The countdown to triggering Article 50 has led to a significant uplift in overseas pension transfers, the deVere Group has revealed.

deVere Group has confirmed that enquiries regarding pension transfers have increased by 21 per cent since the beginning of December 2016, with a main influencer being the UK’s separation from the EU.

deVere Group founder and CEO Nigel Green said: “Since the Brexit vote last June, there has been a groundswell of interest in overseas pension transfers. This has intensified in recent weeks as we begin the final countdown to the triggering of Article 50 by the end of March, when Britain will start negotiations with the EU over its exit. I expect the momentum to develop further, the closer we get to ‘trigger day’.”

“It’s understandable why so many are considering transferring their UK pensions into an HMRC-recognised overseas pension scheme at the moment. They recognise the golden opportunity right now.

Green explained that key reasons for this are due to the fact that low gilt yields since the Brexit vote have meant scheme members may be able to take advantage of “once-in-a-lifetime [transfer] values” that have reached record highs, but may not be available post-Brexit.

In addition, the CEO noted that transfers are also being made as final salary pension deficits come under pressure and Britain’s funding gap soared in 2016, coming close to a trillion.

“The size of the gap brings into question the survival of many company pension schemes. Certainly, many will need to make significant changes to the terms of employees’ pension schemes,” Green said.

Moreover, those looking to transfer are likely to be attracted by the associated benefits of QROPS. These include the fact that funds can be fully passed on to heirs after death, greater investment flexibility and the pension can be paid in most currencies.

“Of course, an overseas pension transfer is not suitable for everyone. However, for those who do qualify, with the countdown on to the triggering of Article 50, now might just be the ideal time to do so,” Green concluded.

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