Overseas pension transfers and the advice requirement
4 Oct 2016 01:07 PM
Summary
We are seeking views on how the advice requirement works for overseas transfers and how it could be made to work better in such cases.
Documents
Consultation description
The government has been made aware that the advice requirement may create difficulties for members who are resident overseas and wish to transfer safeguarded pension benefits to an overseas scheme.
The advice requirement means that members with safeguarded benefits of over £30,000 must take advice from an independent financial adviser authorised by the Financial Conduct Authority (FCA).
This call for evidence seeks views on:
- how members with safeguarded pension benefits transfer their pensions overseas
- how this has been affected by the introduction of the advice requirement
- whether an alternative safeguard could be developed that would give this group a comparable degree of protection to that provided by advice from anFCA authorised adviser
Ways to respond
Email to:
James.Calverley@dwp.gsi.gov.uk
Write to:
DWP Decumulation and Transfers Team (Overseas)
Level 1
Caxton House
Tothill Street
London
SW1H 9NA