UK pension options in Portugal - do I have to move my pension? (2025)

I am often asked by concerned clients if it is illegal to hold UK pension schemes now they are resident in Portugal, to which i reply it is perfectly legal and above board. However, there are options for people holding UK pension schemes which means that leaving the scheme in the UK MAY not be the best option.

PLEASE READ IMPORTANT INFORMATION BELOW

For those of you relocating to or living in Portugal and looking for tax efficient investment options, QNUPSs are one choice that are being actively promoted in Portugal. I

What is a QNUPS?

A QNUPS is a form of international pension plan and stands for Qualifying Non UK Pension Scheme. This is not to be confused with QROPS which stands for Qualifying Recognised Overseas Pensions Scheme.

QNUPS are formed with your personal money/funds/assets, whereas a QROPS schemes are funded from another pension scheme e.g. a transfer from a UK pension plan.

IMPORTANT – PLEASE READ REGARDING THIS CHANNEL

The content on this channel is for educational and information purposes only. It should not be relied on as advice, and you should always take qualified advice before making any changes to your personal position.

Whilst I have experience in the financial and tax industry, this channel is for recreational purposes and is not an advertisement for my business or services. Its purpose is to share quality information.

Whilst every care is taken as to the accuracy of the information in these videos, the information provided is based on the understanding of the rules at the time, and rules can change with little or no notice.

Whilst I cover a wide range of issues on the channel, in my professional role I specialise in tax efficient investments, UK and overseas pensions, estate planning, and wealth management for expatriates based in Portugal.

Unfortunately, I do not offer visa or tax return services, nor can I assist US nationals.