Haley & Craig

Because of UK revenue rules you have to transfer your pension to a QROPS fund. Obviously this limits the choice. What about initially finding a QROPS fund with no entry or exit fees and transferring your money there (only to satisfy the UK Revenue bods) and then after a very short space of time transfer again to the actual super you want ?? has anyone done this? how would the bods at the revenue know?

any advice greatly appreciated

Craig

Alan Collett

I think you'll find the trustees of the Australian QROPS sign an undertaking to advise the UK Revenue of any payments made within 5 complete tax years of the ex-UK resident individual departing the UK ...

Best regards.

Haley & Craig

Bugger....!

thanks Alan.

markcrook

We have just started looking into how and where to transfer our pensions to, we both have nhs pensions from the UK but are not sure which Qrops scheme to choose here.

Any advice would be appreciated

Willij

Just about to post the same question.

Anybody already transferred to a Qrops approved fund and how did they select it ?

parsonsjonny

Hi,

I contacted NHS pensions who advised that on commencing your new post in Oz, your employer should contact NHS Pensions and they will then arrange a straight forward transfer. The guy I have spoken to says its pretty quick and easy process, however I have not tried it in practice yet, this is just what I've heard. Call them on 01523 774774 for more info.

Could do with advice on state pension transfer/contributions if anyone can help? Is it easy to transfer to the equivilent over in Oz?

Jonny

SweetGirl

hi can anyone tell me where to transfer a private pension to as i am not very sure as to how and when? Do we transfer when we leave or do it later??any help would be great!!!

Plug

I have two company pensions back in the UK, along with 22 years contribution to the state pension. I have read that it's better to leave final salary pensions in place but I would like to transfer the remaining company pension to my QROPS pension here in Oz. Any advice would be appreciated and also what is the possibility of getting hold of state pension contributions, not sure if this is possible until retirement??

Alan Collett

Can I encourage all of those contemplating the decision as to whether or not their pension benefits are to be transferred to Australia to please take some professional advice - which (shock!) you may have to pay for.

This is a complicated financial area and it is not for the faint hearted.

I would recommend taking advice as to:

1. Whether your pension fund/s should be transferred (including a consideration of the tax issues), and if so

2. Where your monies might be invested once they have arrived in Australia (the need for the receiving Australian super fund to be a QROPS applies here).

You might then want to prepare the paperwork to give effect to the transfer yourself, as it tends to not be too burdensome.

There are several firms who can provide the above advice; if anyone wants details of the firm I am happy to recommend please send me a PM or an email.

Best regards.

Keebs

Hi just wonder whether anyone has successfully transfered out their NHS pension yet to QROPS fund recently?
Cheers Keebs

OzTennis

Sorry OP'er, I've got a few quick questions about transferring a pension rather than transferring a pension fund which you are referring to. Hopefully someone can answer a few quick queries which relate to my circumstances sometime in the future.

At some point I will be drawing an occupational pension in the UK but will move back to Australia (from whence I came!). What are the things which have to be done to ensure this? I'm thinking:

1 My previous employer will have to be informed - it will have been set up so that the pension will be automatically paid into a UK bank account. Can the employer in theory pay it direct to an Australian bank account instead or will I have to use an HIFX/OzForex to receive my pension first and then transfer it?

2 Obviously I won't want HM Revenue & Customs to tax my pension in the UK if I'm in Australia but to exempt me from this so they will have to be notified. Presumably there is some IR form which covers this so tax isn't deducted in the UK?

3 ATO will of course have to be informed and I also presume that I will have to notify them of my source of income from O/S. The problem I see is that due to exchange rate fluctuations, my pension and hence my tax liability is going to vary from month to month.

Any advice/suggestions from those who are already drawing a UK occupational pension in Australia gratefully received!

Oh, lump sum! When drawn it is non-taxable in the UK; if transferred in savings to Australia is this of no concern to ATO?

OzTennis