bobbyfaescotland

I have spent nearly a whole week trying to get some info on this and so far I have different answers and I am even more confused.

I transfered my UK pension six years ago into an Australian Super QROPS fund, and it is sitting there without me being able to add anything to it.

I am now with a large company that offers a very low fee fund that my salary contributions go into, so for obvious reasons I would like to transfer my Australian Super fund into the company one to keep all them together.

My question is, am I allowed to do this, I have heard the rules have changed to 10 years now but no one can tell me if I will be penalised or not.

Any help would be greatly appreciated

coldbeer

Yes you can. Its fairly easy and your new super fund should be able to tell you what doc is required, I did it a year ago and I've forgotten

KJCherokee

Basically you get your new fund to get the money from your old one. Your new fund will send you the paperwork you need to fill in and sign, after that they handle the whole thing. I did this a few months ago.

bobbyfaescotland

Thanks,

I know it's an easy process to do but I am more concerned about the UK tax implications after they changed the rules this year. As I read it I could be hit with a 55% tax bill from the UK

Kiwipaul

Yes the rules changed in Apr 2012 from 5 years to 10 years and so it depends on when exactly you transferred your pension. If you transferred before Apr 2007 you are ok, if after you will be caught in the new regs that the UK gov brought in.
So you might have to wait 10 years before you are free to do what you like with this pension.
I take it your new Company Super fund is NOT QROPS registered.
Do a search for this from the uk gov

QROPS guidance – April 2012

Fardell

I guess you are probably moving to a corporate fund, one perhaps managed by one of the major companies like BT, AMP etc., Many of these funds have QROPS experience in their retail or financial planning divisions and you may be able to get advice that way. Any transfer is likely to get reported so any advice should be in writing and clear.

Otherwise, I think you may need to pay for some professional advice if you are going to sleep soundly, or otherwise simply leave the funds wherever they are for another four years plus. As well intentioned as these forums are they are good for general rather than specific advice in these sorts of areas.