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UK pensions can be transferred overseas to Qualifying Recognised Overseas Pensions Schemes (QROPS). From 6 April 2025 the requirements for QROPS in the EEA are being brought in line with the rest of the world. HRMC will shortly be writing to QROPS in the EEA to confirm they meet the requirements and will produce an updated recognised overseas pension schemes notification list on 15 May.
This week, the Chancellor delivered her Spring Statement. Given that Labour pledged to only deliver one Budget per year, the Chancellor's statement was not a formal budget -but instead an update on the economy since her fiscal statement on 30 October 2025. Ms Reeves emphasized that the statement did not contain any further tax increases, but did highlight that work needs to be done to combat tax evasion.
The Spring Statement underlines how global events have put new demands on already stretched welfare budgets. Many people will have questions about what this spending pressure will mean for them - not just around disability, but more widely around long-term care and other areas where they may have been counting on support from the state. The FCA has reported in its new strategy that over 7 million people in the UK are already struggling to pay bills/debts and that many would struggle to deal with a financial shock. Now, more than ever before, individuals will need a strong, long term financial plan to see them through difficult times.
The PFS agrees with the regulator that innovative, competitive financial services are essential to improving the finances of many. To be successful, those providing these products and services must ensure that they are tailoring them to the needs of each individual, so that every customer can get the best outcomes. Careful planning of this sort requires the support of professional advisers, who are able to identify and respond to particular vulnerabilities. The PFS is looking forward to working with the FCA, Government and other stakeholders to deliver against these ambitions, which will undoubtedly have positive benefits for the country’s growth ambitions as much as individual customers.
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