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Moving British Pension into Qld Super - Advice Please!

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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
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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
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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
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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

Last edited by ianandhelena; Aug 30th 2017 at 4:27 am.
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Old Aug 30th 2017, 7:25 am
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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
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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
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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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Old Feb 1st 2018, 9:51 pm
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Default Re: Moving British Pension into Qld Super - Advice Please!

Following your post with interest. Hubby has a Private deferred benefit fund. Turns out to far more cash than we thought so decided to go after it as a lump sum. We have had to employ the services of a UK financial planner. She now tells us that under the Money Laundering Regulations, we may have problems getting our OWN money, and that she may not be able to continue adising us... WTF? We only want it transferred to our UK bank account. From there we can spend or send to Melbourne. We are trying to avoid paying 55p in the Pound for income tax too.
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Old Feb 2nd 2018, 12:37 pm
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Default Re: Moving British Pension into Qld Super - Advice Please!

It sounds like you wish to do what I am doing. In which case your financial advisor……..

I am in the process of cashing in a matured private deferred benefit pension. The Trivial Commutation lump sum will be transferred by the fund direct to a personally named Australian bank account.

In the UK 25% is tax free and 75% taxable. The fund supplies a P45 and you use that to lodge a P53 online to claim back against personal allowance.

I have been tax resident for more than 6 months in Australia so the gross lump sum amount is taxable against marginal rates.

Nothing has been paid into the fund or taken from it since becoming Australian tax resident. I am currently looking at Applicable Fund Earnings which I think applies in my case. That means tax only applies to the fund earnings since becoming tax resident but I have to get my head around the calculation.

Even if you have it paid into a UK bank account I think you are liable to tax in Australia as worldwide earnings. However in both countries the tax rate is at marginal levels.

Anyone else wish to confirm my understanding?
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Old Feb 3rd 2018, 10:23 pm
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Default Re: Moving British Pension into Qld Super - Advice Please!

Originally Posted by Bix View Post
In the UK 25% is tax free and 75% taxable. The fund supplies a P45 and you use that to lodge a P53 online to claim back against personal allowance.
I used the P53 and it worked. I should have used a R43. In fact, I did my research and reckoned it was R43, rang HMRC to confirm and was told to use an online P53 via MyGov account. That advice was wrong, which I subsequently found out when we submitted my wife's application.

As we are non-resident you need to download the R43 and post, no online or faxing. The notes contain the address and normal phone # to ring if any questions. Remember to attach parts 2 and 3 of the P45 you received from your pension company. We have been told 4 weeks after arrival for refund.
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Old Feb 4th 2018, 4:39 am
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Default Re: Moving British Pension into Qld Super - Advice Please!

I strongly recommend that anyone who is a tax resident of Australia and who is contemplating taking lump sums from a UK pension fund takes professional advice.

There are interactions of the UK-Australia Tax Treaty, UK income tax, and Australia's Applicable Fund Earnings computation to consider - which I suggest are not for the uninitiated or the faint heated.

If persons concerned would like a contact name and email address/phone number please ping a Private Message to me.

Best regards.
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