The Independent Vested Benefits Foundation is registered with Her Majesty’s Revenue & Customs (HMRC), the British tax authority, as a "Qualifying Recognised Overseas Pension Scheme" (QROPS) and can accept UK pension fund assets free of tax.
When an insured person leaves the UK, his or her UK pension fund assets can be transferred to the Independent Vested Benefits Foundation free of tax.
Limit for tax-free transfers
Every capital transfer abroad from a UK registered pension fund is subject to special tax treatment. The UK government has announced changes to the limit of tax-free lump-sum benefits. The limit for tax-free transfers has been reduced from GBP 1.25 million to GBP 1 million with effect from April 6, 2016.