What are the potential pitfalls?
In some cases transferring from a UK employer’s scheme might mean forfeiting valuable enhanced benefits. This is further complicated by potential transfer out penalties, the potential loss of enhanced and discretionary benefits, and regulatory requirements which must be satisfied in both countries. Either way, the correct advice is usually worth £’000s. Further, the fact that a majority of UK pension schemes currently have funding shortfalls means that in many cases a share of the pension scheme’s shortfall may be applied to your transfer value quotation. The UK pensions mis-selling crisis also highlighted some of these issues. It is important to ensure that a properly qualified and experienced team handles your case. We would be pleased to meet with you to explain how you would be impacted based on your own situation.
