The government's reduction of the Lifetime Allowance (LTA) is ‘triggering' a growing number of expats to move their pensions out of the UK, deVere Group says.
The international advisory group reports a 35% increase in the number of clients enquiring about transferring pensions into Qualifying Recognised Overseas Pension Schemes (QROPS) in January, compared to the previous month. The LTA is reducing from £1.5m to £1.25m from 6th April, meaning those with funds over the new threshold will be liable for a 55% tax charge. This upsurge in demand is due to growing numbers of British retirees living overseas keen to beat the effects of the LTA reduction, deVere Group forecasts. deVere Group chief executive Nigel Green says: "Naturally, this is ...
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