Public sector schemes to NOT allow transfers to QROPS!
Sep 09, 2015
Simply put, legislation has been published to close a loophole which enabled public sector workers transferring their pensions overseas.
The Unfunded Public Service Defined Benefits Schemes (Transfers) Regulations 2015 have now been published.
A loophole had been discovered which allowed unfunded public sector pension members to transfer their pension funds to an overseas pensions and access their pensions flexibly.
Well that loophole has now been closed with this piece of legislation. You can read more about it in depth here.
Well this tidies matters up and we now know that no public sector pension can be transferred.