Consultation outcome

Overseas pension transfers and the advice requirement

• From: Department for Work and Pensions
• Published: 30 September 2016
• Last updated: 27 March 2018 — See all updates

This was published under the 2016 to 2019 May Conservative government

This consultation has concluded

Read the full outcome

Government response: The advice requirement and overseas pension transfers call for evidence

PDF, 146 KB, 15 pages

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Detail of outcome

We published the government response to this consultation on 27 March 2018.

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Original consultation

Summary

We are seeking views on how the advice requirement works for overseas transfers and how it could be made to work better in such cases.

This consultation ran from
30 September 2016 to 5pm on 23 December 2016

Consultation description

The government has been made aware that the advice requirement may create difficulties for members who are resident overseas and wish to transfer safeguarded pension benefits to an overseas scheme.

The advice requirement means that members with safeguarded benefits of over £30,000 must take advice from an independent financial adviser authorised by the Financial Conduct Authority (FCA).

This call for evidence seeks views on:

• how members with safeguarded pension benefits transfer their pensions overseas
• how this has been affected by the introduction of the advice requirement
• whether an alternative safeguard could be developed that would give this group a comparable degree of protection to that provided by advice from an FCA authorised adviser

Documents

The advice requirement and overseas pension transfers: Call for evidence on members with safeguarded pension benefits transferring outside the UK

PDF, 188 KB, 16 pages

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Request an accessible format.

If you use assistive technology (such as a screen reader) and need a version of this document in a more accessible format, please email accessible.formats@dwp.gov.uk. Please tell us what format you need. It will help us if you say what assistive technology you use.

Published 30 September 2016
Last updated 27 March 2018 + show all updates

1. 27 March 2018

   Published the government response to this consultation.

2. 30 September 2016

   First published.