Govt mulls dropping advice requirement on expat pension transfers

Retirees at risk

Carmen Reichman
clock • 3 min read

The government is consulting on whether it should drop the mandatory advice requirement for safeguarded pension transfers for those living outside the UK.

In a consultation published on 30 September, the Department for Work and Pensions (DWP) asked for views on alternatives to the advice requirement, saying expat members were "exposed to unnecessary risk" under the current rules. Mandatory advice on defined benefit (DB) pension transfers was brought in after the pension freedom reforms last year, requiring the holder to seek regulated advice if the pension is worth more than £30,000. This applies to transfers to UK pension schemes as well as non-UK pension schemes.  Research in January found that more than a third of international advis...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Regulation

Abuse victims must not be 'blocked' from redress, group urges

Abuse victims must not be 'blocked' from redress, group urges

In response to FCA and FOS consultation paper

Jen Frost
clock 12 May 2026 • 3 min read
FCA receives 210 whistleblower complaints over Consumer Duty in Q1

FCA receives 210 whistleblower complaints over Consumer Duty in Q1

Closed 265 whistleblowing cases between January and March

Michael Nelson
clock 11 May 2026 • 2 min read
Ex-investment adviser sentenced to additional prison time

Ex-investment adviser sentenced to additional prison time

Richard Faithfull failed to pay back £529,961

Sophia Panayi
clock 11 May 2026 • 2 min read