"Do you still have money tied up in a UK pension Scheme or have already transferred your pension overseas to a Qualifying Recognised Overseas Pension Scheme (QROPS)?

If so, changes to tax legislation in the UK could affect you.  On the 6th December 2011 Her Majesties Revenue & Customs (HMRC) published a draft of secondary legislation to make changes to the system for transfer of UK pension savings to Qualifying Recognised Overseas Pension Scheme (QROPS) for an 8 week consultation.  The draft legislation if unaltered will come in effect on 6th April 2012.  This will mean that 70% of the actual transferring lump sum for a UK pension come Normal Retirement Age (55) must provide “income for life”.  The balance of 30% of the actual transferring lump sum could be taken as a tax free lump sum come Normal Retirement Age.

If you are concerned about how this change to UK legislation could affect your decision to transfer your pension or affect your current plans since transferring your pension please feel free to give Gareth Grey our UK Pensions Specialist a call and make an appointment to review your particular situation and requirements.  You can contact Gareth on 09 488 1308 or This e-mail address is being protected from spambots. You need JavaScript enabled to view it ."

Disclaimer - We recommend all our pension clients to seek appropriate professional tax advice before deciding to transfer any pension and prior to any subsequent withdrawal of pension funds.

Gareth's Disclosure Statement is available on request and free of charge.