jumbo

I have just transferred my Standard Life UK personal pension to my smsf. I have to say that the process was very simple, easy and straightforward especially compared to the pension transfers I made last year that needed numerous forms and paperwork. It has now become almost too easy since the new QROPS system was introduced from April.

The only form to sign was an Inland Revenue one because it was a protected rights scheme. The rest was done by phone with a couple of calls with verification etc. and an email copy of my QROPS approval. They even took the Australian bank account details for transfer over the phone.

So I would recommend that anyone, having decided that pension transfer is right for them - which would almost certainly be the case for a personal pension, to do it themselves. There is no need to pay the excessive unjustified commissions charged by some pension transfer companies. And the process really has been simplified enormously. But you do need QROPS approval first which in itself is a simple declaration of future compliance.

Regards

Saint Andy

Hi Jumbo, Can I ask how long the whole pension transfer process took. My understanding is that we have 6 months from entering Oz to make the transfer otherwise the Tax man takes a huge cut should we do it at a later date. We have about 6 weeks before our 6 months is up and don't want to get caught out if it takes too long.

Cheers, Andy

MartinLuther

The tax man only takes a small cut really (up until a couple of years ago they took a huge cut). If you take longer than 6 months he takes 15% of the increase in value (less expenses). This is fairly much the same tax that would have been taken if you had transferred it on day 1 and kept it invested in income generating assets. (It would be a different story if it was shares but let's not complicate things.)

seaangel

Do you have any names of pension companies in Australia who have got QROPS status? I have a personal pension with Prudential that I am wanting for transfer to but am having difficulty finding a QROPS company in Oz.

Thanks for any info.

jumbo

It took a few weeks overall but that included sending out the Inland Revenue form and returning etc. I think this accounted for most of the delay which would not be expected for a straight personal pension. I had delayed the transfer beyond the 6 month limit to collect the demutualisation bonus.

Regards

ianandhelena

i know that REST do.

ianandhelena

does the 6 month rule only apply once you get PR-i'm here on a 457 at the moment, waiting for a PR visa?

luvit

Hi

Not connected to thread just noticed your Avatar "latics" . We are from the Owdham area too. (Lees)

ianandhelena

I'm from Stalybridge, been watching the boys since 1972 right up to leaving-looking forward to seeing a game this Oct when we make a visit back to the land of warm beer.

luvit

I am originally from Glossop, hubby from Oldham, he has spent many a cold day on those terraces - gave up, in frustration, in the end. Then we moved to warmer climates. Don't envy you the trip back - we have become extremely settled and have no desire to visit (seen enough of it).

ianandhelena

we used to live in charles street in glossop, went drinking in the traveller's call.

luvit

Its a small world, sorry we took over the thread abit

MartinLuther

Hello.

I'm not sure on this one as I arrived on a PR.