Next Generation Technical Support


Defined Benefit Process

Defined Benefit Process

As from 6th April 2015 individuals are not able to transfer out of any defined benefit scheme without advice from a UK FCA regulated IFA, with the appropriate pensions qualifications and passporting permissions.

As a result of our existing relationships with UK FCA regulated pension specialists IFAs, The QROPS Bureau are extremely well placed to assist overseas advisers in ensuring that their clients who are considering transferring out of a UK defined benefit scheme have access to the UK regulated advice that is required by law as from 6 April 2015.

The QROPS Bureau have put together a panel of UK IFAs with the appropriate qualifications and permissions.  Following an initial enquiry from an overseas adviser, The QROPS Bureau will provide details of an appropriate UK IFA from this panel.  Following this, The QROPS Bureau will liaise with the overseas adviser and their client to ensure that the fact find and accompanying documentation are completed to allow the UK adviser to give the appropriate advice.

The UK adviser will take full responsibility for the transfer advice and transact the transfer through to completion.

What is the process and cost?

On completion of a fact find pack, terms of engagement and letter of authority, the UK adviser will liaise with the UK defined benefit scheme(s) to obtain the information required to produce a transfer analysis and to provide the regulated advice.  If the advice is to transfer to an alternative pension scheme the UK adviser will transact the transfer through to completion.

The cost of the advice for transfers below £700k is 3% with a maximum of £10,500. The cost of the advice for transfers above £700k is 1.5% with a maximum of £22,500.

This fee will be deducted from the transfer upon completion. An upfront fee is payable for the transfer analysis of up to £500 plus VAT.

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