Teachers’ Pensions will be writing out to members whose application to discharge their benefits to QROPS schemes was received by Teachers’ Pensions on or after 6 April 2015.
Recent legislative changes have implications for certain types of Qualifying Recognised Overseas Pension Schemes, it has transpired.
The legislative changes introduced on 6th April 2015, which restrict transfers from unfunded public service pension schemes to those offering flexible access to pension benefits, do not extend to QROPs that are not occupational pension schemes and which have their main administration in a state in the European Economic Area, excluding the UK.
Teachers Pensions’ are writing to members who applied to discharge their benefits to such a scheme, and whose application was received on or after the 6th April 2015. The letter will include new discharge forms, which members will need to complete and return if they still wish to go ahead with the transfer.
Members should note that the scheme receiving the transfer must be on the revised QROPs list, which was updated by HMRC on the 1st July 2015, have their main administration in the EEA (other than the UK) and must not be an occupational pension scheme.
HM Treasury are planning further legislative changes to cover the schemes described above, within the restrictions on transfers from unfunded public service pension schemes. Members of Teachers’ Pensions should be aware that they will need to submit the completed discharge paperwork before any such legislation comes into effect, in order for Teachers’ Pensions to make a transfer payment.