Wonderer

Thanks Andy. I have a letter from HRMC dated 11/2014 advising that I owe them nothing. This was in response to me notifying them I was leaving the UK for sunnier climes. So come 11/2019 my 5 years will be up and I will then subject to the Oz rules and can exit my current QROPS provider. I have made a note to contact you closer to the time to get the personal advise you mention. Many thanks.

The transfer occurred in August 2014. I am wondering how long I have to remain under QROPS. Thanks.

Is there a time limit after which it is no longer necessary to have ex-UK pension pot in an QROPS fund? The fees I am being charged for the privilege seem very high. I grasp the SMSF administration requirements here in Oz. But in getting it QROPS approved are there any pitfalls, like unintended UK taxes, to be aware of? Thanks in advance.

Thanks Andy, that is a relief. I will now hold my breath...

PS I turn 60 in June and will start drawing a pension.

I transferred my UK pensions in 2014 and now have a balance over $500k with my lifetime allowance, sadly, well below $1.6 million. I have two questions which I would like views on please. (i) Is the full amount in excess of $500k now taxable or is it just the income that will be derived from this amount? After all NCC is deemed to be made from after-tax contributions so it seems that the same amount will be taxed twice; and (ii) what will HMRC's position be on this "forced" withdrawel? Thanks in advance. Ian

Hi Andy Thanks for the response. Answers below: Where do you currently live? UK at the moment but looking at emigrating late 2014 / early 2015; Are you looking to withdraw these funds anytime soon i.e are you about to reach retirement age? I am hoping to retire formally in Sept/Oct when my current employment ends; When you refer to Agent do you mean Financial Planner/Advisor? Yes; What does 3% of your funds look like in dollar terms? A lot....about AU$25,000; How many Pensions do you have? Two - both are defined contribution schemes with no extra guarantees about annuity rates or anything else for that matter; Does this include advice on the implications of transferring out of your current pensions? Yes but as I do not have a final salary scheme I believe my situation is relatively simple; Does this include advice on, once the pensions arrive, how the money should be invested and recommendations for the funds to be invested into and placed? Yes. Thanks Wonderer

Hi Does anyone have experience of moving UK pension pots (...sadly not defined benefits) to Oz without using agents? I have been quoted 3% of the total sum, before taking out the 25% tax-free lump-sum, to arrange for (1) the consolidation of all my pension pots into a UK SIPP, (2) getting a QROPS-approved fund ready to receive the money and (3) arranging the transfer. This includes the agent dealing with the Pension Funds in the UK and besides filling out various forms I do "not have to do anything". I just want to check if the DIY approach is feasible and the level of hassle involved.