UK Pension Transfer
At Humphrey Partners Private Wealth we specialise in Superannuation advice in the Brisbane area and beyond. We have extensive experience in moving UK Pensions to Australian Superannuation Funds (both SMSF and Retail funds).
Moving a pension account from the UK to Australia can be a complex and confusing process. Changes effective 6 April, 2015 have further complicated the process by allowing transfers in limited circumstances only. UK pension transfer recipients, for example, need to be either 55 years young or a member of a local government superannuation scheme.
The Recognised Overseas Pension Scheme (ROPS) is a 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 ROPS has agreed to adhere to certain reporting requirements within the first ten complete UK tax years post the pension transfer.
If your UK pension fund is transferred to an Australian superannuation scheme that does not have ROPS status, a tax charge of up to 55% will arise.
For UK pension accounts that require UK advice we work with our trusted UK advisers to facilitate any proposed transfers.
UK pension advice is required where:
a) The transferring scheme contains safeguarded benefits, and
b) The value of the transfer exceeds £30,000.
We also offer an SMSF ROPS registration service. For more information, please click here.
If you are moving to Brisbane or elsewhere in Australia, contact us via phone or email to set up a consultation on your arrival, to ensure your UK pension transfer to Australia is executed correctly and hassle free.
Humphrey Partners Private Wealth is conveniently located on the outskirts of Brisbane's CBD.
" I am exceptionally happy with the quality of the advice and service that I continue to receive from Chris. I am impressed with his breadth of knowledge and expertise, and his ability to deliver it in a simple to understand manner. Chris is my first financial adviser and he has never given me a reason to look for an alternate. "
Jason Banks - State Manager Home Improvement Retailer