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Old Aug 28th 2017, 12:08 am   #1
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Default Moving British Pension into Qld Super - Advice Please!

Hi All,

Just wondering if anyone could give me a bit of advice if thats ok, i worked for a number of years as a police officer in the UK prior to moving to Oz, and my wife worked for a number of years as a nurse.

Can anyone advise me, what is the most simple, pain free way of bringing our pension from the UK to our QSuper superannuation accounts?

Is anyone aware of anyone who will take care of this for us? (Finance company etc).

We live on the Gold Coast (Gods Country!)

Thanks - Baz
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Old Aug 28th 2017, 3:17 am   #2
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Default Re: Moving British Pension into Qld Super - Advice Please!

We had ours transferred into an AMP Superfund, they did everything under the QROPS agreements a couple of years ago. Quite a substantial tax bill at the end of it as ATO want a percentage of the growth of your UK fund since emigrating. But - once its here its yours what ever happens, unlike our UK fund.
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Old Aug 28th 2017, 4:30 am   #3
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Default Re: Moving British Pension into Qld Super - Advice Please!

Many thanks, how did you do it, did you use a company?
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Old Aug 30th 2017, 4:23 am   #4
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Default Re: Moving British Pension into Qld Super - Advice Please!

We did our own-any company helping you to do it will charge.

QSuper doesn't seem to be QROPS approved according to info on its website though: https://qsuper.qld.gov.au/~/media/PD...tions/fs21.ash

Here's some useful general info but you've probably already read this: https://www.superguide.com.au/boost-...lia-super-fund

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Old Aug 30th 2017, 7:25 am   #5
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Default Re: Moving British Pension into Qld Super - Advice Please!

UK government changed the goalposts meaning that no Australian super funds meet QROPS anymore.

There are a lot of funds on the QROPS list but they all appear to be SMSF's.

If that is correct the only way to avoid the "up to 40%" UK taxation on your transfer appears to be to start your own SMSF.
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Old Aug 31st 2017, 3:55 am   #6
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Default Re: Moving British Pension into Qld Super - Advice Please!

I understand there is one retail fund available presently for pension transfers into Australia from the UK.

Feel able to ping a PM or email to me (click on my name to the left of this post) if you'd like to know more.

Best regards.
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Old Aug 31st 2017, 4:03 am   #7
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Default Re: Moving British Pension into Qld Super - Advice Please!

Thanks all, I spoke to a financial advisor who stated that as of 2015 the rules changed, and if you have a public servants pension from the UK it cannot be transferred.

Thanks for the replies.
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