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Old 23.02.2015, 19:08
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End of U.K. Teachers' final salary scheme

...well, this is how I understand it, as from April this year. Does this mean it is worth transferring U.K. Pension contributions now to Third Pillar here?
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Old 23.02.2015, 19:36
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Re: End of U.K. Teachers' final salary scheme

Surely existing ones wont be affected?
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Old 23.02.2015, 19:52
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Re: End of U.K. Teachers' final salary scheme

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...well, this is how I understand it, as from April this year. Does this mean it is worth transferring U.K. Pension contributions now to Third Pillar here?
It would have to become a QROPS, a great deal depends on what they offer as a transfer value, however I suspect your benefits won't be effected so it would generally be poor advise to leave as the benefits are guaranteed.
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Old 24.02.2015, 11:07
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Re: End of U.K. Teachers' final salary scheme

The Teachers' Pension Scheme is a good scheme, but depending on your circumstances and your objectives, you might find QROPS to be preferable. There's nothing to be lost from obtaining a transfer value quote from TPS - you can then weigh up your options.
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Old 24.02.2015, 11:44
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Re: End of U.K. Teachers' final salary scheme

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The Teachers' Pension Scheme is a good scheme, but depending on your circumstances and your objectives, you might find QROPS to be preferable. There's nothing to be lost from obtaining a transfer value quote from TPS - you can then weigh up your options.
Nothing to stop someone transferring to a SIPP in the UK either, which has more investment options & can be paid out as cash from age 55.

What is important is that any advisor may well take a huge commission.

FWIW Pictet in GE can accept QROPS transfers with zero commission fees if you go direct. Hargreaves Lansdown in the UK will let you set up a SIPP if your resident abroad.
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Old 24.02.2015, 12:04
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Re: End of U.K. Teachers' final salary scheme

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Nothing to stop someone transferring to a SIPP in the UK either, which has more investment options & can be paid out as cash from age 55.

What is important is that any advisor may well take a huge commission.

FWIW Pictet in GE can accept QROPS transfers with zero commission fees if you go direct. Hargreaves Lansdown in the UK will let you set up a SIPP if your resident abroad.

A SIPP doesn't have more investment options than a QROPS - both will allow 'open architecture' investment platforms where more or less any stock or fund can be purchased globally.

Furthermore, most of the major neutral QROPS jurisdictions have amended or are amending their legislation to allow full access drawdown from age 55.

QROPS is usually preferable for those who will retire abroad.

The notion that "any adviser will take a huge commission" is of course generalist nonsense. Most regulated advisers in Europe provide sustainable charging structures which are fully disclosed.
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Old 24.02.2015, 12:05
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Re: End of U.K. Teachers' final salary scheme

Pictet has a minimum amount to accept QROPS. I think it was 50k CHF, not sure of the exact number.
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Old 24.02.2015, 12:06
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Re: End of U.K. Teachers' final salary scheme

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A SIPP doesn't have more investment options than a QROPS - both will allow 'open architecture' investment platforms where more or less any stock or fund can be purchased globally.

Furthermore, most of the major neutral QROPS jurisdictions have amended or are amending their legislation to allow full access drawdown from age 55.

QROPS is usually preferable for those who will retire abroad.

The notion that "any adviser will take a huge commission" is of course generalist nonsense. Most regulated advisers in Europe provide sustainable charging structures which are fully disclosed.
i guess your a financial advisor, funny how I worked that out earlier
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Old 24.02.2015, 12:10
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Re: End of U.K. Teachers' final salary scheme

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i guess your a financial advisor, funny how I worked that out earlier
I've explained that previously on the forum, so it can't have been too difficult to work out.
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Old 24.02.2015, 17:26
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Re: End of U.K. Teachers' final salary scheme

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Surely existing ones wont be affected?


I need to read all the info again because I was told all this orally and there was so much to digest, so all this to be read with a "qualifier",but yes, existing ones are affected. Only if you are within 10 years to retirement are your existing conditions safeguarded.
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