STEP has taken the opinion of Michael Brindle Q.C. who said the legislation only applies if another offence is also committed. The Guidance Notes of the Joint Money-Laundering Steering Group propound the same view, but other QC's are known to take a different view. Similar legislation is finding its way into offshore jurisdictions - Cayman, Bahamas, Isle of Man, Jersey, Guernsey. But it is hard to be certain. And the problem for trustees can be more acute, with a conflict between their duty as trustees and their position under the law.
Social security can be a heavy burden.
But he must consider any departure tax to which he is liable. The taxability of the pension when received also needs to be examined. Sometimes, a self-administered scheme may be exported. Deferred compensation is taxed differently in different jurisdictions. Domicile and permanent residence are of significance in relation to estate and gift taxes.