UK Government to plug QROPS public sector loophole
The UK Government is currently looking to close a loophole that allows expats to transfer their unfunded public sector pensions into qualifying recognised overseas pension schemes (QROPS).
Transfers from unfunded public sector pensions a�� including pensions for teachers, the civil service, the armed forces, and the police and fire services a�� were banned from being transferred into QROPS and other defined contribution schemes when the pension freedoms came into force in April.
However, the government has admitted there is a loophole in the system where overseas transfers are allowed if pension schemes are administered in the European Economic Area (EEA). A spokesperson from the Treasury said: a�?We are clear that the transfer restrictions from unfunded public service pension schemes should apply to transfers to qualifying recognised overseas pension schemes, including those based in the European Economic Area. a�?We are currently consulting with pension schemes ahead of introducing legislation to enforce this.a�?
If the UK government is worried about people moving their Pensions out of the control of the UK, and there is a last chance to do this, maybe if YOU have not done so you should look at it now?
I am here to help, and even if not for you (for every ex-teacher, ex-policeman, ex-armed forces, ex-civil servant, etc) that YOU know, please get them to talk to me now.