You worked hard for your Final Salary Pension benefits. But the public has been lead to believe that you do not deserve them. And that they are paying for them. Your Benefits will be reduced.
PRLog - Jul. 1, 2014 - ZURICH, Switzerland -- There has been a lot of speculation and miss information concerning the benefits of a QROPS transfer in light of the changes announced in the March 2014 Budget. However for one sector of pension members the future is clear.
Final Salary Members will not be allowed to transfer to a QROPS from April 2015.
If you are in a Final Salary scheme, whether a QROPS transfer is right or wrong for you, the one thing for certain is the opportunity to find out will be gone!
The general public has been lead to believe that you do not deserve these benefits as they are the ones paying for them.
From 2015 once locked into your Final Salary scheme it is likely that the Government will change the age that benefits can be taken and reduce benefits as most schemes are underfunded.
The changes announced in the budget do not change the following:
Fact! Final Salary transfer values are the highest they have been in six years!
Fact! A QROPS transfer allows you to take 30% of the transfer value as Tax Free Cash. This may be double what your Final Salary scheme would have given you!
Fact! A QROPS allows access to a far larger pension income!
Fact! when you die your dependants normally receive only 50% of your UK pension. A QROPS allows access to all your pension!
Everyone’s circumstances are different. Given this if you have a UK pension but no longer live in the UK you should evaluate whether a transfer to a QROPS would be beneficial or not.
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QROPS pension transfers, Final Salary schemes and the UK Budget March 2014
July 01, 2014 at 09:08 AM EDT
