Changes to UK pension rules

Tuesday 07 April 2015

The British Government has recently passed legislation that will impact the ability to transfer benefits from certain defined benefit schemes in the United Kingdom (UK).

Effective from 6 April 2015, new restrictions apply to transfers from defined benefit schemes, including:

  • transfers from unfunded public service defined benefit schemes to any other scheme providing ‘flexible benefits’ are prohibited
  • transfers from defined benefit schemes will only be permissible where the client has sought ‘appropriate independent advice’, from an adviser who is independent from the UK scheme and authorised by the UK Financial Conduct Authority.

The changes will impact transfers from certain UK schemes to Australian superannuation funds that are Qualifying Recognised Overseas Pension Schemes (QROPS).

Further information

MAStech, UK pension changes potentially impact QROPS transfers, 10 December 2014

UK Parliament, Pension Schemes Act 2015

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