The FCA has warned of increased risk to consumers when overseas firms refer defined benefit (DB) scheme members to UK firms for pension transfer advice.

A leading pensions administrator is calling for pension holders who shift their pensions overseas purely for tax gains to pay more for the privilege as it warns the trend is placing an unnecessary burden on UK taxpayers.

Plans announced by Chancellor Philip Hammond in the Autumn Statement to bring QROPS and other overseas pension transfers into line with UK pensions will spark a “surge” in overseas transfers believes a leading offshore advice firm owner who supports the tightening up of the rules.