Wonderer Posted July 17, 2018 Share Posted July 17, 2018 Is there a time limit after which it is no longer necessary to have ex-UK pension pot in an QROPS fund? The fees I am being charged for the privilege seem very high. I grasp the SMSF administration requirements here in Oz. But in getting it QROPS approved are there any pitfalls, like unintended UK taxes, to be aware of? Thanks in advance. Quote Link to comment Share on other sites More sharing options...
Gbye grey sky Posted July 17, 2018 Share Posted July 17, 2018 1 hour ago, Wonderer said: Is there a time limit after which it is no longer necessary to have ex-UK pension pot in an QROPS fund? The fees I am being charged for the privilege seem very high. I grasp the SMSF administration requirements here in Oz. But in getting it QROPS approved are there any pitfalls, like unintended UK taxes, to be aware of? Thanks in advance. HMRC require that any transfer of a UK held personal pension is to a QROPS fund no matter how long you have lived abroad. Quote Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted July 17, 2018 Share Posted July 17, 2018 Hi Wonderer Is this for a pension that was transferred to a QROPS previously OR is this in relation to a future transfer please? Regards Andy Quote Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted July 17, 2018 Share Posted July 17, 2018 Actually just re-reading your post. It looks like a transfer that has already occurred. When did the transfer occur in that case? Quote Link to comment Share on other sites More sharing options...
Wonderer Posted July 17, 2018 Author Share Posted July 17, 2018 The transfer occurred in August 2014. I am wondering how long I have to remain under QROPS. Thanks. Quote Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted July 17, 2018 Share Posted July 17, 2018 Hi again So if it is a pre-April 2017 transfer then it would fall under the old rules. The old rules are based on an unauthorised member payment charge being levied on an unauthorised payment IF the member is a UK tax resident or has been a UK tax resident within the last five full UK tax years. Therefore it may well be (depending on your cessation of UK tax residency) that you would not be liable for such a charge. This being the case it is likely a QROPS would not be required if considering rolling out. I am able to provide personal advice that would cover this IF you wish. Hope this helps Kind regards Andy 1 Quote Link to comment Share on other sites More sharing options...
Wonderer Posted July 17, 2018 Author Share Posted July 17, 2018 Thanks Andy. I have a letter from HRMC dated 11/2014 advising that I owe them nothing. This was in response to me notifying them I was leaving the UK for sunnier climes. So come 11/2019 my 5 years will be up and I will then subject to the Oz rules and can exit my current QROPS provider. I have made a note to contact you closer to the time to get the personal advise you mention. Many thanks. 1 Quote Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted July 17, 2018 Share Posted July 17, 2018 No problem, look forward to talking to you at the time just to clarify though that it is 5 clear UK tax years so probably more like 5.5 years for you. ATB Andy Quote Link to comment Share on other sites More sharing options...
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