On 6 April 2015, UK legislation effectively banned QROPS transfers to Australia for members aged under 55yrs of age in addition to transfers of Unfunded Public Sector Schemes (such as NHS, Teachers, Civil Service, Police, Firefighters etc), regardless of the member’s age.
Transfers to Australia are currently possible for clients aged 55yrs and over – Over 55 SMSF Transfer Option. If you are under 55 yrs with a UK DB Scheme (Final Salary scheme), refer to our Under 55 Secure CETV Option.
We do not recommend transfers to offshore schemes such as Malta, NZ, Gibraltar, Guernsey or Isle of Man etc [unless the member is resident in the country of transfer as per new legislation – HMRC Tax on Offshore QROPS.
Download our Free UK Pensions E-book for a summary of the recent (2015) QROPS changes.
Why you need QROPS Advice – How expert advice could potentially save you thousands on your UK Transfer.
Who is Eligible to Transfer their UK pension? To make a compliant UK pension transfer, you must either be:
- A member of a public service superannuation fund on the ROPS list (as at June 2016 these included – Australian Defence Force Super Scheme / CSS(Commonwealth Super Scheme) / Local Govt Superannuation Scheme / Military Super and Benefits Scheme / Public Sector Super Accumulation Plan / Public Sector Super Scheme)
- Or, you must be 55 yrs of age (or older), with permanent residency status in Australia, satisfy the work test (if over 65yrs old) with a transfer value of GBP 100k or more. These transfers are now possible via the set-up of an Over 55 SMSF (Self Managed Super Fund) with appropriate ROPS certification from HMRC.
For details of our Over 55 SMSF Transfer Option click here – Over 55 SMSFs.
Not Eligible for Transfer (effective April 2015) – All unfunded Civil Pension Schemes (eg NHS, Police Pensions, Teachers Pensions, Firefighters, Armed Forces etc – click here for more information.) and all UK State Pensions (i.e. Old Age Pensions from your National Insurance contributions.)
Brief history of the QROPS situation – refer to our QROPS webpage.
Details of our Over 55 SMSF service offering – click here.
Details of our QROPS Advice document and fees – refer to our UK Pension Report and Fees page.
Details of our Under 55 Secure CETV to UK SIPP – for clients aged under 55yrs with Defined Benefit/Final Salary Pensions in the UK, please click here.
Post 6 April 2015 Transfers – HMRC Tax Relief Decision – for UK pension transfers made after 6 April 2015 and before 1 July 2015, HMRC announced in July 2016 that these transfers do not constitute unauthorised payments and therefore will NOT be subject to the 55% penalty tax – click here for details.
Note: The QROPS (now ROPS) list is self-certified and cannot be relied upon to avoid potential penalties. It is ultimately the responsibility of the member to determine whether or not their receiving scheme complies with QROPS regulations.
Contact our client service team on 1300 132 737 if you have any questions.