British Expats
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British Expats (https://britishexpats.com/forum/)
-   Australia (https://britishexpats.com/forum/australia-54/)
-   -   news just in re transferring uk pensions (https://britishexpats.com/forum/australia-54/news-just-re-transferring-uk-pensions-350906/)

GarethA Feb 15th 2006 12:40 pm
Re: news just in re transferring uk pensions
 
Just a thought...how about opening a super fund with an 'approved' Aussie Super provider just long enough to receive your UK benefits, then transfer the money over to your normal super fund and close it ?

I can't see any way at this stage of getting a pension company to do anyhting in the time limit - it takes weeks even to get a response, nevermind a cheque!

Gareth

NedKelly Feb 15th 2006 8:38 pm
Re: news just in re transferring uk pensions
 
Originally Posted by GarethA
Just a thought...how about opening a super fund with an 'approved' Aussie Super provider just long enough to receive your UK benefits, then transfer the money over to your normal super fund and close it ?

I can't see any way at this stage of getting a pension company to do anyhting in the time limit - it takes weeks even to get a response, nevermind a cheque!

Gareth
That won't work from the 5th April 2006 unless the Oz Super Fund is qualified and approved by HMRC. At this moment in time there are no qualified funds.

jumbo Feb 21st 2006 6:55 am
Re: news just in re transferring uk pensions
 
Originally Posted by JAJ
Either way, a reference to the ATO website would be helpful.




Jeremy
Its on the UK HMRC website

jumbo Feb 21st 2006 6:58 am
Re: news just in re transferring uk pensions
 
Originally Posted by Bix
I too am a bit sceptical.
Why would the ATO want to put people off bringing their pensions to Aus ?
Makes no sense at all.


BTW...is that you Rog ?
Its the UK government doing this. The receiving scheme has to report to UK on any excess increase so that it can be taxed by UK.

Regards

jumbo Feb 21st 2006 7:07 am
Re: news just in re transferring uk pensions
 
Originally Posted by NedKelly
That won't work from the 5th April 2006 unless the Oz Super Fund is qualified and approved by HMRC. At this moment in time there are no qualified funds.
My financial adviser says that Australian fund managers are unable to provide QROPS as they can’t apply until after April 6th.

This could mean big problems for anyone migrating to Oz in the next few months wishing to transfer their pensions.

Regards


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