For people looking to transfer out of their UK scheme to an overseas pension scheme, their first enquiry may be to the administrators or trustees that are running their existing UK pension scheme.
Global QROPS Ltd has spoken to clients, who have been advised by their scheme administrators or trustees of their employer’s pension, that a pension transfer overseas is not possible. The truth is that virtually all UK pension schemes, if no payments have commenced paying to members, can be transferred to a Qualifying Recognized Overseas Pension Scheme (QROPS).
Unless the administrators running your UK pension scheme has had a member transfer their pension overseas, since April 2006, they may not know what is possible. Small employer run schemes or even local government schemes, administered regionally, may not have overseas pension transfer experience.
A client of Global QROPS Ltd was recently told, by their UK pension administrator, that a pension transfer to Australia was impossible under UK rules. This is incorrect and with expert QROPS advice, the client will now have more flexible retirement options.
Many of the top Life Companies and SIPP (Self Invested Personal Pension Plan) providers, on the other hand, will be aware of the rules on transfers overseas. It would be a transaction that they would have completed in the past. However, they would not be in a position to select a jurisdiction or advise on a suitable QROPS.
Global QROPS Ltd, authorized and regulated by the UK financial services authority, would be able to provide the most suitable advice.
