Andrew from Vista Financial

Hi There is one that I use for my clients/SMSF's and can be operated by individuals directly: https://moneymarket.com.au/ They are pretty good for Term Deposits but a bit limited for their At Call Accounts menu, also not too sure if it can be open whilst living overseas. Good luck.

Hi Yes looks like a recent change to the applicatiopn form however looking through it seems that rather than the individual telling HMRC what Class they are applying for instead after completing the form HMRC will tell you what Class you are elgible for (refer Section 6, page 3).

Hi, thanks for the comments, much appreciated

Thanks Marisa and totally agree definitely want to ensure you are settled in Australia before transferring a Pension. There can sometimes be certain circumstances where some action might be advisable for one reason or another before or shortly after arriving, this is not necessarily about transferring the Pension but more to do with accessing it within tax free windows.

Thank you very much for you comments and recommendation it ismuch appreciated

Hi If the SMSF vehicle the only option that the Adviser has suggested? There is a retail (QROPS) Super scheme in Australia that will accept UK Pension Transfers if you are not aware, we would never recommend a SMSF for a person looking to open and close pretty much straight away, complete waste of money!! Regards Andy

Hi The comparison you are looking to make is actually not an equal comparison. Concessional contributions are a way of investing money and as an added bonus to (potentially) gain a tax benefit. When contributing to Super the money can be invested into an array of assets including Direct Shares, ETF's, Managed Funds, Private Markets etc subject to the investment menu of your Superannuation Fund's Investment Platform. Now if you want to understand what is better when holding an investment (inside or outside of super) for the long term, this will come down to your individual tax rate. For most people when building up retirement monies Superannuuation is a better environment due to the lower tax rate applied to capital gains and income (10%-15%) as opposed to their marginal tax rate which is usually higher. Concessional Contributions (which are made up of employer superannuation guarantee payments, salary sacrifice and tax deductible contributions can be a very good way of building retirement wealth and at the same time significantly reducing one's tax liability. The annual cap for these type of contributions is currently $27,500. If you have unused concessional cap amounts from previous years, you may be able to carry them forward to increase your contribution caps in later years. You're eligible to do this if you: have a total super balance of less than $500,000 at 30 June of the previous financial year have unused concessional contributions cap amounts from up to 5 previous years (but not before 2018–19). The unused cap amounts you can carry forward depends on the amount you have contributed in previous years, starting from 2018–19. You can carry forward unused cap amounts from up to 5 previous financial years, including when you were not a member of a super fund. https://www.ato.gov.au/individuals-and-families/super-for-individuals-and-families/super/growing-and-keeping-track-of-your-super/caps-limits-and-tax-on-super-contributions/concessional-contributions-cap Also to note that the Government Co-Contribution is not paid on Concessional Contributions (pre-tax), it is paid on Non-Concessional Contributions (post-tax): https://www.ato.gov.au/individuals-and-families/super-for-individuals-and-families/super/growing-and-keeping-track-of-your-super/how-to-save-more-in-your-super/government-super-contributions/super-co-contribution Hope this helps. Andy

Hey Worma We are certainly in a position to Advise on this. I believe that Diane from the office has just booked you in to have an initial consult with me. Look forward to speaking then Andy

Hi Yes it would have been helpful if this Lady had provided a link to something specific in trying to evidence her point. As it stands and I have checked this with our technical department, our reading of the legislation is that the only requirements that need to be met in order to carry forward any unused concessional contribution cap are: there is an unused concessional contribution cap that has accrued since 1 July 2018; the individual had a total superannuation balance on the previous 30 June of less than $500,000 (this may be $0); and a concessional contribution cap is made in excess of the current ($27,500) concessional contribution cap. I am attending a professional development day at the end of November and this topic is actually going to be a part of a superanuation strategy presentation and I am told, that their view is that, a newly arrived person, or someone returning to Australia after a period of absence, should have access to the ability to carry forward their unused concessional contribution cap provided the three conditions mentioned above have been met.

Hi Jan Are you are a permanent or temporary resident................I assume permanent if you have completed the HMRC form to have tax paid gross as you would have noted that the same rules do not apply to temp residents?

So as the NHS Pension is a Defined Benefit Scheme the Pension Income is tested against the Income Test and the Assets Test does not apply. https://www.servicesaustralia.gov.au/income-streams?context=22526

Hi Neil Some comments which may assist. We have had no issues rolling QROPS to Non-QROPS Accounts for clients ever (no Non-QROPS Scheme have refused to accept the rollover), of course we have done this after the clients are clear of any unauthorised payment charge timeframe (5/10). We use Industry/Not Profit Funds regularly, although I cannot think off the top of my head whether we have recently done this with AustralianSuper however I am unsure why they have said that to you (do you have that in writing from them or was that information provided by a call centre rep?), it's simply superannuation monies being received and they are not being asked to undertake any HMRC reporting. In relation to transferring a UK Pension that has been crystallised, this is doable, typically the hurdles can be that once crystallised a subsequent transfer must be en bloc (in full) AND it must be transferred to a scheme that has no other money (although seems not to be an issue with the size of pot you describe). Would be advisable to check with the UK Scheme that they are happy to still allow a transfer to a QROPS if PCLS is taken (we have not experienced any issues to date). Other exit options are simply accessing the monies (regardless of the 5/10 year timeframe) when the relevant Australian retirement conditions of release are met via Transition to Retirement Pensions (albeit max 10% of balance each FY) or Account Based Pensions as these types of payments are not unauthorised. Regards Andy

I am not totally certain but think it may be to do with the UK money laundering changes which may also be connected to (some) Banks starting to give notice to Australian Residents about closing their Bank Accounts (I know Barclays are doing this currently).

I am currently dealing with a Pension Transfer to a QROPS Super for a client with an AJ Bell SIPP, he told me that they gave him notice to move it now that he is Australian Resident as they will not be able to support it for him (he recently put it into Drawdown). I know from experience of late that many UK Pension companies are not offering drawdown to Australian Residents also and only offering the ability to access it as a single lump sum (these have generally not been SIPP providers though).

Personally, I am not aware of any SIPP Trustees that are non-UK resident nor am I aware of any Aus Resident SIPP Trustees. In my opinion/experience a registered UK Pension/SIPP will be classified by the ATO as a foreign super fund (there may be in certain limited circumstances a situation where they are not, but I have not come across one in my 15 years practising).