Last year the UK Government announced sweeping reforms to the UK pension rules to commence from April 2015. The intention of the Government is to provide UK retirees with greater flexibility and freedom of choice as to how they take their retirement income. The changes passed into law on 17 December 2014.
The changes will have a major impact on the type of transfers permitted to Qualified Recognised Overseas Pension Schemes (QROPS).
This will impact employees who worked for the NHS, Police, Teachers to name a few and will have a huge impact on the income drawdown options, capital access, tax and estate planning for expats now living in Australia. Read more below however talk to us ASAP regarding the changes and the impact on your UK public service pension.