The Occupational Pensions Regulatory Authority (OPRA) is said to have given pension scheme trustees the go ahead to block pension transfers. This shocker has come, due to the proposed changes to pension scheme valuation rules by the Department for Work and Pensions.
When the new rules come in (no date has yet been set) they are likely to make it less favourable for people transferring. Whilst pension scheme trustees will now be allowed to prevent people transferring their pensions until the new rules, it will be up to the individual trustees to decide.
The move by OPRA could have serious implications for people going through divorce and who need to split or transfer pensions.
Tip:
Pension transfers are exceptionally complex. Take advice from a fully qualified independent financial adviser. Special qualifications and authorisation is required from the industry regulator, the Financial Services Authority, to offer pension transfers advice and opt outs from final salary pension schemes.
advisers are qualified to the highest level in this regard and the firm is so authorised to offer such advice.
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