Worma

On 28/11/2023 at 12:34, Marisawright said:

@Worma, it's a minefield and I would just stick with the professional advice you get from Andy.  Get it wrong and it can cost you a fortune in tax!

One issue to be aware of is that right now, there is only one fund in Australia that is QROPS approved. It's a private firm and a very new player -- how do you know they'll do a good job or that they're secure?  Super funds aren't covered by the bank guarantee scheme.  I expect Alan will know more about the company behind the fund, who may well have a longer track record.  Good luck with it.

Thanks very much for your reply.

Yes, I'm just realising that it is indeed a minefield, let's see what Andy says...

Thanks Andy.

Hi Folks

I am thinking of starting the process of placing my UK private pension(s) in to a SIPP and then transferring in to a QROPS fund here in AU. I am 58 years old and an AU citizen with no plans of returning to the UK.

Does anyone have any experience in this process?

Will it be the most tax efficient process in that is this the most favourable way to go or would it be just as well to take the hit from the UK tax men (UK & AU) and just close the schemes down and send the funds here?

If this is the way to go can anyone recommend or know of any decent SIPP providers in the UK?

Thanks for the reply.

I was hoping you weren't going to say that but did figure that would be the answer. Greedy burgers.

Hi

I can claim a UK forces pension in 2 years time. Does anyone know if the ATO will tax me on it?