Important Changes to UK Pensions and QROPS

The Offshore QROPS advice team would like to bring to your attention an important change to your occupational and personal pensions that may affect your migration plans.

From 6^th April 2010 the age at which you can access retirement benefits from your personal and occupational pension schemes will change from age 50 to age 55.

The change will affect everyone who will be age 50 prior to 6^th April 2010 and those who are already age 50 but will not reach 55 prior to 6^th April 2010.

If you fit this profile, you will not be able to access the pension commencement lump sum from your UK pension(s) until you reach age 55. If you had planned to review your pension(s) and access benefits prior to age 55, from 6^th April 2010 you will not be able to do so. This could have a major impact on your upcoming migration and QROPS retirement plans, in particular if you were counting on the pension commencement lump sum to finance your migration.

Whether you wish to access the benefits from your pension(s) in the near future or not, we recommend that you speak with a suitably qualified QROPS adviser. It is also imperative that any QROPS advice takes into account the tax jurisdiction you intend to reside in. You should speak with a QROPS adviser in good time prior to 6^th April 2010.