QROPS Pensions
 

Hi
Has anyone got a list of Superanuation companies that have QROPS status.
or has no company got it yet.
cheers

Re: QROPS Pensions
 

I've not seen one posted on here yet mate.

Actually there was one but it was a Self Managed Fund - Jumbo I think.

Re: QROPS Pensions
 

Hi Bix,
yes i saw that one, but did not know what company it was..
There must be some info somewhere.!!

Re: QROPS Pensions
 

There's no Super company involved with the self managed funds.

Where we may have Sunsuper, AMP or whatever, his is effectively "Jumbos".

I scanted through the HMCM FAQs the other day and seem to remember reading they had no plans to publish a list of approved funds so it's a matter of keeping the ear to the ground I guess.

Re: QROPS Pensions
 

[
Have spoken to a guy at I Rev re Pensions he is dealing with QROPS - they have given status to bout 10 companies and have about 10 more going through in the pipeline.

I have suggested to him twice that they publish a list on the IR website - but some jobsworth at higher level decided against this,

But if you email him with some companies he will confirm whether or not they have the status - To which I replied I would email a list of all Aus pension companies and he said - no thank you does not have the time - jus one or two please. - SO publish a blooody list then!!!!!!!!! - Is it me is is that just too sensible!.

anyway email is [email protected]

I will be emailing him at some point - but have a few months before need to transfer - so if anyone gets around to this before me keep us updated.

Hope this helps
x

Re: QROPS Pensions
 

I will try and call the IR also and see if a list can not be obtained..
your right a list would just be too easy.
cheers

Re: QROPS Pensions
 

Do you actually think they want to help you move your pension fund away Gordon's sweaty palms?

Re: QROPS Pensions
 

Suppose not LOL, but it need to be done, and yu only realy have 6 months when you get there to get it transfered. Unless that has changed too.
even worse my contracted out pension is 2 years behind cause the IR have not processed it yet. :scared:

Re: QROPS Pensions
 

Zero, after the 6 months you can still transfer but it is then taxable in Australia (15% I think)

However it's only on the growth element so if you are a few months over the 6 it probably wouldn't amount to much anyway.

I transferred after being here 18 months and paid no tax. The final salary scheme I was in had grown zilch in that time. In comparison my Aus Super made 15.4% and that is in one of the low risk categories.

One can never predict these things acurately but when they say never move a final salary scheme because it's guaranteed I would question that.

Re: QROPS Pensions
 

have just emailed that guy for a list of australian pension companies that have QROPS status. hopefully if more of us email him he may get soooo peeeed off with replying that he will have to publish a list. come on guys email him now!! selina

Re: QROPS Pensions
 

Could you imagine his inbox tomorrow..LOL :D

Re: QROPS Pensions
 

Hiya
My pension is one of the things I have thought about but not really got round to planning anything about it yet. To get me started - What is QROPS status please?

Re: QROPS Pensions
 

this is the reply i got from that guy

I am not allowed to give out the information you are requesting. However, if
there are a couple of specific pension schemes or pensions companies that
you have in mind, I will be able to tell you whether the scheme(s) in
question have 'QROPS' status.

yeh cheers thanks for nothing. i have just emailed him to ask why he is not allowed to give a list and who exactly is allowed.

Re: QROPS Pensions
 

Do you have to email him with a specific company name so he can say yes or no then? FFS I thought Little Britain 'computer says no' was fictional!!
Dear Sir
Could you please inform me if any of the following companies have QROPS status ; ABP Investments * AIMA * Alpha Investment Management * AMP Capital Investors * Antipodean Capital Management * ASIC * Austock Alternative Investment * Austock Securities * Axiss Australia * BBY Limited * * Bennelong Group * BNP Paribus * BT Financial Group * Catholic Superannuation Fund * CSS/PSS * Citigroup Global Markets * Deutsche Bank * Dragon Capital * Ellerston Capital * Empyreal Investments Pty Ltd * Everest Capital Ltd * Fairfield Greenwich Group

Fidentia Capital Partners * GLL Investors, Inc. * Goldman Sachs Asset *

Gottex Funds Management * Hardel Capital * Hayberry Investments * Henry Davis York * HFA Research * HSBC * Interfinancial Ltd * Investor Select Advisors * K1 Global * Lava Trading * Lonsec * Macquarie Funds Management * Macquarie International Capital Advisors Pty Ltd * Mathews Capital Partners * Mechelle Securities Pty Ltd * Mellon Global Investments * Mercer Investment Consulting * MLR Capital * Management * Myer Family Office * Oria Capital Limited * Parly Company * Pentium Quantitative Fund * QIC * RAB Capital * Reserve Bank of Australia * Saltbush Absolute Return Fund * Saltbush Amalg Fund * Select Asset Management * Sequoia Capital Management * SG Asset Management (Australia) Pty Ltd * Statestreet * St. Helens Capital Pty Ltd * Suncorp Investment Management * Tactical Global Management Ltd * Tappenden Holdings * Tozai Investment Advisory

Tricom Equities Limited * Turnstone Asset Management * Victorian Funds Management Corporation * Watson Wyatt * Westpac Institutional Bank * X L Group * 36 South Investment Managers *

Re: QROPS Pensions
 

How about we all pick 3 in turn from the list?

Re: QROPS Pensions
 

how about we all email him the whole f*^$ing list! selina

Re: QROPS Pensions
 

So that we can get a reply! :p

Re: QROPS Pensions
 

I would email the officious twat and tell him that if he doesn't give you the information you will make an application for the information under the Freedom of Information Act. This will cause him a lot more grief than just emailing you a few names. You could apply for more detailed info like , how many companies have been refused, and why, what is the average time the department takes to give approval. Under the Freedom of Information Act you could ask him some questions which would see him filling in forms for the next three years.

I am lucky in that I managed to get all my pension over within a few days of the gate coming down. As you have to pay personal tax on any overseas pension growth it made absolute sense to get my pot over here and out of the UK govenments control. The way they are f**king up pensions for everyone in the UK I did not consider it safe. Grubby Gordon has already introduced a compensation levy (a tax by any other name) on pension funds to pay for failed final salary schemes and wants to tax the lump sum whereas at the moment it is tax free. He is also planning to reduce the State Second Pension that all those NI payers have been contirbuting to.

Don't take my word for it, go and see a financial advisor who will charge you lots of money but is licensed to give you advice.

Re: QROPS Pensions
 

I mailed Ray Evans John_w's whole list.. he sent a reply saying they have no time to search through all these, send 3 and he would check.. i have sent 3 and still no reply as of yet, will post if i get a reply.. :zzz:

Re: QROPS Pensions
 

Wot does QROPS stand for :confused:

Re: QROPS Pensions
 

qualifying recognised overseas pension scheme.

Re: QROPS Pensions
 

I rang him the other day and got the same run around ,had to send him a couple of names only,this is the email I got back:
For the companies you have listed, the situation is as set out below.

MLC - They have submitted an application in respect of their 'Universal
Super Scheme'. We are in correspondence with them, but the scheme has not
yet been accepted as a 'QROPS'.

AMP- They have submitted two applications. One is for their 'SuperLeader'
scheme. We are in correspondence with them, but the scheme has not yet been
accepted as a 'QROPS'. The other is for their 'AMP Superannuation Savings
Trust'. The application was accepted this very morning, and the letter
emailed to their office at 33 Alfred Street, Circular Quay,New South Wales
2000, Australia.

Re: QROPS Pensions
 

I am also looking for a qrops scheme.
I know that Macquarie, Colonial and Vanguard have no intention of getting QROPS for any of their products. Has anyone found any acceped yet?

Regards

Re: QROPS Pensions
 

i had an email from ray evans today in which he told me that REST have QROPS status, which is good cos that's who we are going with!

Re: QROPS Pensions
 

I went to a Colonial pensions seminar at Joondalup Resort back in November and the guy said theirs was one of only 2 schemes that were acceptable???

Re: QROPS Pensions
 

That's impressive, given that QROPS status has only been possible since 6 April 2006!

Best regards.

Re: QROPS Pensions
 

Saw an ad in the paper for www.pentran.com.au who deal with transfers, and may be able to give some info on QROPS approved schemes

Re: QROPS Pensions
 

bump

Re: QROPS Pensions
 

Anyone had any more info on approved schemes?

Maybe a pinned thread can be created with the list by one of the nice mods. :rolleyes:

Re: QROPS Pensions
 

I can confirm that AMP have QROPS shemes and am persuing it at present.

Anyone know of any other companies that are accredited?

Re: QROPS Pensions
 

I got a really helpful reply from AMP which people may find useful (I haven't included the guys contact details - PM me if you need them) :

You had contacted AMP for some information about transferring a UK pension fund to an Australian superannuation fund.

I can confirm that AMP is a Qualifying Recognised Overseas Pension Scheme (QROPS) and able to accept transfers from UK pension funds provided that these conditions are met:

· Permanent departure from the UK with no intention of returning to work or retire
· Employment or self-employment in Australia
· Australian residency for tax purposes
· No part of the UK benefit has commenced in paying a pension
· Payment directly from the UK scheme to an APRA approved Australian superannuation fund which is a Qualifying Recognised Overseas Pension Scheme (QROPS)

For a transfer to proceed you would need to have an AMP plan in force, if you don't already have an AMP plan, you can either start one yourself, through a Financial Planner or with the AMP Customer Communications Centre. Information on AMP superannuation plans is available at the AMP website at www.amp.com.au, or if you like I can have someone contact you about AMP plans. Depending on how the plan set up would determine the level of fees on the plan, generally if set up with a Financial Planner the contribution fees could range up to 4.5% or if you set the plan up yourself there would be no contribution fees. The only other fees are small bank charges of either $15- to convert a UK pounds sterling cheque to Australian dollars or $8- for a telegraphic transfer to our AMP bank account.

There may be tax payable in Australia on part of the transferred benefit – the growth component or assessable amount, which is the amount of the benefit that has accumulated in your UK fund between the date of your Australian residency and the date of the benefit transfer. There is no tax payable on the growth component if the transfer takes place within 6 months of you becoming an Australian resident for taxation purposes.

If you wish to proceed with a transfer, you would just need to let me know the name and address of the UK pension fund and give an indication of what type of AMP plan the transfer is to be to. I could then email or post you a letter with forms to request the transfer and I would send the request to the UK fund and let you know when the UK fund responds and proceeds with the transfer.


I can't use AMP because I am not currently employed. Also AMP didn't match up to the performance / fees charged compared to some of the large Industry Super funds. I chose MTAA for my husband (you don't need to be in the Motor Trade Industry, he's an IT consultant), after doing tons and tons of research. I will eventually choose one of the other big Industry super funds for myself. I've also contacted MTAA and Virgin and both are in the process of applying for QROPS status, so I'm assuming there's loads out there doing the same thing. Won't be too long before we should have some choice available.


Netta

Re: QROPS Pensions
 

Hi Netta

AMP are incorrect when they say you should be employed or self-employed. This used to be the case before April (a UK HMRC requirement but no longer)

Re: QROPS Pensions
 

They are also incorrect about having to have left the UK etc. This is another of the "simplifications" of the new UK pension regime.

Regards

Re: QROPS Pensions
 

I wondered about that. I thought it was strange that some could impose it and others not. I will respond (diplomatically!) to the guy who wrote to me and see what he says.

Thanks for your comments though.

Re: QROPS Pensions
 

You must be an accountant or financial advisor!! (or maybe you've trawled through the UK IR website with a fine toothcomb).

I'll pose this to him as well.....

Thanks

Netta

Re: QROPS Pensions
 

You're right about the AMP fees! We just had aquote from as well, it's in the bin.

Re: QROPS Pensions
 

Have a look at some of the Industry funds. You will be pleasantly surprised. Their performance compares quite favorably as well. I read through about 10 different product disclosure statements (all available online) for different super funds. I also took into account life insurance costs which can vary as well.

MTAA has come tops consistently. I chose the 'balanced' option for my hubbie. I tried NOT to base performance figures on just the last couple of years. The australian stock market has performed so well that I felt this could be non-representative for the future. I'm trying to dig out the product I used to compare the funds. If I find it I'll post it here.

Netta

Re: QROPS Pensions
 

Thanks.

All we want to do is to convert from a UK SIPP to an Aussie SMSF and leave the funds where they are in the UK. Financial advisers are clueless. My OH makes all the investments.

Re: QROPS Pensions
 

That is exactly what I have done. But be warned it took a lot of hard work because it was breaking new ground and needed educating people both in the UK and Australia that it could be done and finally getting them to do it.

Regards

Re: QROPS Pensions
 

Its a bit concerning to read so many inconsistencys in AMP... you think they know what the score is and then realise that we probably know more than they do!! (not that we do.lol)