A: PO Box 564, Spring Hill Qld 4004
162 Petrie Terrace, Brisbane Qld 4000
T: (07) 3368 2727
F: (07) 3367 3171
E: info@humphreywealth.com.au
Chris Humphrey Private Wealth Management is a CPA practice
Moving a pension fund from the UK to Australia can be a complex and confusing process.
A QROPS (Qualifying Recognised Overseas Pension Scheme) is an Australian Superannuation Scheme which has been approved by H M Revenue & Customs to accept the transfer of pension funds from the UK. To gain HMRC approval, the QROPS has agreed to adhere to certain reporting requirements within the first five complete UK tax years after a migrant has left the UK.
If your UK pension fund is transferred to an Australian superannuation scheme which does not have QROPS status a tax charge of 40-55% will arise.
If you are moving to Brisbane contact Chris Humphrey Private Wealth Management to ensure your UK pension is transferred correctly and hassle free.