These radical changes were designed to give savers more choice over how and where they could invest their UK pension funds, potentially liberating many from the shackles of having to buy an annuity to provide an income for life (which had previously been compulsory for many UK pension schemes).
Are you sure you want to transfer your UK pension? Hang on a minute! Don't act until you understand all the options and implications.
I've already transferred my UK pension to a NZ QROPS. Is it possible to switch to another pension scheme?
SIPP or NZ QROPS? How might changes to UK pension legislation in 2017 affect your UK-NZ pension transfer options?
The Chancellor of the Exchequer used his Spring Budget to announce that, with effect from 9th March 2017, pension transfers by UK residents to QROPS (Qualifying Recognised Overseas Pension Schemes) not in the European Economic Area will be liable for a 25% tax penalty. Philip Hammond said that this policy was being introduced in the interests of "fairness in the tax system."
As the British government prepares to ban pensions cold calling, GBPensions takes a look at the grievous problem of financial scams, and how members of the public can protect themselves against the investment fraudsters.
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