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By Trish Harding

Important News for Large Transfer Values – If the combined values of all your UK pensions (including past benefit crystallisation events such as transferring to QROPS and income drawdown) as at 5 April 2014 was greater than £1.25 million and you did not already have Primary Protection as at that date, you have until 5 April 2017 to apply to HMRC for IP 2014 (Individual Protection 2014). This protection gives clients a personal Lifetime Allowance equal to their benefit value on 5 April 2014 up to a maximum of £1.5 million. Amounts in excess of £1.5m as at 5.4.2014 will not be protected and thus subject to the lifetime allowance charge when crystallising benefits. Regarding IP and FP 2016 – UK Lifetime Allowance Limits have now reduced to £1m as at 5 April 2016, so if your UK Pension values as at this date are between £1m and £1.5m then application for IP 2016 would be recommended.

Important to note in respect of IP 2014:

  • There is no downside to registering for IP, so anyone eligible should do it (i.e. clients can get an increased Lifetime Allowance with no requirement to stop future pension contributions).
  • It can be registered alongside FP 2014 or FP 2012 (Fixed Protection). This gives a safety net to fall back on if fixed protection is lost.
  • Clients who registered for primary protection previously cannot register for Individual Protection.

Former Management Consultant (from a Top Tier Accounting firm), David Gooding, describes in the video above why he sought specialist QROPS advice for his own UK Large Transfer Value (i.e. a lump sum value greater than the current Non-concessional Contribution Cap).  These transfers require special treatment for tax optimisation. 

The recent May 3rd 2016 Budget Announcements in Australia in addition to the Superannuation changes announced in September 2016 have suggested further changes will be made to Non Concessional Contribution caps. Sterling Planners are renowned specialists in tax optimising Large UK pension Transfers. We have decades of experience navigating the complex requirements for tax optimisation and compliance with all the regulations governing lump sum values greater than the current NCC (Non-concessional Contribution) cap. Our two Senior Advisors have over 23 years of combined experience with UK pension transfers and will make this complex procedure simple and streamlined for you. The highest compliment we receive from our customers is the referral of friends and family, which we regularly receive from our satisfied Large Transfer Value Clients.

Why do financial experts choose to transfer their own UK pensions with Sterling Planners?  click here for short videos from Chartered Accountants, Management Consultants and Lawyers – see why the experts choose Sterling Planners for advice on their own pension transfers.

Our comprehensive UK Pension Report evaluates the financial benefit (or not) of transferring your UK pension to Australia, in addition to your estate planning and retirement planning situation, thus it will help you make the best financial decision about whether or not to transfer your UK funds.

Call Sterling Planners Client Service Team on 1300 132 737 to discuss your UK pension situation.