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ARTICLE · 23 MARCH 2017

Spring Budget 2017 - Actions For Pensions Professionals

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This year's budget was relatively quiet from a pensions perspective, but there was an important announcement which had immediate effect and which you should consider now with your administrator.

United KingdomEmployment and HR
Suzanne Mortimer
Suzanne Mortimer
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This year's budget was relatively quiet from a pensions perspective, but there was an important announcement which had immediate effect and which you should consider now with your administrator.

What is the issue?

In this year's budget a new charge was introduced on transfers to qualifying recognised overseas pension schemes (QROPS) unless the transfer is excluded from the charge. This new charge is called the overseas transfer charge (OTC). Both the scheme member and the scheme administrator will be jointly and severally liable to the charge.

Further, a scheme which is currently a QROPS will stop being so on 14 April 2017 if it fails to submit a revised undertaking to HMRC by 13 April 2017. If that happens, transfers to that scheme after 13 April 2017 will be Unauthorised Payments.

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