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By Trish Harding

9 March 2017: QROPS transfers to New Zealand, Malta, Guernsey, Isle of Man etc will now incur a tax charge of 25% on the total transfer value if the individual does not reside in the same country as the QROPS – click here for more details.

We can facilitate an integrated global solution, incorporating UK advice (where required) from FCA licensed advisers, known specialists and leaders within the UK transfer marketplace.

Getting expert QROPS advice could potentially save you thousands on your transfer see how. Transfers are currently taking 6 – 9 months from beginning to end.

Effective from 6 April 2015, we can assist the following people with a UK pension transfer:

  • People aged 55yrs or older (via a ROPS certified SMSF – Self Mananged Super Fund – Transfer) – Or
  • Members of a Public Service Superannuation Scheme in Australia, currently on the HMRC ROPS list as at May 2016 were:
    • Australian Defence Force Superannuation Scheme
    • Commonwealth Superannuation Scheme (CSS)
    • Local Government Superannuation Scheme (QLD only)
    • Military Superannuation and Benefits Scheme
    • Public Sector Superannuation Accumulation Plan
    • Public Sector Superannuation Scheme
  • Must have a minimum transfer value of GBP 100k (for SMSF option)
  • Must have permanent residency status or citizenship in Australia
  • Must have an eligible UK pension for transfer – refer to our Free E-book or refer to our Eligible UK Pensions Page or call us on 1300 132 737 if you are unsure about this.

 Over 55 SMSF Transfer Option:  Our service includes the following:

  • Free Consultation with a QROPS specialist adviser prior to engaging our services if required
  • Preparation of a comprehensive UK Pension Report tailored to your particular situation. This UK Report includes a comparative analysis of the benefits and/or disadvantages of transferring your UK pension –  the advice fee for this Report is $1,650 (incl GST).  If you decide to proceed with a transfer after receiving the advice, our service includes:
    • Establishment of an Australian SMSF with ROPS compliant (55Plus) trust deed
    • If corporate trustee appropriate, establish and register company via ASIC
    • Application to HMRC for ROPS status
    • Preparation of all fund trustee/member application and minutes
    • Australian Tax Office (ATO) fund registration
    • The provision of Tax File Number (TFN) and Australian Business Number (ABN)
    • Establishing fund bank accounts
    • Ensure compliance with ATO requirements for any tax on the transfer (where applicable)

Fees for the set up of Over 55 SMSF range from $770 to $1,320 (incl GST). The fee varies according to whether an individual or corporate trustee is deemed appropriate for the SMSF. Additional fees (i.e.transfer fee or UK specialist FCA advice fee for Defined Benefit Schemes are fully outlined and discussed with your adviser in the UK Pension Report consultation).

Contact us – to enquire about SMSF QROPS transfers (1300 132 737)