On the 6th of April 2006, otherwise known as “A Day”, Her Majesty’s Revenue and Customs (“HMRC”) announced that individuals with UK pension rights who have or intend to become non-UK tax residents could move their pension benefits out of the UK into a QROPS with prior HMRC approval. The transferable pension benefit is subject to a lifetime allowance which currently stands at £1.65M but which will rise to £1.8 million by 2010/11. Transfers in excess of an individual’s lifetime allowance may be subject to UK taxation.