Public Sector Pension Scheme Transfer Ban - Sydney Morning Herald

Posted by Paul Davies on 12/02/15 13:03

As leading experts in UK pension transfers to Australia, Global QROPS were asked (through the Australian arm of our operation, BDH Sterling) by the Sydney Morning Herald, to emphasise the message that the upcoming UK Public Sector Pension Scheme ban is imminent.

As you would be aware from our previous news items, the UK Government outlined its intention to ban pension transfers from unfunded Public Sector Pension Schemes in the UK Budget in March 2014. The effect of this announcement means that from 6th April 2015, Public Sector Schemes members, who are looking at completing a UK pension transfer to Australia (or anywhere else), will not be able to do so.

For members of the NHS, Teacher’s, Civil Service, Police, Armed Forces and Firefighter’s pension schemes, who are living in Australia, time has almost run out to make a decision as to whether to keep their pension in the UK or to transfer the scheme to Australia with them.

Simon Harvey, Director of Global QROPS Ltd, has outlined the issues involved with the Public Sector Pension Scheme Ban through the Sydney Morning Herald. Please view by clicking onto the following link:

http://www.smh.com.au/money/super-and-funds/time-running-out-for-transfer-of-british-pensions-20150206-1373ig.html

Next Steps

The Public Sector Pension Scheme transfer ban is due to take effect from 6th April 2015. With this coming just before the Easter Bank Holiday weekend, the deadline is realistically before this.

For more information on the possible implications for you, please contact Global QROPS immediately and one of our advisers will be happy to speak with you.