On 6 April 2015, new HMRC regulations governing UK pension transfers resulted in additional safeguards for all Defined Benefit/ Final Salary scheme transfers (within the UK or overseas) with transfer values greater than £30,000.
If you hold a UK Defined Benefit greater than £30,000 in value, you must obtain advice from a financial adviser who is independent of the fund. These advisers must be authorised by the UK Financial Conduct Authority (FCA) and have appropriate experience ( only UK FCA approved advisers have permissions from HMRC. There are a limited number of these advisers).
Additional fees for the UK advice component start from £2,750 for the UK Statement of Advice.
Veyron Wealth Group has a panel of Authorised UK approved advisers & can facilitate the process of obtaining your DB Report.
We strongly suggest you do not request a Cash Equivalent Transfer Value (CETV) from your UK Defined Benefit/Final Salary Scheme as you will trigger a 90 day Guarantee Date (GD the day the transfer quotation is issued.
The DB Report process can be lengthy and if the Guarantee Date is already triggered, we cannot guarantee all the various steps to secure your CETV for a transfer can be achieved in a shortened time period.
In the absence of securing a further CETV, the UK Trustee may impose restrictions or fees.
Therefore it is important to use a ROPS specialist adviser prior to triggering the Guarantee Date which gives you the best chance of meeting the 90 day deadline.
General Advice Warning: The information contained on this website has been provided as general advice only. The contents have been prepared without taking account of your objectives, financial situation or needs. You should, before you make any decision regarding any information, strategies or products mentioned on this website, consult your own financial advisor to consider whether that is appropriate having regard to your own objectives, financial situation and needs. Disclaimer: Whilst Veyron Wealth Group Pty Ltd is of the view the contents of this website is based on information which is believed to be reliable, its accuracy and completeness are not guaranteed and no warranty of accuracy or reliability is given or implied and no responsibility for any loss or damage arising in any way for any representation, act or omission is accepted by Veyron Wealth Group Pty Ltd or GPS Wealth Ltd or any officer, agent or employee of Veyron Wealth Group Pty Ltd or GPS Wealth Ltd.
