The Pensioneer Trustee Company (Guernsey) Limited


UK IFAs may face QROPS advice confusion

April 9, 2014

As advisers and the UK pension industry attempt to make sense of the ramifications of the major changes to the UK’s pension rules that were outlined in Chancellor George Osborne’s Budget speech last month, an additional complication appears to be creeping into the debate.

This added complication has to do with whether IFAs with UK-resident clients should be discussing QROPS with them, if they are to be considered “whole of market” advisers.

This is in spite of the fact that conventional wisdom, at least, in the industry holds that UK pensions may not be transferred into a QROPS (qualifying recognised overseas pension scheme) unless the individual is either living overseas or plans to, and once gone, does not plan to return to the UK.

Under the rules governing the way UK advisers are allowed to advertise themselves, those wishing to call themselves “independent” financial advisers, or true IFAs, are obliged to offer their clients a choice of investment options from the full range of market options available.

If they cannot, they must call themselves “restricted”, and explain clearly to their clients which areas they may and may not advise on. 

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The Pensioneer Trustee Company (Guernsey) Limited is licensed by the Guernsey Financial Services Commission under The Regulation of Fiduciaries, Administration Businesses and Company Directors, etc. (Bailiwick of Guernsey) Law, 2000.