new qrops rules
July 21, 2014
New QROPS Rules
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The Government today announced the changes as a result of their consultation regarding pensions.
From April 2015 transfers from DB pensions to DC pensions will need to be accompanied by UK FCA licensed advisers advice. This is good news as it will only increase the quality of advice given by advisers. Schemes that are substantially underfunded will have the right to refuse transfers. This could include Police pensions and NHS pensions as these schemes are we believe substantially unfunded. Schemes have the right to apply the new rules before April if they wish
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