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Found 19 results

  1. I will be moving my UK pension to Australia in June. I have an estimation that after accounting for the assessable growth, I have $150,000 that would be considered as non-contributional contribution. I am a sole trader. Can I claim $25,000 out of this contribution for tax deduction?
  2. I appreciate the need for detailed advice as to pension transfer arrangements. However, does anyone know if it would be possible to: (1) take 25% of an UK SIPP tax free in the UK before becoming tax-resident in Australia; (2) transfer the balance to an Australian QROPS/SMSF without crystallising a tax charge in the UK; and then (3) make further payments into the fund in Australia (getting whatever tax benefits are available for such payments from time to time in Australia). I am 55 but anticipate working for 10+ years still.
  3. Hi All, I work in a community advocacy role and lately I've had a few people pop up with some issues around QROPS / UK-Aus Pension Transfer issues. I know a little bit about it but I'm trying to find out more - particularly peoples' real-life experiences. What has been your experience in this space? Positive, negative, companies to avoid, positive companies, live issues, old issues... anything will help!
  4. Andrew from Vista Financial

    Obtain a UK Pension (Final Salary) Transfer Value

    I would encourage anyone with a private UK Defined Benefit Pension Scheme (sometimes referred to as a final salary pension) to obtain a transfer value. Values have been increasing steadily over the years and it is believed that they have now perhaps peaked. We are seeing values on average standing around 25x the current annual pension benefits. This means that if you have a UK pension and the current benefit gives you a yearly pension of £10,000 the transfer value could be £250,000. So if you are a deferred member of a Defined Benefit (final salary) UK Pension Scheme and live in Australia we strongly believe that you should be proactive in this area and we (Vista Financial Services) can request the relevant transfer values and information for you. We can then if required provide advice around whether these benefits are best placed where they are OR whether they are going to work better for you in retirement elsewhere we can then if appropriate carry out a transfer for you. Our solutions include being able to transfer to an Australian Super Fund (QROPS) where applicable which is a solution only open to people above age 55 currently (due to HMRC legislation). We are also able to provide advice on transferring into an International SIPP (perhaps as an interim measure if under age 55 until it can be transferred to an Australia Super Fund) where the money can be appropriately invested as advised by us into UK and Australian currency dominated investments (I will expand more on this solution in another post). Please note that government pensions such a NHS and Police Pension cannot be transferred neither can the UK State Pension.
  5. Has anyone recently (2016/2017/2018) successfully used an Australian Over 55yrs Q/ROPS Retail Superannuation Fund to transfer their UK Pension across to Australian Superannuation?? If So, Would you be happy to share your experiences so those that maybe interested (such as myself) could learn from them............... Are you perhaps familiar, or perhaps have had dealings with such an Australian Over 55yrs Q/ROPS Retail Superannuation Fund capable of transfering UK Pensions across to Australian Superannuation?? If So, Would you be happy to share your experiences so those that maybe interested (such as myself) could learn from them...............
  6. Gbye grey sky

    QROPS for over 55s

    Since HMRC changed the rules in 2015 the only way to transfer a UK private pension over to an Australian Super has been by means of a SMSF and you have to be over 55. I qualify on age but after extensive research would rather not have an SMSF. In October 2016 a single retail super provider set up a QROPS compliant Super Fund which I will not name on an open forum and I am very tempted to use them to transfer my pension as I am 57 now. For tax reasons alone it makes no sense to draw my pension from the UK either through an annuity or some drawdown arrangement. My major concern is trying to satisfy myself that this provider is 100% kosher and there is no risk that I could lose my pension. My hope is that this is tightly regulated to protect the pension holder but how would I know this? I guess I am a little suspicious that there is only the one provider that has been HMRC accredited since 2015 and none appear to have followed this lead throughout 2017. Looking to pool knowledge and experience with any other UK expats in their 50s and 60s holding UK private pensions faced with similar dilemma on what to do.
  7. 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
  8. Cerberus1

    UK Pension Transfers – Major changes again

    At the recent UK budget UK Pension Transfers to overseas destinations were again in the firing line. HMRC last made major changes in April 2015 and essentially because of these changes only people age 55 years and older can now transfer their private pensions to an Australian Superannuation Scheme with HMRC (Qualifying) Recognised Overseas Pension status (QROPS). From this time many UK expat Australian residents under age 55 have been exploring the option of transferring their UK Pensions to a QROPS scheme in a different country for example Malta or New Zealand however the announcement on budget night has essentially put stop to this being a viable option as HMRC announced a new 25% tax on transfers to overseas (QROPS) schemes with some exceptions. In addition to the new transfer tax being introduced there are a number of changes around how and when the pension money that has been transferred can be accessed and if withdrawals and or payments are made or taken from pension monies that have been transferred there may be tax charges/penalties levied by HMRC depending on how and when they are taken. Therefore the situation as things stand currently for UK Expats in Australia with regards to their UK Pensions is: Under age 55 There are no public offer schemes available in Australia with QROPS that can accept UK Pension Transfers in. Therefore if you do have a UK pension then leaving it in the UK until age 55 (currently) is typically your only option without being hit hard with UK taxes. However it may still be wise to consider reviewing your UK pension with an appropriate UK FCA regulated Adviser for some of the following reasons: • You have a defined benefit (aka final salary) scheme and wish to explore taking the lump sum offered and transferring it in a personal pension (currently transfer values are historically high for these type of schemes); • You wish to ensure that your money is invested in an appropriate risk profile you should ensure it is working as hard for you as it can within your desired risk level (you may be too aggressively invested or to cautiously invested for your situation). • You wish to be invested in a pension that allows you to invest in multiple currency options particularly Australian Dollars (currently sterling is weak against the Australian Dollar from a historical point of view however this may change going forward, if the change is in favour of sterling you may wish to have your monies converted to Australian Dollars at that point to then protect against future currency risk). Over age 55 It is possible to transfer a UK Pension to an Australian QROPS for someone who is over age 55. This is possible by way of arranging a Self-Managed Super Fund (SMSF) and having it made QROPS compliant or by using a public offer Super Fund which is a QROPS (which option suits will be based on numerous individual factors). A pension transfer to an Australian QROPS for someone that is resident in Australia is an exemption under the new 25% tax charge as follows: • Transfers to QROPS requested on or after 9 March 2017 will be taxed at a rate of 25% unless at least one of the following apply: o both the individual and the QROPS are in the same country after the transfer However note that if a person who does transfer to an Australian QROPS ceases being an Australian resident within 5 full UK tax years of the transfer being received then the tax charge can be levied. It may or may not be advisable to transfer a UK Pension to Australia as again it will depend on a number of individual factors) however financial advice is recommended to ensure A) it is advisable to move out of your current scheme and B) to navigate the complexities of a transfer (if of course a transfer is advisable) By Andrew Williams Financial Adviser (FPA Member AFP ®) Director - Vista Financial Services Authorised Representative No. 322874 Professional Investment Services Pty Ltd ABN 11 074 608 558 Australian Financial Services Licence No. 234951
  9. Our pension was decreed, by HMRC, as no longer QROPS. However we still need to report our annual pension. My question is which HMRC form do I have to use to report to them....as I am aware that we have to continue to tell them for 10 years.
  10. Andrew from Vista Financial

    UK Pensions/QROPS/OZ Superannuation - Table

    I have compiled a table below that outlines some prominent points for example taxation, retirement age and accessibility for Australian residents (excluding temporary) for the different types of UK Pensions versus QROPS (popular destinations for Australians) versus Australian Superannuation Schemes. For me from a tax, retirement planning and control perspective Australia will be the optimal destination to have your retirement monies if living in Australia for retirement. However clearly other factors need to be considered in terms of whether their are guaranteed benefits involved in a current scheme ie (final salary/defined benefit), contributions cap issues for transferring into Australia, wishing to access funds earlier than Australian retirement age permits and so on. In these cases then other destinations or leaving the original scheme as is could be the better outcome. *Autumn Statement in November proposed full flexible access for all QROPS, to match the flexibility of UK Pensions.
  11. bluetvrs1

    QROPS 5 year rule

    Had a look at forum posts and online to verify what I think the rules are but would like confirmation from anyone more knowledgeable! I moved my UK Super to Australia in 2006 (when I obtained PR) into a QROPS fund and am now thinking of consolidating into my Aussy-earned Super, non-QROPS fund. I believe that as more than 5 years has passed then my original UK Super is no longer under QROPS rules and I can move it into a non-QROPS with no (UK tax) penalty liability. Is that right? I have lived in Australia since 2005. I don't want to consolidate the other way i.e. Aussy earned Super into the QROPS fund.
  12. 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.
  13. Hi all, My wife paid into several pensions in the UK, which we have recently transferred to an Aussie QROPS. The age at which one can normally draw on an Australian super fund without any tax implications is 60, but my wife's date of birth (11/57) means that she reaches what the ATO refer to as her "age of preservation" this year, when she will be 55 (it is later for people born from 1960 onwards). Given her DoB, she is able to access her super from age 55 and will not have to pay any tax in Australia as long as the total withdrawn doesn't exceed 160K AUD before the age of 60. However, I know that super fund providers are legally bound to report withdrawals to HMRC for a period of 10 years following a QROPS transfer, and I'm aware of the possibility of HMRC charging tax on withdrawals from Aussie super funds if the money came from the UK. Moving forward a couple of months... my wife will reach her age of preservation and she will have tax-free access to her super as far as the ATO is concerned. If she were to start drawing on her super - which is comprised purely of funds that came over from the UK in 2012 - might she be liable for tax to HMRC? (BTW: I've already asked this question to HMRC. They said that can't comment on "an individual's circumstances"!) TIA Tarby
  14. Tarby777

    Pension transfer company

    Hi all, Has any heard anything good or bad concerning John Horvath of Gold Vision Financial Services t/a World Pension Transfers in WA? I'm thinking of using him for some QROPS pension transfers, but would sleep easier if I found out that he has some satisfied customers here... TIA Tarby
  15. Tarby777

    Cost of pension transfer

    Hi all, I'm looking to bring my existing UK pensions over to a QROPS-compliant Aussie superannuation scheme. The companies I've spoken to so far - such as PTD - charge a %age of the pot, which seems awfully unfair for folks like me who have been paying in for quite a while... surely the cost to them in bringing the money over for a given individual is linked more to the number of UK providers they have to deal with and any complexities they encounter rather than the size of the pot.... So... my question: do you know of a reputable outfit who will do the transfer for a fixed(ish) price? TIA Tarby
  16. Hello I would guess that this question has been asked before, but I haven't been able to find the relevant thread/s (I will admit, before I am castigated for being lazy, that I haven't had time to look very hard). Anyway, I have about 10 years worth of contributions in my NHS pension, which is now 'deferred', seeing as I left the UK 2 years ago. I know that funds transferred soon after arrival have reduced tax liabilities, but was unable to due to the short-term contract I was on when I first started, so I just left it there to deal with 'later'. Well, I figure now is 'later' enough for me to start trying to figure out what to do about the money I have tied up in the UK. It's not a massive amount, and I could leave it there, but I'm thinking that it might be more straightforward to bring it over here and put it into my current scheme. From what I've read so far, it sounds like getting my super over here without falling foul of taxation law could be a minefield for someone with my background in finance (i.e. as an accountant, I make a really good health professional!). But I realise that if I leave it in the UK, when it pays out, I'll have to pay a whole load of tax on it anyway, so it might be better for me to have the money all in one place (and not subject to any more exchange rate nastiness). Anyway, I need to find an accountant or similar to help me work out what to do, and how to avoid paying more tax on the money than I have to. Does anyone have any recommendations? I'm loathe to rely on the help of my super fund, because they have an obvious axe to grind, and I need someone with specialist knowledge in this area. The last thing I want is to end up losing most of my super in tax or other fees! Cheers all. Sarah
  17. We are emigrating at the end of November. We have been advised to transfer our personal pension schemes, currently in SIPPS, to a QRops scheme in Australia. We were advised to consolidate our pension funds into a UK pension with a currency exchange facility prior to transferring to Australia. Can someone who has done this advise us and suggest funds that have this facility? Help please we do not wish to pay large amounts for people to complete forms on our behalf or to take a percentage for the rest of our lives - particularly with the exchange rate as it is. Many thanks Julian
  18. Hi All As I understand it:- (a) In the UK - you make contributions tax free, but pay tax on your pension; (b) In Oz - you pay tax on your contributions (ie, not tax free), but get your pension draw down tax free. About to head for Brissy in the next week and I'm told by 'financial advisers' that if you transfer your personal pension to Australia you must transfer it into a QROPS scheme within 6 months of taking residence in Oz. If you do that and retain it in the QROPS for 5 years, you will pay no tax on the transfer. The implication from the above (a) and (b) (if that's right) is that you never pay any tax on your UK tax fund ie. you accumulate it tax free and then draw retirement income form it tax free. Would be delighted if that's right, but sounds too good to be true.............so assuming I've m,ssed something, can anyone fill in the missing 'tax bombshell'. Cheers Stu
  19. Guest

    QROPS! Help

    Dear all Be very grateful if someone could provide some clarity on this issue. With a fair wind my wife & myself will be heading out to Melbourne by the end of this year but I am a bit confused by the changes to the UK tax/pension law regarding the transfer of private pension funds to Oz after the 6th April this year. My understanding to this point is that unless you transfer your company/private pension to an Australian pension fund that is recognised by HM Revenue as a Qualifying Recognised Overseas Pension Scheme (QROPS) then you are subject to 40% tax on the lump sum plus penalties. I am also told that there are currently no Oz superannuation funds that have applied at the moment to become recognised. Oh dear. Have I picked this up correctly or does anyone one out there know more. Much appreciated Mike :?