Next Generation Technical Support


‘Disaster’ averted: UK keeps mandatory pension transfer advice

‘Disaster’ averted: UK keeps mandatory pension transfer advice

Easing the advice requirements for transfers of guaranteed pensions to overseas schemes "could have been a recipe for disaster", AJ Bell senior analyst Tom Selby said of the UK Government's decision not to scrap the requirement to take financial advice.

The UK's Department for Work & Pensions (DWP) confirmed on Tuesday that the advice requirement "is working as intended for overseas transfer by offering an effective level of protection for members".

The statement followed a consultation the DWP launched in 2016 on whether the advice requirement created difficulties for overseas residents looking to transfer their pension savings from the UK to an overseas scheme. Please link here to read the full article by Kirsten Hastings.

Become a member for as little as £25/month