defined benefit (DB) pension scheme members are increasingly
transferring their pensions to EU-based ones ahead of the
triggering of Article 50, according to deVere Group.
investment advisory firm confirmed enquiries have increased by
21% since the beginning of December, citing Brexit as the
reason for the flurry of transfers. Transfers within the EU are
allowed under Qualifying Recognised Overseas Pension Scheme
the Brexit vote in June 2016, the rate of overseas pension
transfer enquiries has steadily been gaining pace," said Nigel
Green, founder and CEO of deVere Group. "There has been a
notable uptick since that point, compared to the previous
has seen interest intensify particularly in recent weeks and
expects further momentum as "we begin the final countdown to
the triggering of Article 50 by the end of March".
understandable why so many are considering transferring their
UK pensions into an HMRC-recognised overseas pension scheme at
the moment," said Green. "They recognise the golden opportunity
added that Malta and Gibraltar are attractive jurisdictions to
receive transfers. Not only are they "established and secure"
but they both have double taxation treaties within the
to deVere, there are three key factors at play: ultra-low gilt
yields boosting transfer values, pressure on final salary
pension deficits and sponsors, and general uncertainty of what
a "post-Brexit Britain will look like".
UK’s pension funding gap was at its worst ever
level in August 2016 but has partially recovered in recent
months, according to Pension Protection Fund data.
stressed: "The size of the gap brings into question the
survival of many company pensions schemes."
result, people are looking to safeguard their retirement
income. "All in all, so-called gold-plated final salary schemes
are, in many cases, looking considerably less golden than they
said that the countdown to trigger Article 50 means that now
might be the "ideal" moment for an overseas pension