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Foreign and unregistered pensions: tax complexities and anomalies

Monica Joseph and Richard Arnott (EY) set out the changes and highlight some of the complexities that could face individuals who have foreign and unregistered pension plans.

Being a member of a pension scheme in particular a foreign pension scheme or an unregistered pension scheme can seriously complicate an individual’s tax affairs. This is especially so given the number of different foreign and UK pension plans which all have their own tax benefits and pitfalls. Pension plans include:

  • unregistered pension arrangements (otherwise known as employer-financed retirement benefits schemes (EFRBS)) which were set up for historical reasons due to the capping of overall UK tax reliefs;
  • international pension plans which may have received corresponding approval status in the UK (allowing the pension contributions to benefit from some form of UK tax relief); and
  • other foreign pension plans that individuals may have participated in whilst...

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