Getting expert QROPS advice could potentially save you thousands of $$$ on your transfer - click here for details. On average, UK pension transfers take up to 6-9 months from beginning to end with the main bottlenecks being processing times for HMRC to issue ROPS certification for each SMSF and processing times for the UK pension schemes to provide data and execute payments can be quite quite slow.
If you would like to engage our services for professional QROPS advice on your particular UK pension, proceed to Step 1 as outlined below:
Step One - Call our client service team on 1300 132 737 to ensure that you are eligible for one of our services under current QROPS regulations. If eligible and interested in engaging our services, we will send you two forms - our Letter of Engagement(LOE) form and our Letter of Authority (LOA) form - which allows us to gather the necessary data from your UK scheme(s) and generate our UK Pension Transfer Report.
Step Two - Once your UK Report is complete (usually 6-12 weeks after sending in the LOA form) we will arrange a secondary face to face consultation with a Director (QROPS specialist adviser) to present our recommendations in the UK Pension Transfer Report. Your Report will be explained in simple, easy to understand terms and will outline whether or not transferring your UK pension to Australia is the best option for you financially.
Step Three - Project Management of Transfer - if you decide to proceed with a transfer after receiving your UK Report consultation, we can manage the entire project for you - including setting up the relevant SMSF or UK SIPP (as required), obtaining HMRC ROPS certificate and relevant trust deed for SMSF, ATO Fund registration, provision of TFN and ABN (where required), preparation of all fund trustee/member application and minutes, establish fund bank accounts, ensure compliance with any ATO tax requirements on transfer (if applicable) etc. For a summary of the services we provide, please refer to our Over 55 SMSF Transfer Service page. In addition, there are large volumes of paperwork - we will pre-complete these, where possible, ready for your signature and can process the paperwork via the appropriate UK scheme/UK SIPP/ATO or HMRC tax office - thus removing you from most of the time consuming administration and hassle.
Reasons To Transfer Now
It's important to transfer your UK pension before you reach retirement age and advantageous to transfer tax free or with lower tax:
There is a 6 month tax free period from your date of Australian residency - (although given the average timescale for transfers is between 6-9mths, this is difficult for most to achieve).
Failing that, ensure you transfer before you retire - The funds generally CANNOT be transferred as a lump sum once they start paying you an annual pension or annuity (excluding certain "draw down pensions").
For eligible Civil Service Pensions ( i.e. funded public sector schemes such as Local Govt Pension Schemes, USS etc), you must make a formal request for transfer before you reach 60 yrs of age - we recommend making this request at least 9 months prior to your 60th birthday.
How to get started?
Click here for our FREE UK Pension Transfer E-book - contains information and AND our Letter of Authority form.
19 March 2018 - The UK Government has ruled out a proposed £90 billion cut in defined benefit (DB) scheme benefits through indexation changes.
In last year's green paper on DB schemes, the DWP proposed 'across the board' cuts to… Read More.
January 2018 Breaking News:
A well known UK company pension scheme has announced that effective from February 2018, all new Cash Equivalent Transfer Values (CETVs) issued for their Defined Benefit/Final Salary Pension Scheme will… Read More.
January 2018 Update.
Breaking News - a well known UK company DB (Defined Benefit) pension scheme has announced all future Cash Equivalent Transfer Values (CETVs) from February 2018 will be reduced by 20% to help alleviate their underfunding… Read More.
October 2017: Sun-Herald, Money Article - 'Thousands of Aussies caught in tougher rules to transfer British pensions'. Laura McGeoch explains how UK legislative changes implemented in April 2015 have resulted in thousands of Australian… Read More.
May 2017 Update - From 1 July 2017, clients who are close to or have already reached their total Australian super fund balance of $1.6M, may have viable options to transfer additional UK pension funds to their Australian (complying… Read More.
Effective from 9 March 2017, transfers to offshore schemes (such as NZ, Malta, Gibraltar, Guernsey etc) will now be subject to a 25% HMRC tax charge unless both the individual and the QROPS reside in the same country.
As predicted… Read More.
An article by James Phillips in Professional Pensions highlights that growing speculation over a ban on UK (DB) Defined Benefit Scheme transfers could lead to a rush on members requesting early transfers. Sterling Planners have witnessed… Read More.
Breaking News - Effective from 9 March 2017, legislation will be introduced in Finance Bill 2017 such that transfers to QROPS requested on or after 9 March 2017 will be taxed at a rate of 25% unless both the individual and the QROPS… Read More.
Getting expert QROPS advice could potentially save you thousands on a UK pension transfer - click here to see how.
If you decide to transfer a UK pension without seeking specialist QROPS advice (eg with assistance from your accountant… Read More.
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… Read More.
An opportunity exists prior to 1 July 2017 for some UK Pension Transfers given the recent Australian Super Changes. On 15 September 2016 the Government announced some significant changes to the superannuation proposals previously… Read More.
2018 UK DB (Defined Benefit/Final Salary) Scheme Update - some CETVs (Cash Equivalent Transfer Values) begin to decline: Two recent developments have caused a surge in transfer requests for UK DB schemes:
The long predicted decline… Read More.
Nic Blakemore, Sterling Planners Director, talks about our Sterling Investment Options in this video:
FOR CLIENTS CONCERNED WITH FLUCTUATING EXCHANGE RATES - retain and invest your UK Pension Transfer in GBP/Sterling (if you are… Read More.
July 5 2016. For UK Pension Transfers to Australian QROPS, made between 6 April 2015 to 30 June 2015 (inclusive), HMRC has confirmed such transfers WILL NOT be subject to any UK tax charges in relation to the transfer. For transfers… Read More.
Transfer Values for Defined Benefit / Final Salary Schemes are at all-time highs given that UK interest rates are at historical lows. Evidence suggests these values are likely to decline if/when interest rates rise. For members under… Read More.
Former Management Consultant (from a Top Tier Accounting firm), David Gooding, describes why he wanted specialist QROPS advice for his own UK Large Transfer Value (i.e. a lump sum value greater than the current Non-concessional Contribution… Read More.
Getting expert QROPS advice could potentially save you thousands of $$$ on your transfer - click here to see how.
If you decide to transfer a UK pension without seeking specialist QROPS advice (or with assistance from your accountant… Read More.
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… Read More.
Fortnum Practice of the Year Award - 2015
Ray Miles, Executive Chairman of Fortnum Financial Group Ltd, presents Brent Hutton, owner and founder of Sterling Planners Pty Ltd with the highly coveted Practice of the Year Award for 2015.
It… Read More.
An academic study conducted by researchers at Brisbane's Griffith University has argued the case for professional financial planning.
Griffith Business School senior lecturer Rakesh Gupta, believes that " there needs to be a change… Read More.
Britons are retiring in Australia in ever increasing numbers. In March 2015, Money Management Magazine published an article titled " Britons looking towards Australia for retirement ". A large cohort of British baby boomers are looking… Read More.
In April 2015, the ATO made a new interpretive ruling, 'clarifying' how growth and any potential taxes on UK pension transfers are to be calculated (differing from previous ATO private rulings on this matter). The previous ruling… Read More.
NEWS FLASH: Pension Transfers from UK (unfunded) Public Sector Pension Schemes will cease from 6 April 2015 [including MyCSP, NHS, Police, Firefighters, Teachers, Armed Forces, SPPA (Scottish Public Pensions Agency - both Scottish… Read More.
End of Financial Year Strategies:
If you are between 55 and 65 years of age - click here If you are Employed - click hereIf you are Self Employed or living off investments - click hereIf you are thinking of boosting your Partners… Read More.
The Australian Tax Office (ATO) is urging all taxpayers with offshore assets to declare their interests, ahead of a global crackdown on undeclared international income and tax havens.
The ATO's voluntary disclosure initiative, 'Project… Read More.
Are you resident in Australia with property in the UK? If so, proposed changes to the UK capital gains tax, effective April 2015, may impact your financial situation.
If you are living in Australia but still have property in the UK,… Read More.
With the end of the 2012-13 financial year just around the corner, Sterling Planners have summarised everything you need to consider regarding your superannuation - including Government co-contribution, spouse super contributions,concessional… Read More.
QROPS Guidance - On April 6 2012, new regulations were introduced in the UK, changing the reporting requirements of a Qualifying Recognised Overseas Pension Scheme ('QROPS').
Her Majesty's Revenue and Customs (HMRC) made a decision… Read More.
In November 2012, a cheque for $20,000 was presented to Nick Evans, RPA Newborn Care - Head of Department, byJulie Hutton from Sterling Planners (far right of photo) and Margaret Miles from the Fortnum Foundation 1000 Club.
Sterling… Read More.
Sterling Planners have created a summary of financial strategies for your consideration as we approach the end of the 2011/12 financial year.
These strategies include information regarding Salary Sacrifice, Contributions Splitting,… Read More.
Effective May 4th 2012, our company trading name changed from PTD Financial Services Pty Ltd to Sterling Planners Pty Ltd.
Our principal director, Brent Hutton established the Pension Transfers Direct (PTD) business in Perth, WA in… Read More.
Our previous 3 YEAR FINANCIAL VIEW was issued to all existing clients, effective from November 2011.
Please find an updated version of this document effective from April 2012.
Click Here to view the document.
Here at Sterling Planners Pty Ltd we believe strongly in supporting our community and giving back in a meaningful and significant way. These are the charities and organisations that we currently support.
Sterling Planners Pty Ltd (AFSL Number 357306) and its advisers are members of Fortnum Financial Advisers and Authorised Representatives of Fortnum Private Wealth Ltd ABN 54 139 889 535 AFSL 357306 | Level 9, 75 Miller Street, North Sydney NSW 2060. | PO Box 1238, North Sydney NSW 2059 *this website holds information for Australian Residents only.