Time sensitive news on UK public sector pensions

Time sensitive news on UK public sector pensions

Since 6 April 2015 it had been understood that transfers from all UK public sector pension schemes had been banned.

However, it is now apparent that a loophole exists that does allow transfers to Qualifying Recognised Overseas Pension Schemes (QROPS) for most people.

Chase Belgrave managing director, Justin Harris explained further in an article published today in FT Adviser:

“It had been accepted as common knowledge amongst pension companies, advisers and the general public that transfers from unfunded public sector pension schemes were no longer possible since the new pension rules came into force on 6 April 2015.

However, it has now come to light that the ban does not cover transfers to non-occupational Qualifying Recognised Overseas Pension Schemes (QROPS) based in the European Economic Area.

This means that holders of UK pensions currently living in many jurisdictions around the world can still benefit from transferring to a QROPS.

However, HM Treasury is expected to introduce new legislation in the near future to close this loophole. People with public sector pension schemes, even if they live outside the EEA, wanting to take advantage should act without delay​”​

If you are a holder of an NHS, Teachers’, Fire Service, Police Officers’, Armed Forces’ or other public sector pension please get in touch to see if a QROPS may be right for you.

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