The UK Budget, on 19th March 2014, first outlined the Government’s intention to ban pension transfers from Public Sector Pension Schemes from 6th April 2015.
WHAT SCHEMES WILL BE BANNED FROM TRANSFERRING?
Following the results of HM Treasury’s Freedom and Choice in Pensions consultation paper (which were published on 21st July 2014) and also in the draft legislation (published by the UK Government on 6th August 2014) the message has been clarified that transfers will no longer be permitted, in the future, from the following ‘unfunded’ public sector schemes:
- Civil Service
- Armed Forces
Members of Local Government Pension Schemes are still permitted to transfer, at this stage, as well as pension members in the private sector.