jldathome

Should have brought it over 20 years ago! Having spent 2 years consolidating, with the idea of local asset/ estate protection, simplification for my likely surviving spouse, and protection from the shrinking views of the UK Government, HMRC, banks etc post Brexit, no not really. To my mind it's only a matter of time before UK-non residents will be ousted from the financial system....eg Barclays closing non-UK residents' bank accounts.

Hi All I've had conflicting advice from two different accountants relating to the transfer of my UK pension into an Australian SMSF. Opinion 1 - I can transfer the value of my fund as at the date I became an Aussie resident as an NCC. As the fund was less than $330k at the time, I was led to believe that I could bring that over under the 3 year bring forward rule (ie 3 x$110k). I can then bring the remainder of the fund over but need to pay 15% on that balance. In essence, I thought I could bring over the entire fund over at once. Opinion 2 - The entire fund transfer process is limited by the NCC limits, so I'm now being told I can bring $330k over in this financial year, wait 3(maybe 4) years bring another $330k over, wait 3/4 years bring another lump over etc. If my Australian balance hits $1.7m then I can't bring in any more based on the balance cap. On this basis, it appears I can never get the entire fund relocated, or I'll be too old to be able to spend it.. Pretty unhappy with so-called expert advice. Can anyone confirm one option or the other or an alternate view please? TIA

@innervoice might be an idea to call them as my letter basically stated that if I had GBP funds sitting in my account at the point of closure, they would auto-convert to AUD without further notice. My account also still looks open, but I was warned that after 18th May it could close at any point thereafter. I'm guessing they'll stage the closures that said.

Thanks Andy - unfortunately, this does make sense based on that subtle technicality. I did actually have a Citibank Australia account until last week when it was closed on account of NAB buying their business! Thanks for the tip.

Thanks Andy - loose language on my part...the account is opened in the name of my Trustee.

Hi All Has anyone used TorFX (an FX transfer agent) to move GBP from their UK pension provider to an Australian bank account? My UK pension provider (Hargreaves Lansdown) has refused to release my funds to TorFX citing the fact that the money is going into an account called 'TorFX Pty Ltd' (with a reference to my funds account number with TorFX) rather than to an account directly in the name of my fund. TorFX assure me that they do this all the time. Hargreaves Lansdson warn me that HMRC could hit me with a 75% penalty on my fund! TorFX have re-issued their settlement instructions that note the name of my fund rather than the account number, but so far no progress from Hargreaves. Thanks in advance.