UK Pension Transfer

Moving a pension fund from the UK to Australia can be a complex and confusing process.

The Qualifying Recognised Overseas Pension Scheme (QROPS) is an Australian Superannuation Scheme that has been approved by H M Revenue & Customs (HMRC) 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 that does not have QROPS status, a tax charge of 40-55% will arise.

If you are moving to Brisbane (or elsewhere in Australia), contact Chris Humphrey Private Wealth Management to ensure your UK pension is transferred correctly and hassle free.