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Found 5 results

  1. Andrew from Vista Financial

    HMRC Overseas Pension List Re-released

    HMRC has re-released the Recognised Overseas Pension Scheme (ROPS) list released following the temporary suspension it put in place on 14 April. This follows the March UK budget where vast changes to the QROPS system were made and so required Scheme Managers of QROPS to essentially reconfirm in writing to HMRC that they remain QROPS by the 13 April. The new list is here: https://www.gov.uk/government/publications/list-of-qualifying-recognised-overseas-pension-schemes-qrops/list-of-recognised-overseas-pension-schemes-notifications#australia The sole Australian Retail Scheme has again appeared on the new list which as a reminder is exclusive to members age 55 and over. Regards Andy
  2. Andrew from Vista Financial

    Pensions - QROPS 55+ SMSF Advice and Service

    Now that HMRC have announced they will provide tax relief for those people that transferred pensions to Australia beyond 5 April 2015 unsuspectingly into Australian Super Funds that lost their QROPS status (http://www.pomsinoz.com/forum/money-finance/235043-important-uk-pension-transfers-post-6-april-15-a.html) this can finally be put to bed. Currently the only direct way of transferring UK pension to Australia is for those over age 55 and typically will need to be done via a Self-Managed Super Fund (SMSF). We were at the forefront of discussions with HMRC in this area and we established directly from them in the first instance that this avenue was a possibility for UK pension holders to bring their retirement funds to Australia. We have advised and assisted many new and existing clients arrange a compliant (QROPS) SMSF and transfer their UK pension funds to it. If you are over age 55 and are considering transferring your UK pension to Australia we will be happy to work with you and project manage the process. A SMSF does have to be right for you and so we will only work with people in this area if we believe it is, as part of this we believe that the minimum pension balance should be around $250,000 (£120,000). QROPS 55+ SMSF Advice and Service Our service process is as follows: Initial Consultation •This can be face to face or over the phone •We will get a grasp of your situation and help you understand the obligations of running a SMSF •There is no charge for this consult •If it is agreed this seems a viable option we can move to the advice stage Upfront Advice (Full written Statement of Advice provided) •Transferring a UK pension to Australia (inc tax implications) •Establishment of a SMSF •Type of Trustee Corporate/Individual •Fund investment strategy •Investment recommendations •How to maximise conversion of sterling to dollars Administration and Implementation •Establishment of an Australian SMSF (55+ members only) •Application to HMRC for QROPS status •For Corporate Trustees, establish and register company via ASIC •Registration of fund with ATO •Applying for Tax File Number (TFN) and Australian Business Number (ABN) •Opening of bank accounts for fund •Drafting of a private ruling to ATO in relation to assessing tax liability •Liaising with your current UK pension providers and facilitating the transfer into the SMSF •Managing partial and staged transfers over a number of financial years for balances that are more than the Australian contribution caps (if applicable) •Placing the investments in accordance with your investor profile (and recommendations) Please note that there is now the requirement to take UK FCA regulated financial advice from an Adviser qualified in advising on transferring out of Defined Benefit schemes if the value is over £30,000. This will be conducted by our UK partners who are appropriately qualified in this area and have a very high reputation in the industry.
  3. Andrew from Vista Financial

    IMPORTANT - UK Pension Transfers Post 6 April 15

    Good afternoon. In order for a person to transfer a UK pension to Australia and to avoid incurring up to a 55% tax charge a person must transfer their UK Pension to an Australian Super Fund that is QROPS registered (now known as ROPS -Recognised Overseas Pension Scheme). Effective 6 April 2015 a change in UK law (announced in the 2014 Budget and separate to the change in law detailed below) meant that persons with un-funded government pension schemes such as NHS and Teachers Pensions would no longer have the option to transfer these pensions after this date. Accordingly there was an influx of people looking to ensure they could secure their transfer prior to this date (to secure the transfer signed transfer paperwork had to be received by the UK Pension provider prior to 6 April 15) resulting in a much higher number of transfers taking place than usual. In addition to the legislation regarding the ban on transferring certain government pensions further legislation also came into effect on 6 April 2015 which effectively meant that all Australian ROPS funds would potentially be non-compliant. The new rules being that UK Pension monies should not be able to be accessed prior to age 55 (except under the UK ill health definition) which due to certain situations in Australia although rare whereby people are potentially able to access monies before age 55 (ie financial hardship) meant that Australia did not comply with the new requirements. Most (ROPS) Super Funds were not fully aware of the magnitude of these changes until they received a letter sent by HMRC dated 17 April and received around the beginning of May informing them that they had until the 17 June essentially to confirm compliance with the new requirements which in turn meant that they retain ROPS status. Following realisation by Super Funds that upon receipt of the letter they were potentially non-compliant many stopped receiving payments and in any event many UK pension providers on the advice of HMRC had stopped making payments at this time anyway. I posted this thread at the time. http://www.pomsinoz.com/forum/money-finance/233191-hmrc-direct-freeze-pension-transfers-progress-australian-qrops.html We are aware that some Superannuation Funds went about amending their Trust Deeds to reflect the UK changes so that they believe they still comply and others have done nothing and instead have lobbied the Australian Law Council and the Association of Superannuation Funds of Australia (ASFA) who are urgently looking to arrange a meeting with Treasury (who have already been in talks with HMRC) to discuss the best approach for the future. The potential issues are around transfers received by Australian Super Funds between 6 April and 17 June 2015. The real issue is whether these funds continued to have ROPS status at the time these funds were received and if indeed it is decided that these funds did not have ROPS status at this time whether these payments received will attract tax penalties. HMRC publish a list of ROPS schemes twice a month and they temporarily suspended the list on the 17 June: http://www.pomsinoz.com/forum/money-finance/234396-pensions-temporary-suspension-list-rops-notifications-qrops-list.html The new list is due out today and will hopefully list the Super Funds that have remained compliant although we will have to wait and see. It seems HMRC has advised the Treasury, that they may consider relief for transfers completed after 6 April (although at present only to 17 April, which was the date that the letter was sent to QROPS funds advising of the changes) however this has not yet been confirmed as far as I am aware. I believe if this is the case then in all fairness the relief should go through to when the letters were reasonably expected to be received in Australia not generated at the very least. HMRC advised the Treasury that it does not have any compliance or integrity concerns in regards to Australian funds. It claimed that the purpose of the new rules was to set a simple test of equivalence with the UK rules. At this stage of course it makes sense for anyone in the process of transferring to hold off pending clarity around how this will play out and for those that have had a hold placed on funds waiting to come over ie NHS Pensions a change of Australian Super Fund may be required if the original Australian Scheme no longer retains ROPS status. We will try to keep members abreast of all updates as they come through but as you can see a lot of information is unclear at this time and I think it best to wait for the facts before speculating on outcomes. We will be happy to receive PM's for members who are concerned about the above (our own clients will be receiving personalised contact). Kind regards Andy
  4. Hi, does anyone please know what happens to your super in the following scenario... I am from the UK but have become an Australian Citizen and have 10 years worth of Super contributions over here. If down the line we need to move back to the UK for whatever reasons, what happens to my Super? My belief is it will stay over here in Australia until retirement age when I can then access it. If this is true, can I then move it back to the uk once it has been accessed? Any help would be greatly appreciated. :smile: Thanks
  5. VISTA FINANCIAL SERVICES – EXPERT UK PENSION TRANSFER ADVICE Andrew Williams Andrew is a UK Expat who migrated to Australia in November 2007 and qualified as an Australian Financial Adviser and Mortgage Advisor in March 2008. Andrew opened Vista Financial Services in February 2009 and has since helped countless Expats transfer their UK Pensions, purchase their first Australian homes and arrange and implement their financial planning affairs. Andrew has been a member of Poms in Oz since May 2008 and has assisted many Poms in Oz members either directly as clients or just through his many helpful and informative threads and posts. Andrew has been in the Financial Services Industry for over 10 years and in the UK was a qualified Financial Adviser for Nat West. Prior to this he was a qualified Mortgage Adviser and Branch Manager for Alliance and Leicester. Click here for Andrew’s Profile. Vista Financial Services UK Pension Transfers and Australian Superannuation Whether or not you transfer your UK Pension(s) to Australia is a big decision. The Australian and UK Pension systems are very different so taking advice from someone that has a thorough understanding and knowledge of both is essential. Every situation is different and Vista’s advice will be tailored to your individual needs including advantages and disadvantages of transferring your pension(s), benefits that will be lost and gained for you personally and projections to help you understand where you money is best placed for your retirement. If a transfer is in your interests Vista will administer the whole process for you including the opening of an appropriate Superannuation Fund in Australia to receive your pension together with an individually tailored investment portfolio within your new Super fund that suits you and your Risk Profile. We have access to a very large range of providers and are not tied to or owned by any Banks or Financial Institutions therefore you can be rest assured we pick the right Super Fund for you. The investments that we can recommend for you within Super are vast and range between Term Deposits and Managed Funds to Exchange Traded Funds and Direct Shares. Vista will keep you updated every step of the way and is on hand throughout the whole process. Financial Advice Vista can also assist you with Investments, Superannuation and Risk Insurance (Life, Total and Permanent Disability, Trauma and Income Protection Insurance). Andrew can also assist in Wealth Creation and Retirement Planning advice and enjoys many long term relationships with clients who consult with Andrew annually to assist them in reaching their retirement goals and objectives. Poms in Oz and Vista Financial Services Exclusively for Poms in Oz members, you will receive a $50 gift voucher on successful completion of a Pension Transfer and we also provide a $50 gift voucher for referrals that proceed to completion. For more information Please visit our website www.vistafs.com.au or email Andrew at Andrew@vistafs.com.au alternatively contact Andrew on 08 8381 7177 Financial Planning Services are provided by Andrew Williams as an Authorised Representative (322874) of Professional Investment Services (Australian Financial Services Licence No: 234951, ABN 11 074 608 558). Mortgages and Home Loan services are provided by Andrew as a Credit Representative (of Australian Loan Company (ACL 377711) Vista Financial Services Pty Ltd, ABN 70 135 609 022.