QROPSreview.com has previously reported on the new pension regime proposed by Chancellor George Osborne.
Now it seems like the new flexibilities will also be on offer to QROPS members.
Jon Greer, pensions technical manager at Old Mutual Wealth said. “The reference in the Pensions Flexibility note published by HMRC caused some concern that there would be a further test of a person’s lifetime allowance and might therefore use up some LTA.
“However, what they were referring to is the rule which is currently in place but is being slightly amended to help QROPS members to receive the types of benefits that UK registered schemes will receive from April.”
As ever it is important to note that these are just proposals at this stage and it remains to be seen what changes if any will be made to the UK pension regime post the election in May 2015.
The question mark over whether transfers will still be allowed from public sector final salary schemes after April 2015 means a big increase in the number of people with such schemes enquiring about QROPS.
Many financial advisors are reporting more interest in pension transfers than ever before. We are also hearing that many unfunded final salary pension schemes are continuing to make generous transfer offers to their members.
If you are in receipt of one of these offers and wish to be put in touch with a pension transfer specialist IFA then please get in touch.
The TRW Final Salary Pension Scheme has extended its transfer offer deadline to 18th November in a boost for scheme members.
TRW had been making enhanced transfer offers for several weeks and has extended the deadline in an effort to boost the numbers transferring away from the scheme.
QROPSreview.com has had many enquiries from expats looking to take advantage of the offer from TRW and transfer into a QROPS. These enquiries are only set to increase as we get closer to the 18th November deadline.