Types of overseas pension schemes

Produced in partnership with Alistair Hill of Brodies LLP , Alexandra Bradley of CMS Cameron McKenna Nabarro Olswang LLP and Stephenson Harwood

Practice notes

Types of overseas pension schemes

Produced in partnership with Alistair Hill of Brodies LLP , Alexandra Bradley of CMS Cameron McKenna Nabarro Olswang LLP and Stephenson Harwood

Practice notes

FORTHCOMING DEVELOPMENT: Section 10 of the Finance Act 2022 will increase the normal minimum pension age (NMPA) from 55 to 57 on 6 April 2028 (save for members of the firefighters, police and armed forces public service pension schemes).

The Finance Act 2022 will also give members of registered pension schemes a right to take their benefits before age 57, if on or before 4 November 2021 they either had an ‘unqualified right’ to take benefits or were in the process of a substantive transfer to a scheme offering an unqualified right to a protected pension age of less than 57 on or before 4 November 2021. To benefit from this new 2028 protection, the rules of the pension scheme must have included (on 11 February 2021) an unqualified right to take the entitlement to scheme benefits before age 57.

For further information, see Practice Note: Increasing the normal minimum pension age (NMPA) to 57—pensions

Alistair Hill

Solicitor, Brodies LLP

Alistair is a Legal Director in the Brodies pensions team, where he practices both as an English and as a Scottish solicitor.��

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He helps a broad range of employers, trustees and other professionals with defined benefit and defined contribution pension schemes, including advising on the pensions aspects of corporate transactions and public/private sector staff transfers.

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From his days in-house at a leading insurer, Alistair has also retained an active interest in developing and maintaining defined contribution pension propositions from the provider's and administrator's viewpoint, such as personal pension, mastertrust and SIPP products.��

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While he would argue passionately that clients shouldn't haven't to worry about them unless they want to, Alistair has always been interested in the more technical aspects of pensions law. ��

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Besides his work for LexisPSL, this has led him to play an active role in the professional bodies and more generally in debating law reform and public policy in UK pensions.

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Alistair is a former Scottish Chairman of the Association of Pension Lawyers and now sits on the Law Society of Scotland's pensions law specialist accreditation panel, as well as being the convenor of its pensions law reform sub-committee.

Alexandra Bradley

Solicitor, CMS Cameron McKenna Nabarro Olswang LLP

From a broader based background in general practice, Alexandra has specialised in UK pensions law since early 2018 and regularly advises a broad range of clients including employers, trustees, local authorities, statutory bodies, private equity funds, wealth managers, SIPP/SSAS operators and platform providers.

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She has experience of advising on a wide range of pension matters in relation to both contentious and non-contentious matters including drafting trust documentation, compliance issues, winding up both DB and DC pension schemes and the pension aspects of corporate transactions.

Jurisdiction(s):

United Kingdom

Key definition:

Overseas pension scheme definition

What does Overseas pension scheme mean?

A pension scheme is an overseas pension scheme if it is not a registered pension scheme but it is established in a country or territory outside the UK and satisfies the requirements in the Pension Schemes (Categories of Country and Requirements for Overseas Pension Schemes and Recognised Overseas Schemes) Regulations 2006 (SI 2006/206).

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