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A Qualifying Recognised Overseas Pension Scheme (QROPS), from a UK perspective, is a pension that has been deemed suitable for a UK pension transfer as its rules are similar to those of the originating UK-based scheme. Get in touch to be introduced to the right advisor for you... © 2020 OnlineMoneyAdvisor. These funds can be written under specific trust deeds that only permit membership for those aged 55 or over and therefore comply with HMRC requirements. By making an enquiry you accept that your information will be passed to one of the specialists. Have you left your UK pension home alone? Ensure you’re aware of all the rules relating to the transfer, charges, fees, taxes, time scales and financial limits. You can access the funds when you retire, in the usual way but the Super fund will remain in Australia. If you do decide to get our help in making this complex UK pension transfer process happen for you, you can rest assured we’ve helped other clients successfully navigate this process. Broadly speaking, it’s often easier to compare the benefits between a defined contribution pension in the UK and an Australian scheme. This resulted in all but one Australian superannuation fund being removed from the Qualifying Recognised Overseas Pension Scheme (QROPS) list managed by HMRC. Making plans for a loved one with a severe disability? The eligible funds are known as Qualifying Recognised Overseas Pensions Schemes (QROPS) and are made up entirely of Self Managed Super Funds (SMSFs). Tax when you transfer to a QROPS While there are special circumstances in which you can access your Australian Superannuation early, it’s unlikely they will relate to a move to the UK. But, the best way to understand the full tax implications of transferring your UK pension to Australia is to speak with a specialist pension transfer advisor with experience of UK-to-Australia transfers. Speak with a registered and experienced pension transfer advisor, like those we work with, who provide answers to all your questions on transferring your pension to Australia and help you decide if you should make the transfer.

Where you’re a permanent resident of Australia who has opted to emigrate to enjoy retirement in the UK, you cannot transfer your Superannuation into a UK pension fund. THE NEXT STEP. If you are under age 65 you can contribute for this tax year and the next two tax years in one transaction.

I’ll be happy to answer any QROPS questions you want to throw at me. With regards to taxation and your UK pension, should you decide to transfer it to Australia, it typically depends on: If you transfer your UK pension to an Australian one within six months of moving to Australia, then you can do so without any tax implications.

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