It depends on your tank type and your flow approach.
If you are doing a reef, you want 10 times the tank volume in turnover every hour... so for a 125, you want 1300-1500gph.
If you are planning to try to get all that flow through your main filtration system, you should size your pump and overflow together.
In this case, you need to figure out how high your pump has to lift water (head height), choose the "line" of pump you want, and get one that moves 1300GPH at the height you figured. The actual number will be close to this but not exactly.
Take that actual number, add 20 or more percent, and that's your overflow capacity. You always want to upsize your overflow by 20% or so. They work better when operated at less than full capacity.
If you are doing a FO or FOWLR, you are on your own to figure out how much flow you want, but you can use the above method as a guide to figure it out. Same goes if you are doing a reef but plan to employ powerheads to help supplement your flow.