Transfer Values From Some Final Salary Schemes Temporarily Suspended
Following the recent emergency budget and the announcements on the change from RPI to CPI, some final salary pension schemes have temporarily suspended guaranteed transfer valuations required for pension transfer value analysis for transfers to other UK pension schemes and QROPS (Qualifying Recognised Overseas Pension Schemes).
This is particularly causing headaches for those intending on migrating abroad and those who have recently migrated abroad as tax authorities in some of the most popular destinations impose various taxes on the timeframes of pension transfers from UK pension schemes into QROPS. Many of these final salary schemes were already slow in actioning requests for transfer values and pension transfers to UK SIPPs or to QROPS.
The temporary suspension is just adding to those delays. We have already come across a few cases where migrants have lost out financialy from this decision from some final salary schemes. Offshore QROPS are continually pushing these schemes for updates as to when they will resume calculation of transfer values in order to act in fairness for and for the benefit of our clients and the many migrants we have come across in this situation. We will of course keep you updated with the situation.
If you are concerned about the issues with your final salary pension scheme and pension transfers to QROPS please call Mark Jones (QROPS Pension Transfer Specialist) or Andrew Hains (Senior QROPS Adviser) on 00 44 (0)1483 202072.
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