Defined Benefit Process Guide
As from 6 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.
How can The QROPS Bureau help?
The QROPS Bureau www.qropsbureau.com are a market leading, independent, pensions specialist, providing support to advisers and product providers.
As a result of our existing relationships with UK FCA regulated pension specialist IFAs, The QROPS Bureau are extremely well placed to assist oversea 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.
The cost of this service is 1.5% of the transfer value (minimum £2000, maximum £7500). The UK adviser will charge a fee to cover initial costs of £700. This will be refunded from the advice fee on completion.
Please see the attached PDF for full details of the Defined Benefit Process.