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 whose money was received by BT on or after 6th April 2015
Update: Clients whose money was received by BT on or after 6th April 2015
The issue regarding UK pension transfers on or after 6th April 2015 continues.
BT remain committed to seeking a positive resolution and have published a succinct and informative document that includes;
- the UK law changes and how they affect SuperWrap (BT) and your UK transfer
- the actions SuperWrap and the Australian superannuation funds industry are taking to try and resolve the QROPS issue
- the potential tax relief application process
You can access a copy of this document by clicking here. Please note that although dated 18th December, this information remains current. It is encouraging to read that they are considering direct liaison with HMRC as well as continuing to be an active participant with the industry bodies. It is our opinion that in time, a positive resolution will be reached with regards to the tax relief issue.
Next Steps
The timeframe in reaching a positive resolution to the tax relief issue is still unknown. There is however action you can take now to better position your transfer money over the long-term.
Your funds currently sitting in cash and therefore earning less than 1% require your immediate attention. Prospective returns from cash are poor and rates are likely to stay low for a very long time. After inflation and taxes, your money will likely go backwards invested in this way.
It is imperative that you speak with an adviser that properly understands how the UK pension system works, including the current QROPS issue and the BT fund in which your money sits. The strategy required to navigate and ensure your individual circumstances are appropriately considered can be complex.
To speak with one of our advisers on how to best manage your transfer funds 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