This is the final call for people who have UK Government funded pensions. Your right to transfer ends 5th April 2015.
PRLog - Feb. 6, 2015 - BEVERLY HILLS, Calif. -- If you have a Final Salary UK pension but no longer live in the UK, for a very limited time, you can still transfer your pension to a QROPS. But you do need to act now.
From 6th April 2015, once locked into your Final Salary scheme it is likely that the Government will change the age that benefits can be taken and reduce benefits. The Government has also stated that it intends to abolish personal tax allowances for non UK residents. This will increase the amount of tax you will pay on your UK pension.
A QROPS transfer can give you the following benefits:
· This can reduce the tax you pay.
· Allow access to your pension from age 50 rather than 55.
· Allow you to take a larger Cash Lump Sum. This can be double that of your Final Salary Scheme.
· Allow you to take a larger pension.
· On death your dependants normally receive only 50% of your pension. A QROPS can pass on all your pension fund tax free.
· You can take your income in your local currency rather than in sterling.
In the UK budget March 2014, the Government announced that it intended to stop transfers from Final Salary pension schemes, also known as Defined Benefit pension schemes. This means the option to transfer to a QROPS is to be removed.
This change comes into force from 6th April 2015. No Government financed Final Salary Scheme will be able to transfer from 6th April 2015. This includes:
National Health Service
Teachers
Civil Service
Police
Fire Service
Local Government
Army
University
However, if you have accepted a cash equivalent offer before 6th April 2015 your transfer can take place. But you do need to act fast.
If you are in a Government funded Final Salary scheme you need to act now! Or you may be sorry, as time is running out!
Please note that a transfer to a QROPS will not be the correct course for everyone.
Only a UK qualified Chartered Insurance Institute G60 or equivalent qualified adviser is authorised by the FCA to advise on a defined benefit pension scheme transfer. It is a regulatory requirement as stipulated by the Financial Conduct Authority (FCA).
Ensure that your adviser is G60 or equivalent qualified.
Moving your UK pension arrangements to a QROPS, if suitable given your own particular circumstances, can improve your position.
Most importantly, once moved to a QROPS, you have control over your money. If left in your UK pension arrangement, it is highly likely that additional constraints will be put in place which will adversely affect you.
If you have a UK pension and have left the UK, or are considering a QROPS transfer, contact Waterstone Investment Associates, and transfer your UK pension at the lowest possible cost.
For further details contact: kjones@waterstone-qrops.com
or visit their website: http://www.waterstone-investment-associates.com
Read Full Story - QROPS pension transfers for UK Government funded pensions, are to end 5th April 2015. So you need to act now | More news from this source
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QROPS pension transfers for UK Government funded pensions, are to end 5th April 2015. So you need to act now
February 06, 2015 at 06:30 AM EST
