Can clients 'double dip' on tax-free cash by transferring overseas?

In a matter of weeks, we will have a new pensions tax regime. As we pore over the latest rules and guidance, one area that has caught advisers' (and their clients') attention is overseas transfers. At one time, transfers to qualifying recognised overseas pension schemes (QROPS) were considered a financial planning strategy. But in recent years, the number of transfers has fallen sharply. In 2014/15 there were 20,100 transfers totalling £1.76bn of pensions wealth. This fell to only 3,300 last tax year representing £680m. The introduction of the overseas transfer charge in 2017 was an o...