Credit Suisse Group (UK) Pension Fund

Tax and transfers

• If you take income in the UK, you may be liable for tax in the UK and in the country you live in after you retire, depending on the tax treaties that apply.
• Depending on what kind of retirement benefits you intend to take, you may decide to transfer your benefits out to another suitable pension arrangement.

Types of pension arrangement

You can use an individual pension arrangement (such as UK personal pension ), or a recognised overseas pension arrangement, for your pension to be paid from.

If it’s in the UK:

• you will need to set it up before you leave the UK.

If it’s overseas:

• you will need to check whether you can transfer benefits into it from a UK pension scheme, as some countries don’t allow you to do this, and
• the scheme must be a “Qualifying Recognised Overseas Pension Scheme” or “QROPS” – otherwise you could be liable for a tax charge on your transfer value.

Even if your receiving scheme is a QROPS, you may still be liable for an “overseas transfer” tax charge on the transfer unless you meet certain conditions.

Broadly:

• you must be resident for tax purposes in the country in which your receiving scheme is established; or
• you must live in a European Economic Area (EEA) state and your receiving scheme must also be established in an EEA state.

Help and advice

Contacting Fidelity

If you are thinking of retiring abroad, contact Fidelity for more information. Visit the Help and contacts page for their contact details.

Taking financial advice

You should also consider taking financial advice before you leave the UK. Visit the Getting financial advice page for a guide to taking financial advice and details of organisations that can help you with finding financial advice.