For anyone having the same problem I have found a solution for my circumstance. To allow onComponentBeginOverlap events to be registered you have to have “Simulate Physics” set as true.
For me this wasn’t ideal because I didn’t want my object to simulate physics. My solution then was to go into the “Chaos Physics” section in the geometry components details panel and under “general”, set object type to static. This keeps it perfectly set in place but also means you cant effect it with physics while it is in this static state so you cant break it. My work around for this was, once my overlap is triggered I use the “Set Dynamic State” function to set it back to dynamic and then apply my physics forces to break it. It works just as intended and perfectly recreates what I had setup in Ue4 with my destructible mesh.
Hope this can help someone out there.