Overseas residents hit with double pension transfer advice charge

The regulator issued an update to pension transfer rules following the introduction of pensions freedom and choice last month. Pensions freedom gives defined contribution savers complete access to their pension pots at the age of 55. However, defined benefit (DB) savers are not included and have to transfer their assets to qualify. Intelligent Pensions highlighted that people living overseas will have to pay for two sets of advice to keep within the rules. Further reading: Pension transfer rules: Everything advisers need to know Technical director David Trenner said: "While mo...