MATT818 Posted May 10, 2017 Share Posted May 10, 2017 Hi Was wondering if anyone on here has transferred a uk company pension into there oz company pension? If so, how hard was it to do? Any advise would be much appreciated. Thanks Matt Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted May 10, 2017 Share Posted May 10, 2017 Hi Matt How old are you, who is your UK Pension with and who is your Super here with? Andy Link to comment Share on other sites More sharing options...
MATT818 Posted May 10, 2017 Author Share Posted May 10, 2017 30 minutes ago, Andrew from Vista Financial said: Hi Matt How old are you, who is your UK Pension with and who is your Super here with? Andy Hi Andy Im 50 this year. I have a few old company pension in the uk. They are with Royal London,Equitable Life, Friends Life, and Zurich. My my super here is with Sunsuper. Matt Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted May 11, 2017 Share Posted May 11, 2017 Thanks Matt So you have to be age 55 now before being able to transfer UK Pensions directly to Australia. Sunsuper currently is not able to accept UK Pension Transfers so a new Super Fund would have to be established that met HMRC criteria. You may however wish to review and potentially consolidate your UK Pensions in the meantime if they are under $300,000, this amount being the most that can be contributed to a superannuation scheme as a non-concessional contribution without breaching the caps from 1 July 2017 (using the bring forward rule). Regards Andy Link to comment Share on other sites More sharing options...
MATT818 Posted May 11, 2017 Author Share Posted May 11, 2017 Hi Andy Can you tell me which super's would accept a transfer from the uk? Maybe i will start a new super with one of these, so when im 55 i can do the transfer. Or would Sunsuper, by then accept a transfer! Thanks for the advise, and help. Regards Matt Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted May 15, 2017 Share Posted May 15, 2017 Hi Matt These Australian schemes are not open to anyone under age 55 which is why they can become QROPS. Not sure about the situation in five years' time it will depend on whether the UK change the rules for Australia (which I doubt) or Australia change some rules to fit with the UK (again doubtful). ATB Andy Link to comment Share on other sites More sharing options...
RandL Posted May 15, 2017 Share Posted May 15, 2017 Hi Andrew, would a transfer from Scottish widows to first state super be possible , transferee would be over 55? thanks randl Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted May 16, 2017 Share Posted May 16, 2017 Hello randl I do not believe that First State Super are a QROPS in which case no it would not. Really the only options at the moment for transfers to Australian Super Funds for over 55s are: A) Have a Self-Managed Super Fund opened and registered as a QROPS OR an existing Self-Managed Super Fund registered as a QROPS with a Trust Deed update; B) Become a member of the only retail (public offer) super fund on the ROPS list being the Tidswell Master Trust. Option A requires typically a high minimum balance to make it viable and also the desire to take on the responsibility of running (being responsible) for their own Superannuation Fund including staying abreast of Australian and UK regulations.....certainly not for everyone. Regards Andy Link to comment Share on other sites More sharing options...
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