UK Pension Transfer
At Chris Humphrey Private Wealth Management 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 larger pension transfers that exceed the non-concessional caps (even with the 3 year bring forward rule) or require advice from a registered UK adviser, we work with our UK adviser contacts to facilitate such transfers.
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.
Chris Humphrey Private Wealth Management is conveniently located on the outskirts of Brisbane's CBD.
"Since engaging Chris Humphrey, I have benefited from his comprehensive financial, investment and tax knowledge. Chris and his team are always quick to respond to my queries and pro-active in updating me on any changes that may affect my financial situation. "
Dr Jason Stone