James McLeod, head of pensions at AES International, is calling for the UK government to bring overseas pensions into line with UK schemes, as promised.
McLeod said: "It is now more than two months since the new pension freedom laws were introduced in the UK and yet the overseas pension market remains in disarray. Despite committing in December last year to extend pension freedoms to overseas schemes, this has simply not happened.
"In fact, all that has happened so far is the universal application of the "age 55 rule" which has caused confusion and uncertainty as schemes in Australia, Ireland and New Zealand have become ineligible. In turn, this has even left some clients at risk of being hit with substantial unauthorised transfer charges.
"We believe it is high time the government and HMRC acted to end the uncertainty around QROPS and extended the pension freedoms to those who have, quite legitimately, decided to move their pensions with them overseas."
If you would like to speak to James for further comment, please either contact Simon Danaher on +44 (0) 7443 576716 or call James directly on +44 (0) 7957 683 472.
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