions a UK expat can make. Once a transfer is complete, it almost always cannot be undone. Protected benefits can be lost forever. Tax charges can arise unexpectedly. Choosing the wrong receiving platform can mean years of higher costs or restricted access.

This 20-point checklist is designed to help UK expats work through every major consideration before initiating any pension transfer — whether a domestic SIPP consolidation or an overseas QROPS transfer. Work through every item before signing any transfer forms.

This guide is for information purposes only and does not constitute financial, tax or legal advice. A regulated financial adviser should be consulted before any significant pension transfer.

Section 1: Know What You Have

1. Confirm the pension type (DC or DB)

Is this a defined contribution pension (a pot of money) or a defined benefit pension (a promise of income)? The transfer rules, advice requirements, and transfer value calculation differ fundamentally between the two.

Action: Contact the scheme administrator and ask directly: "Is this a defined contribution or defined benefit pension?"

2. Get the current transfer value

For DC pensions: request the current fund value. For DB pensions: request a formal Cash Equivalent Transfer Value (CETV). CETVs are typically guaranteed for 3 months and recalculated on request.

Action: Request a transfer value in writing from each ceding scheme. Keep a note of the date — the value changes daily.

3. Check for guaranteed annuity rates (GARs)

Particularly relevant for DC pensions taken out before 2000. A GAR entitles you to purchase an annuity at a fixed rate that is often far more generous than current open market rates.

Action: Ask the scheme administrator specifically: "Does this policy contain a guaranteed annuity rate?" Get the answer in writing.

4. Check for a protected pension age

Some pensions have a protected normal minimum pension age below 55 (or the future standard of 57). Transferring may lose this protection.

Action: Ask: "Does this pension have a protected pension age below 55?" Relevant if you plan to access your pension before age 57.

5. Check for any scheme-specific bonuses or benefits

Some policies include market value adjusters (MVAs), loyalty bonuses, or other scheme-specific features that affect the transfer value calculation.

Action: Ask the administrator to confirm whether any MVA, bonus, or adjustment applies to the transfer value quoted.

Section 2: Understand the Transfer Rules

6. Confirm whether regulated advice is required

For any DB pension or DC pension with safeguarded benefits above £30,000, regulated financial advice from an FCA-authorised pension transfer specialist is legally required before transfer (Source: FCA, fca.org.uk, 2026).

Action: If the answer to items 1–3 above is "this is a DB pension" or "this has a GAR above £30,000", engage a pension transfer specialist before proceeding. Do not sign transfer forms until advice is received.

7. Check for exit charges

Ceding schemes may charge transfer fees. For contracts entered before 2014, exit charges for members over 55 are capped at 1% of fund value by regulation. Older contracts may have different terms.

Action: Ask the administrator: "What transfer-out charge or exit fee applies?" Compare this cost against the benefit of consolidating.

8. Understand the Overseas Transfer Charge (for QROPS only)

If transferring to a QROPS, confirm whether the 25% OTC applies or whether the residency match exemption is available.

Action: Confirm: (a) which country is the QROPS registered in; (b) are you tax resident in that country at the time of transfer? Our pension transfer tax implications guide covers this in full.

Section 3: Assess the Receiving Scheme

9. Verify FCA authorisation of the receiving SIPP

Any SIPP must be operated by an FCA-authorised SIPP operator. Check the FCA register at fca.org.uk/register.

Action: Confirm the SIPP operator's FCA registration number and that "operating a SIPP" is listed as a permission.

10. Confirm the platform accepts members in your country

Not all international SIPPs accept members resident in all countries. FATCA compliance requirements affect US residents; other restrictions apply elsewhere.

Action: Ask the receiving SIPP explicitly: "Do you accept members resident in [your country]?" Get confirmation in writing.

11. Calculate total annual costs at the receiving platform

Add all cost layers: administration fee, platform fee, investment fund OCFs, adviser charges.

Action: Request a full schedule of charges. Model total cost for your fund size over 10 and 20 years. See our SIPP platform comparison guide.

12. Confirm the investment range is suitable

Does the platform offer the investments you need — global equity ETFs, bond funds, multi-currency options?

Action: Review the full investment menu before committing. Confirm whether the platform is platform-restricted or full self-directed.

Section 4: Prepare the Admin

13. Update your address with all ceding schemes

Discharge forms and transfer confirmation documents will be sent to the address on record. If this is an old UK address, they may not reach you.

Action: Update your address with every ceding scheme before initiating any transfer. Use an email address that is actively monitored.

14. Confirm identity documentation requirements

All pension providers require identity verification (passport, proof of address). Some require certified copies.

Action: Prepare certified copies of your passport and a recent proof of address (utility bill or bank statement). Some providers require notarised documents — clarify their specific requirements.

15. Set a timeline and follow up schedule

Transfers regularly take longer than expected. Build a follow-up schedule.

Action: After submitting transfer forms, diarise a follow-up call to the ceding scheme at 4 weeks, 6 weeks, and 10 weeks if needed.

Section 5: Tax and Legal Checks

16. Claim the DTA exemption from UK withholding tax on your pensions

Once resident abroad, private pension income should not be subject to UK withholding tax. Submit HMRC form DT-Individual.

Action: For each private pension, submit DT-Individual to stop UK withholding tax after confirming overseas tax residency.

17. Understand how your new scheme is taxed in your country of residence

The tax treatment of SIPP drawdown and QROPS income in your country of residence must be understood before transfer.

Action: Consult a tax adviser in your country of residence (or our country-specific tax guides) to confirm how pension income will be taxed.

18. Confirm the Lump Sum Allowance position

Have you taken any pension commencement lump sums before? If so, the remaining LSA (total £268,275) determines how much further tax-free cash you can take.

Action: If you have previously crystallised any UK pension, confirm your remaining LSA with your adviser or by checking your HMRC personal tax account.

Section 6: Final Checks Before Signing

19. Read the transfer form before signing

Transfer forms are legally binding documents. Ensure you understand every section — particularly any declarations about safeguarded benefits advice, consent to the OTC (if applicable), and acceptance of the discharge.

Action: Never sign a transfer form without reading it in full. If anything is unclear, ask the adviser or platform to explain before signing.

20. Keep copies of everything

Retain copies of all transfer requests, discharge forms, valuations, and correspondence. These may be needed for: - HMRC compliance queries - DTA exemption applications - Future benefit claims if the receiving scheme has lost records

Action: File all documentation securely — both digital (email/cloud) and paper copies where possible.

Summary: Before You Transfer