If you are an overseas employee working for an employer in the UK offering USS, watch the programme below for more information about the options available to you.
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Related Frequently Asked questions:
Q. I am exempt from UK taxation under the PAYE system. Why am I charged tax at 20% on any refund of my contributions?
A. The 20% tax charge is a charge levied on the scheme itself by the UK tax authorities, we must recover this cost from any refund of contributions made to any member in USS, whether or not they are subject to tax in the UK.
Q. If I have less than two years’ service in USS and I opt for a refund, a deduction is made to reinstate me in the UK state pension system. I am returning overseas, what benefits will I receive from the UK state pension system in return for this?
A. Unfortunately, the answer for some is nothing at all, unless there is a reciprocal arrangement between the UK and the country where you are resident. Please click on this link www.hmrc.gov.uk/cnr/osc.htm to check if there is a reciprocal agreement between the UK and the country you are resident. If there is, you may be entitled to a credit in the equivalent state system of that particular country in respect of your contributions in the UK.
Q. There is a requirement for the overseas scheme to register with the UK tax authorities (HMRC) and to meet requirements set down by HMRC. What if the scheme doesn't meet the HMRC requirements or is not willing to register with them?
A. Unfortunately, if the overseas scheme isn't registered with and approved by HMRC as a 'qualifying recognised overseas pension scheme' (QROPS) then a transfer to that scheme is not possible.