Can You Transfer a UK Pension to Singapore?

However, under current HMRC rules, such transfers are only permitted to qualifying recognised overseas pension schemes (QROPS)—and as of July 2025, Singapore does not host any QROPS-approved schemes.

Attempting to transfer a UK pension to Singapore directly will therefore result in significant tax charges, including unauthorised payment penalties of up to 55%.

This article explains the structure of the Singaporean pension system, the legal restrictions around pension transfers, and compliant alternatives such as international SIPPs.

It also outlines how UK and Singapore tax rules apply to expats and provides guidance on managing pensions across borders with minimal tax exposure.

How Does the Singaporean Pension System Work?

The Singaporean pension system includes two main types of pensions:

1. Central Provident Fund (CPF): CPF is a mandatory pension only available to Singaporean citizens and permanent residents, and it’s funded through personal and employee contributions. The accrued funds are divided between three accounts, allowing you to leverage the savings for retirement, medical expenses, and other purchases like housing or insurance.
2. Supplementary Retirement Scheme (SRS): SRS is a voluntary pension scheme available to expats working in Singapore regardless of their residency status. These plans also accept personal and employee payments up to S$35,700 each year, which are subject to income tax on withdrawal.

You can leverage SRS as a UK expat to save for retirement once you move to Singapore. You may also qualify for CPF if you become a permanent resident in Singapore.

Can You Transfer a UK Pension to Singapore?

You can’t transfer a UK pension to Singapore directly without incurring significant tax charges. Tax-free UK pension transfers are only permitted when the receiving overseas scheme is approved by HMRC and based in the country you are living in. At the moment, none of the Singaporean pension plans are on the official qualifying recognised overseas pension scheme (QROPS) list.

If you transfer a UK pension to a Singaporean pension fund that isn’t approved by HMRC, you’ll be liable for:

• 40% unauthorised payment charge
• An additional 15% scheme sanction charge may be imposed on the pension provider or scheme administrator.
• A 25% overseas transfer charge may apply if the receiving scheme is not in your country of residence or the amount exceeds the Overseas Transfer Allowance (OTA) of £1,073,100.

To minimise tax exposure while retaining access to your UK pension from Singapore, consider alternative solutions, such as personal pensions, which may provide more flexibility and more streamlined management.

What Is the Alternative for Transferring a UK Pension to Singapore?

Instead of moving a UK pension overseas directly, UK expats may benefit from transferring their pensions into UK-registered schemes that provide various tax, withdrawal, and contribution benefits, such as an international self-invested personal pension (SIPP).

This personal scheme is regulated in the UK by the Financial Conduct Authority (FCA), and it accepts transfers from UK-based pensions, including:

1. Defined benefit (DB) pensions: Also known as a final salary pension, a DB scheme is a type of workplace pension that pays a guaranteed retirement income. Its value depends on your salary and years of service.
2. Defined contribution (DC) pensions: This pension scheme accepts your and your employer’s contributions and allocates the invested funds toward different assets to grow your retirement savings.

International SIPPs are funded primarily through personal contributions, though some employers may also choose to contribute to your savings. These funds are then invested across a broad range of assets, including ETFs, mutual funds, stocks, shares, bonds, and cash. The pension’s value is determined by the amount you contribute and the performance of your investments.

What Are the Benefits of an International SIPP?

One of the primary advantages of international SIPPs is that the transferred amount does not count toward the annual contribution limit because pension transfers aren’t classified as contributions. This allows you to consolidate multiple UK-registered pensions into a single international SIPP to optimise pension management while living abroad.

Additionally, international SIPPs provide the following advantages:

What Are the Drawbacks of an International SIPP?

When transferring a UK pension to an international SIPP, there are three potential drawbacks to be aware of:

1. Tax relief limitations: While you are generally eligible to receive tax relief on contributions equaling 100% of your relevant UK earnings, expats without such earnings can make tax-relievable contributions of up to £3,600 gross. To qualify, they must have been UK tax residents in at least one of the five preceding tax years and at the time of enrolling in the pension scheme.
2. Higher fees: Transferring your pension to an international SIPP includes various charges, including setup fees, administrative costs, and advisory fees, which may be higher than the costs of your current scheme.
3. Complex cross-border taxation: Holding your pension in an international SIPP while residing in Singapore requires a thorough understanding of international tax laws to ensure compliance and prevent unexpected tax liabilities.

Pension transfer specialists, like our experts at Titan Wealth International, provide assistance with navigating the process of transferring a UK pension to an international SIPP. We offer personalised advice, taking your residency and retirement goals into consideration, to ensure minimal tax liability and increased wealth preservation upon transfer.

How To Transfer a UK Pension to an International SIPP?

If you decide that moving your UK pension to an international SIPP aligns with your long-term retirement strategy, completing the transfer typically includes the following steps:

1. Choose a suitable provider: Not all international SIPP providers accept pension transfers. Explore various options until you find the one that allows you to transfer a UK pension and offers investment options that align with your financial plans.
2. Contact the SIPP provider: Once you find a provider that meets your requirements, contact them. They’ll provide the forms you must complete and inform you of the documents you need to obtain.
3. Request a CETV: If you’re moving a DB pension, your current pension provider must first calculate your cash equivalent transfer value (CETV)—the amount they will offer you in exchange for transferring out of a DB scheme. If the CETV exceeds £30,000, you are legally required to consult a pension transfer adviser.
4. Complete the transfer: Submit the required forms and wait for the transfer process to be complete. The length of the transfer period primarily depends on the type of your pension scheme.

Our pension transfer experts at Titan Wealth International can locate all your CETVs from multiple pension schemes and assess whether there are grounds to negotiate a higher CETV based on your financial circumstances. We can also create a tailored investment strategy for your CETV, ensuring long-term financial benefits.

How To Supplement Your Pension Benefits While Living in Singapore?

If you plan to accrue additional retirement savings while living in Singapore, you can consider using offshore pension structures such as Qualifying Non-UK Pension Schemes (QNUPS).

QNUPS are flexible, tax-efficient plans typically based in jurisdictions such as Malta, Guernsey, or the Isle of Man. They are designed for individuals who have already maximised UK pension allowances or seek long-term estate planning benefits.

While some QNUPS may be structured to meet QROPS criteria, the vast majority are not QROPS and therefore cannot receive UK pension transfers without incurring unauthorised transfer charges. Instead, QNUPS are commonly established in addition to a UK pension, such as an international SIPP, to support:

• Accruing supplemental retirement savings.
• Holding a broad range of international assets.
• Shielding global assets from UK inheritance tax (IHT) where legally permissible.

QNUPS are particularly attractive for high-net-worth individuals seeking greater investment flexibility and intergenerational wealth planning beyond the restrictions of traditional UK pension schemes.

How Are Foreign Pensions Taxed in Singapore?

Singapore only taxes foreign pension income if it is remitted into the country or used to settle debts or purchase moveable property in Singapore.

Therefore, overseas pensions withdrawals held offshore are not subject to Singapore tax under the territorial system.

From the Year of Assessment 2025, all employer contributions to foreign pension schemes, including UK SIPPs, are treated as employment income in Singapore and are taxable at progressive rates up to 24%. This applies regardless of whether the contributions are remitted into Singapore.

These rules apply to Singaporean residents, whereas non-residents are only liable for tax on income sourced within Singapore.

Overseas pensions that are only funded with personal contributions will remain exempt from tax in Singapore.

How Are Transferred Pensions Taxed in the UK?

You are allowed to withdraw 25% of your pension tax-free—up to a maximum of £268,275—but any amounts over the lump sum allowance (LSA) will be subject to income tax at your marginal rate.

Under the UK–Singapore Double Tax Agreement (DTA), only Singapore has taxing rights over your pension income once you are a tax resident there. However, to benefit from this treaty relief, you must register as a non-UK tax resident and may need to submit the appropriate HMRC forms to claim DTA protection.

While most UK pensions are currently exempt from inheritance tax, unused defined contribution pensions will become a part of your estate from 6 April 2027. If your estate’s value exceeds the nil rate band of £325,000, the excess will be taxed at a 40% rate.

Additionally, accessing funds from a private pension scheme before reaching the minimum pension age of 55 (increasing to 57 from 2028) is considered an unauthorised payment. This may result in a tax penalty of up to 40%, plus a 15% supercharge if the withdrawn amount is over 25% of your fund.

Can Both Countries Tax Your Pension?

In certain situations, both the UK and Singapore have the right to tax your pension benefits. This can occur in the following events:

• You transfer your UK pension to an international SIPP.
• You cease to be a UK resident and become a resident of Singapore.
• You obtain employment in Singapore, and your employer starts contributing to your SIPP.

Since an international SIPP is a UK-based pension scheme and the UK imposes tax on UK-sourced income regardless of residency, your pension will be subject to tax in the UK.

However, the provisions of the DTA between Singapore and the UK state that your country of residence has the primary right to tax your pensions. Therefore, the UK won’t tax your withdrawals from an international SIPP if you are a Singaporean resident.