Disclaimer
Information provided on this website is general in nature and does not constitute financial advice. Every effort has been made to ensure that the information provided is accurate. Individuals must not rely on this information to make a financial or investment decision. Before making any decision, we recommend you consult a financial adviser to take into account your particular investment objectives, financial situation and individual needs.
Update from PTD – 1st March 2016: Clients who requested a transfer but whose money was not received by BT on or after 6th April 2015: Unfunded public sector funds
Update: Clients that requested a transfer but money was not received by BT on or after 6th April 2015 – Unfunded public sector funds
(Police, Teachers’ Pension, NHS, Armed Forces, Most Civil Service Pensions)
In Summary
- The inability to commence a transfer of unfunded public sector pensions officially took effect on the 6 April 2015.
- Leading into this date, UK schemes advised that payment could still be made to a QROPS scheme, the condition being that all transfer paperwork was received (by the QROPS scheme) prior to the 6 April 2015 deadline.
- April 2015, the UK Government introduces a separate piece of legislation which changes the requirements for Superannuation/Pension Schemes to be ROPS compliant. Transfers of any type are no longer possible.
- Most funds hold the transfer request open as HMRC and Australian Treasury seek a resolution.
We are now aware most schemes have cancelled the transfer requests given a resolution is unlikely in the immediate future. We know the NHS certainly did so as at 31st January 2016.
Some of you may have already received a letter from your UK scheme to this effect, whilst others remain in limbo. It is our opinion that all requested transfers from Public sector funds will be cancelled in the foreseeable future.
Next Steps
This does not mean your journey is over. It is worth remembering, your pension benefits remain safe and secure in the UK scheme and there are steps you should take to ensure you make the most of this situation.
Most people will now need a ‘Plan B’. There is an opportunity to better understand your options to maximise your retirement outcomes and minimise tax (remember your pension benefits will be taxable in Australia).
It is imperative that you speak with an adviser that properly understands how the UK pension system works, including the current QROPS issue. The strategy required to navigate and ensure your individual circumstances are appropriately considered can be complex.
To find out more about how your individual circumstances can be maxamised please 
As you are aware the QROPS issue has had a significant impact on the usual day-to-day activities of PTD and the Pension Transfers side of our business has now ceased operating.
What does this mean for you?
This does not effect in anyway our commitment to providing you with the support required to see your individual journey through to completion. We will continue to provide updates on the QROPS issue, as well as information on the available options and any ‘next steps’ you can make to maximise your position.
In order for this proposition to remain viable over the long-term, we advise that as of January 31st 2016 we have consolidated our support resources. For some it means a new point of contact and throughout January David Ford passed, with confidence, the details of his clients over to fellow PTD Director and working Partner of the past 12 years, Scott Noell.
As a director and adviser of FinSec Partners Pty Ltd, Scott and his team are extremely well positioned to provide you with the support, assistance and any advice requirements you have for the future.
You can speak with Scott directly on (08) 8357 7840 or via email scott.noell@finsecpartners.com.au.
Yours sincerely,
David Ford & Scott Noell
Directors – Pension Transfers Direct