Preserving your UK pension funds
With PTD’s UK Cash Account you can transfer now, without worrying about the exchange rate, before UK reforms erode the value of UK pensions further.
What’s already happened:
- The introduction of lower revaluation factors in October 2010 (CPI instead of RPI) has already reduced transfer values for many schemes, in some cases as much as 30%.
What’s happening next:
Pension values will continue to fall following the Chancellor’s March 2011 budget and the release of Lord Hutton’s Report to the Independent Public Service Pensions Commission.
Lord Hutton’s Report recommends a further 27 pension reforms for introduction at the latest by April 2015, all of which were accepted by the Chancellor in his budget. Of greatest impact will be:
- Changing from a final-salary to a career-average structure.
- Raising the minimum retirement age for men and women to 66.
These changes will reduce entitlements by as much as 39% and delay retirement by six years. There is little doubt they will happen, and a lot earlier than the June 2015 deadline.
In fact, some schemes are already planning to suspend transfers pending final legislation.
PTD’s UK Cash Account enables you to crystallize your UK pension benefits based on the current and higher benefit basis and leave the transferred funds in Sterling so you can wait until the exchange rate is more favourable before converting to $AUD.
PTD takes the risk and hard work out of transferring by giving you access to the best advice available with no up-front cost or obligation.
The decision to transfer is time-sensitive and PTD’s UK Cash Account means there’s no reason to put this off – doing nothing could cost you and your family thousands for years to come. So enlist our help now – it’s A GOOD MOVE