News updates

08 March 2017

Main News

Spring Budget 2017 update

The Chancellor of the Exchequer, Philip Hammond, announced his first Budget on 8 March 2017, but there was little affecting pension savings.

Charge on overseas pension transfers


The main pensions-related announcement from the Spring Budget 2017 was that the government will introduce a 25% charge if a member transfers their pension to a qualifying recognised overseas pensions scheme (QROPS).
  
This targets those trying to reduce the tax they would pay on their pension benefits by transferring overseas and comes into effect for transfer requests from 9 March 2017.
   
However, there will be exceptions. For instance, tax-free transfers will be allowed where the transfer is to a QROPS which is an occupational pension scheme sponsored by the individual’s employer; or when a member and the pension are both located within the same country or both within the European Economic Area.
 

State Pension age review


The Budget also confirmed that it will publish its first statutory review of State Pension age by 7 May 2017.
 

Future Budgets


This Budget is the last to be held in the spring. In future, they’ll be held each autumn, starting from 2017, with Spring Statements beginning in 2018.
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