Solitary retail Super QROPS suspended by HMRC

[Gbye grey sky]

The only Super Retail Fund has been removed from the HMRC approved list this month - leaving only SMSF funds.  I imagine that HMRC would not do this without solid reasons.  Is there anyone on here who has transferred their UK personal pension to this fund and knows what is happening?  Any financial advisors with the inside track?  As this fund came into existence in November 2016 and, to date, has not been followed by anyone else, does this spell the end of any chance of transferring to a retail fund?  Are SMSF funds similarly at risk of being removed from the ROPS list?

[Andrew from Vista Financial]

Hello Ggs

It was deleted in August by HMRC, this was a surprise to AESF (Tidswell) however this was apparently for a review that HMRC wish to conduct, AESF have this to say:

 

"As you are aware the fund has a temporary removal from the ROPS list whilst HMRC undergo a standard review of the fund. The following is the latest from the trustee.

 ‘During the review it is the practice of HMRC to temporarily suspend the ability of UK Pensions Schemes to transfer funds to Australian qualifying schemes. At this stage, we have been advised by HMRC that the review will commence the week of 23 September 2018.’

 

Based on this, hopefully we will be back on the list shortly after 23^rd September 2018, and be able to re-commence receiving UK fund transfers into AESF.

 

 

This certainly does not spell the end and to my knowledge there are 3/4 other Super Funds going through the process of applying to be QROPS at the moment, one I understand is hoping to be up and running around November of this year.

 

This also should have no impact on SMSFs obtaining QROPS.

 

Cheers

 

Andy

 

Edited September 13, 2018 by Andrew from Vista Financial