Pension simplification came into effect from 6th April 2006 to rationalise the British tax system regarding pension schemes. One of the policies introduced was the lifetime allowance for all UK pensions.
The FCA has been cracking down on poor financial advice in the defined benefit transfer market for a few years since the British Steel scam was brought to light. Unfortunately, not all advice is sound.
This article will help you understand why budget changes have come into force as well as how they affect UK expats that no longer reside in the UK.
The Shell Pension Scheme, the non-UK scheme being the Shell Overseas Contributory Pension Fund (aka SOCPF), has consistently been targeted by scammers due to the lack of advice requirements to transfer away. Unlike a UK defined benefit scheme, this scheme does not require FCA regulated advice to transfer away.
Pension simplification came into effect from 6th April 2006, one of the policies introduced was the lifetime allowance for all UK pensions. The lifetime allowance is the limit on the amount of pension benefits that can be taken without incurring a tax charge.
If you are a tax resident in France, retired in France or thought about moving to France, you may have asked yourself “What should I do with my UK pension?”. We have just updated our Taxation in France for Expats page with plenty of fresh information as of Jan 2021, to help keep you in the know about tax legislation in France