jumbo

You may be interested in the response to my question to Vanguard below:

""Thank you for contacting Vanguard Investments. As per your email, there are not currently any qualifying recognised overseas pension schemes in Australia. The standards for compliance in Australia are different to the standards in the UK. As an Australian superannuation fund, we are interested only in complying to the Australian standards and do not have any intention at this stage of complying with the UK standards""

Alan Collett

Looks like they won't be picking up any pension transfer business from the UK then ... maybe their marketing people might like to be brought into the decision making process!

Best regards.

ianp

I suppose this means there is no way you can transfer your UK pension into a Australian self managed superfund after the 6th of April.


Ian

Alan Collett

I am awaiting a reply to that very question, which I raised with the technical pensions chap at the Revenue on Friday ...

Best regards.

marco121068

Thanks for the update Alan.

Is it still the case that funds from an Australian Super fund can't be transferred overseas if one makes the move back to the UK (or somewhere else!).

Alan Collett

If you moved to Australia as a permanent resident - yes, it is still the case. Departing temporary residents can access their super monies, but with a tax deduction.

Best regards.

ianp

Hi Alan,

I was wondering if you have had a answer from the revenue people yet ?

Cheers
Ian

thebears

Think I'll wait until 2010 then.



Like real

Alan Collett

Thanks for the prompt.

I managed to speak with the chap at HM Revenue a couple of weeks ago. In essence:

- it is not possible to apply for QROPS status before the start of the 2006/07 UK tax year.

- the form enabling funds to apply for QROPS status will be available from the UK Revenue website from 06/04/2006.

- this form (or a letter - presumably from the super fund trustees - providing the required information) will have to be sent by post it seems; electronic submission of information is not presently likely to be an option.

- I was quoted a turnaround time in relation to these applications of 15 days.

- I think it probable self managed super funds will be capable of receiving pension transfers from the UK, but I await sight of the form.

This issue is on my radar, so prompt me again if you don't read anything from me on this thread in the next month ...

Hope this helps.

ianp

Thanks for that.

Ian

Jif

thanks alan

jumbo

I learned today that Colonial are not accepting UK pensions from March 1. Together with Vanguard that makes two large players who will not accept the conditions required by Hmrevenue. They are the only ones I have contacted so far but its a bit ominous. Does anyone know of a super fund that is intending to comply?

Regards

Nicstids

I'm hoping that my transfer will go through before 6 April - my Aussie super fund is Asgard. I'm told by my financial adviser that they will be applying for QROPS status in any event.

Bix

If no Super funds bother to seek QROPS approval who will transfer their pension losing 40% in tax ?

Very few of course which is probably the HMRs desired affect.....the money stays in the UK.

Cynical ? In this one yes I am.

Stuff them though as mine got completed this week.

I am with AMP and their stance is that they have no plans to obtain QROPS status.

jumbo

Found that Macquarie have not yet made a decision on whether they can accept the UK conditions for pension transfers.