You must declare any benefits in overseas pension schemes if they count towards your Lifetime Allowance (LTA).
An overseas pension will count towards your LTA if:
- contributions have been made from 6 April 2006 that were relieved or exempt from UK Income Tax
- it includes UK funds transferred from a UK registered pension scheme, UK tax-relieved funds or UK transferred funds in another overseas pension scheme to the overseas pension from 6 April 2006.
If you’ve received payments of benefits that started from 6 April 2006 that use part of your LTA, you must be informed of the percentage used from your pension provider.
If you’re claiming your NHS Pension benefits, we’ll ask for the percentage of LTA you’ve used on your application form.
If you have an overseas pension and you’re not sure if it counts towards your LTA, contact the pension provider or HMRC for further guidance.