Life Time Allowance reduction ‘triggers’ retirees to move pensions overseas – deVere Group – Professional Adviser IFA online

LTA reduction ‘triggers’ retirees to move pensions overseas- deVere Group – Professional Adviser IFAonline.

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.

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