UK PENSIONS CAN NOW NO LONGER BE TRANSFERRED TO oz!
Jul 1st 2015, 8:47 am
#1
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UK PENSIONS CAN NOW NO LONGER BE TRANSFERRED TO oz!
Breaking News: UK Pension Funds Can no longer be transferred to OZ!
It is now official - due to release clauses in OZ Super Funds (with one exception) HMRC have determined that OZ Super Funds can no longer accept UK Pension Transfers!
It is hoped and expected that an urgent fix can be done by the OZ Government in the very near term! Then Transfers can resume again!
If you need help on this all just let me know.
LIST OF CURRENT FUNDS:
https://www.gov.uk/government/public...list#australia
It is now official - due to release clauses in OZ Super Funds (with one exception) HMRC have determined that OZ Super Funds can no longer accept UK Pension Transfers!
It is hoped and expected that an urgent fix can be done by the OZ Government in the very near term! Then Transfers can resume again!
If you need help on this all just let me know.
LIST OF CURRENT FUNDS:
https://www.gov.uk/government/public...list#australia
Jul 2nd 2015, 12:44 am
#2
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Re: UK PENSIONS CAN NOW NO LONGER BE TRANSFERRED TO oz!
There is just one fund which is on the new QROPS list. It seems they are taking a big risk due to the conflicting UK & OZ Laws re Super Funds
Jul 2nd 2015, 1:17 am
#3
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Re: UK PENSIONS CAN NOW NO LONGER BE TRANSFERRED TO oz!
HMRC indicated to us that no OZ funds were recognised so this could be an error - we are checking today with both the fund and HMRC as to their actual status before using them. Being on the list does not mean they met HMRC requirements ! This is also part of their warning on the very top of their list !!! :-)
Jul 8th 2015, 2:03 am
#4
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Re: UK PENSIONS CAN NOW NO LONGER BE TRANSFERRED TO oz!
Warning - there are a number of Firms both in OZ and the UK that are promoting their services to resolve issues they have no control of especially in relation to SMSF so super funds can comply with HMRC rules etc..
In short if funds were received prior to 6th April 2015 then you are OK and do not need to do anything. If funds were received by your super fund between 6 th April and 30 June 2015 - there is nothing you can do and you may incur penalty taxes however HMRC are looking at providing tax relief if this is the case.
No super funds will accept funds from the 1st of july 2015.
So there is nothing anyone can do presently until the issue is resolved by the OZ Government - So be very wary on what you are being told currently!!
If you are unsure about your current situation then simply contact me :-)
In short if funds were received prior to 6th April 2015 then you are OK and do not need to do anything. If funds were received by your super fund between 6 th April and 30 June 2015 - there is nothing you can do and you may incur penalty taxes however HMRC are looking at providing tax relief if this is the case.
No super funds will accept funds from the 1st of july 2015.
So there is nothing anyone can do presently until the issue is resolved by the OZ Government - So be very wary on what you are being told currently!!
If you are unsure about your current situation then simply contact me :-)
Sep 25th 2015, 5:37 am
#5
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Re: UK PENSIONS CAN NOW NO LONGER BE TRANSFERRED TO oz!
Latest Update - 25 Sept 2015.
OZ Treasury have proposed a number of options to HMRC to allow transfers again but to date there has been no response from HMRC as to what is acceptable to them. Meetings on the subject are currently taking place in the UK and hopefully the UK will get a move along on all of this.
I would expect that once OZ gets the go ahead that it will take 6 weeks before we start to see things moving again.
Current under aged 55 options - None
Current Over 55 Options
HMRC have recently approved a Self Managed Super Fund to accept UK Transfers but only because the couple involved were aged over 55 years of age.
I would suggest this is an expensive option to undertake and comes with a 10 year reporting obligation back to HMRC.
This option should only be considered at this time only if HMRC makes transfers to OZ permanent.
I will provide updates as and when things become known.
OZ Treasury have proposed a number of options to HMRC to allow transfers again but to date there has been no response from HMRC as to what is acceptable to them. Meetings on the subject are currently taking place in the UK and hopefully the UK will get a move along on all of this.
I would expect that once OZ gets the go ahead that it will take 6 weeks before we start to see things moving again.
Current under aged 55 options - None
Current Over 55 Options
HMRC have recently approved a Self Managed Super Fund to accept UK Transfers but only because the couple involved were aged over 55 years of age.
I would suggest this is an expensive option to undertake and comes with a 10 year reporting obligation back to HMRC.
This option should only be considered at this time only if HMRC makes transfers to OZ permanent.
I will provide updates as and when things become known.
Oct 7th 2015, 1:21 am
#6
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Re: UK PENSIONS CAN NOW NO LONGER BE TRANSFERRED TO oz!
UPDATE 07 OCT 2015.
HMRC is currently finalising their response to solutions proposed by the OZ Govt. It is unknown what their response will be but their response is expected soon... So back to sitting and waiting on things.. :-)
HMRC is currently finalising their response to solutions proposed by the OZ Govt. It is unknown what their response will be but their response is expected soon... So back to sitting and waiting on things.. :-)
Last edited by john in oz; Oct 7th 2015 at 1:22 am. Reason: typo
Oct 20th 2015, 8:30 am
#7
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UK Pension Transfers - Some Movement Update
A response to proposed solutions by treasury has finally been received from HMRC and Treasury are likely to provide guidance to OZ Super funds in the coming week on their options to allow them to start receiving UK Funds.
It would appear to then be up to the Super funds to review and apply to HMRC for approval to receive UK Funds. This process normally takes 4 - 6 weeks to occur.
So some light at the end of the tunnel but still no guarantees on things until we see the options. :-)
It would appear to then be up to the Super funds to review and apply to HMRC for approval to receive UK Funds. This process normally takes 4 - 6 weeks to occur.
So some light at the end of the tunnel but still no guarantees on things until we see the options. :-)
