As a deferred member of a UK pension fund, what are your
options?
The press is full of reports surrounding the transfer of Defined
Benefit/Final Salary Schemes to Defined Contribution/Personal
Pensions, and the current generosity of the transfer values on
offer from Occupational Schemes together with the standards
surrounding what the Financial Conduct Authority (FCA) considers to
be suitable regulated advice.
What has, I believe, been massively overlooked is Trustee
responsibility to deferred members who are no longer UK
resident.
The UK has a tradition of employing migrant workers not just
from the EU but globally. A large number of them return home after
a period in the UK, either to retire or carry on with careers
elsewhere with no intent to return - as residents - to the UK. With
the onset of Brexit, there may be an even larger number returning
to the EU.
