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Advice requirement question in pension transfers for expats

“As this represents a significant step, government would need to carefully consider whether the potential benefits and risks of changing the requirement for one group of safeguarded members is in their interests, including whether any alternative can in fact offer the same consumer protections,” stated the Department for Work & Pensions consultation paper.

One problem facing the DWP is that pensions transfers for expats have only been available since April 2015, so there is only limited historical data detailing the overseas pensions transfer process.

It is also worth remembering that the advice requirement exists to offer pension savers safeguards so that they do not suffer financial loss when transferring from a defined contribution scheme.

This safeguard is particularly important in relation to pensions transfers for expats as they may be at more risk of rogue operators conducting their business outside of the UK.

Professional and regulated advice on pension transfer helps those undertaking overseas transfers to ensure they do not fall victim to unscrupulous advisors.

The DWP reports that there are around 700,000 UK expats with private sector, salary-related pension schemes that are not yet in payment, so the issue has the potential to affect a large number of people.

This communication is for informational purposes only and is not intended to constitute, and should not be construed as, investment advice, investment recommendations or investment research. You should seek advice from a professional adviser before embarking on any financial planning activity. Whilst every effort has been made to ensure the information contained in this communication is correct, we are not responsible for any errors or omissions.

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Blacktower’s Nexus Fund Reaches £100m Milestone

London – July 2019: Leading wealth management provider, Blacktower Financial Management Group has announced value of £100m under its Nexus Global Solutions Portfolio. 

Launched in 2013 and managed by industry heavyweight, Quilter Cheviot, the funds, Nexus Global Dynamic Portfolio and Nexus Global Solutions Portfolio, were originally conceived by Blacktower Group as means to provide its clients with access to award-winning investment DFM solutions.

The Nexus Solutions Portfolio is managed by David Miller, Investment Director of Quilter Cheviot.

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