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Andrew from Vista Financial

New 55+ Retail QROPS Super (soon) - UK Pension Transfers

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Hello

Just an update about a new Retail Super Fund hoping to have QROPS status by mid February.

I cannot give specifics at this time but the company are a well established Australian Superannuation company (they have a UK parent company) and they have their new 55+ Super Fund application currently with APRA, once this is signed off they will apply to HMRC for a QROPS certificate (they have already had HMRC look at the Deed and HMRC seem happy with it).

So whilst the only current avenue for a QROPS transfer is again the SMSF path for those in the midst of looking at transferring it may pay to hold fire.

Regards

Andy 


Financial Adviser (FPA Member AFP ®) Specialising in UK Expat Advice and Pension Transfers / AR-322874 /AFSL-234951

SMSF Accredited Adviser / UK SIPP Authorised Adviser 

Director  - Vista Financial Services – www.vistafs.com.au 08 8381 7177

 

Please note that my advice is general advice only and professional financial advice should be sought for your own personal situation.

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Hello Andrew,

I currently work for the NHS and are moving back to Australia in the very near future.

Is it correct that I will not be able to transfer my pension to Australia ? And what would I do or how do I get my UK state pension when living in Australia?

Many thanks.

 

 

 

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Hello

Sorry for the delay, it's my first day in the office back the since Christmas break.

You are right in saying that you will not be able to conduct a pension transfer with your NHS pension to an Australian Super Fund (this is a UK rule).

Regards your UK State Pension you will be able to make a claim for your benefits at your relevant State Pension Age and it can be paid to either a UK or Australian bank account (note also that if you do not have full entitlements you may be able to buy additional years along the way (before claim)).

Hope this helps, Andy


Financial Adviser (FPA Member AFP ®) Specialising in UK Expat Advice and Pension Transfers / AR-322874 /AFSL-234951

SMSF Accredited Adviser / UK SIPP Authorised Adviser 

Director  - Vista Financial Services – www.vistafs.com.au 08 8381 7177

 

Please note that my advice is general advice only and professional financial advice should be sought for your own personal situation.

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Hello Andrew

Is there any update on this fund?

I am aware that Tidswell remains suspended from accepting transfers since HMRC pulled the curtain down on it last August so there remains concerns about the ongoing status of such funds.

I am 59 this year so have been holding fire for almost 4 years now.  Still not persuaded personally by the SMSF model but equally do not want to leave my pension pot in the UK.

Thanks

David


Timeline: 309/100 Sent 7/8/13, Money Taken 9/8/13, CO appointed 3/9/13. Med 3/12/13. Police check 4/12/13. VISA GRANTED 8/4/14, Subclass100. Recce August 2014. Arrived 30 July 2015.

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Hi David

Unfortunately not, they have informed me that it is taking longer at the Australian end (APRA) than expected so a bit difficult to formulate a view around a date.

I have also been informed by AESF that they have resolved all issues with HMRC and hope to be back on line soon.

Hope this helps.

Regards

Andy 

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Financial Adviser (FPA Member AFP ®) Specialising in UK Expat Advice and Pension Transfers / AR-322874 /AFSL-234951

SMSF Accredited Adviser / UK SIPP Authorised Adviser 

Director  - Vista Financial Services – www.vistafs.com.au 08 8381 7177

 

Please note that my advice is general advice only and professional financial advice should be sought for your own personal situation.

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On Monday, December 31, 2018 at 18:10, Aussiebird said:

Hello Andrew,

I currently work for the NHS and are moving back to Australia in the very near future.

Is it correct that I will not be able to transfer my pension to Australia ? And what would I do or how do I get my UK state pension when living in Australia?

Many thanks.

 

 

 

My wife recently started getting her NHS pension. She took a lump sum and a monthly payment. I think she just applied on-line. She is 60 and still working part time here.

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You can still get you UK pension without transferring. Do be aware of the tax implications in Australia though. 


So many wineries ......so little time :yes:

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Watch this space folks...…...should be some news early next week!!


Financial Adviser (FPA Member AFP ®) Specialising in UK Expat Advice and Pension Transfers / AR-322874 /AFSL-234951

SMSF Accredited Adviser / UK SIPP Authorised Adviser 

Director  - Vista Financial Services – www.vistafs.com.au 08 8381 7177

 

Please note that my advice is general advice only and professional financial advice should be sought for your own personal situation.

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Well the 'Australian Expatriate Super Fund' have undergone their HMRC review and have been added back to the ROPS list.

A couple of weeks late but better late than never as the saying goes:

https://www.gov.uk/guidance/check-the-recognised-overseas-pension-schemes-notification-list#australia

Tidswell Master Superannuation Plan

Added

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Financial Adviser (FPA Member AFP ®) Specialising in UK Expat Advice and Pension Transfers / AR-322874 /AFSL-234951

SMSF Accredited Adviser / UK SIPP Authorised Adviser 

Director  - Vista Financial Services – www.vistafs.com.au 08 8381 7177

 

Please note that my advice is general advice only and professional financial advice should be sought for your own personal situation.

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Just to add that we do specialise in this area (UK Expat Advice), so if anyone does require advice around their UK Pensions and Retirement Planning this is what we do on a daily basis.

We have been working with UK expats in this space for over a decade now and still have an ongoing relationship with many clients (as their Advisers) whom we assisted over a decade ago. 

We have the ability to advise on and recommend QROPS in Australia, be that the above Retail Super or an SMSF (where a transfer to Australia is appropriate).

We also have the ability to advise on and recommend (which is quite rare for Australian Advisers) an International SIPP in circumstances where an individual is less than age 55 or even above age 55 but with a balance of more than the Australian Contribution Caps (which could then limit how much can be transferred to Australia in one hit).

This solution can then allow us to become your Australian Regulated Investment Advisers on your UK Pension monies with gives the added advantage of having the option of investing that money in UK Pounds or Australian Dollars.

Feel free to contact us if you wish to discuss further.

Andy

 

 

 


Financial Adviser (FPA Member AFP ®) Specialising in UK Expat Advice and Pension Transfers / AR-322874 /AFSL-234951

SMSF Accredited Adviser / UK SIPP Authorised Adviser 

Director  - Vista Financial Services – www.vistafs.com.au 08 8381 7177

 

Please note that my advice is general advice only and professional financial advice should be sought for your own personal situation.

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On 07/01/2019 at 10:52, Andrew from Vista Financial said:

Hello

Sorry for the delay, it's my first day in the office back the since Christmas break.

You are right in saying that you will not be able to conduct a pension transfer with your NHS pension to an Australian Super Fund (this is a UK rule).

Hi, Andrew - is this because the NHS is a public sector fund? I have a deferred benefit with the Local Government scheme (LGPS), and while I was not thinking of transferring it, it would be good to know if it is possible.

Thanks

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1 hour ago, akiralx said:

Hi, Andrew - is this because the NHS is a public sector fund? I have a deferred benefit with the Local Government scheme (LGPS), and while I was not thinking of transferring it, it would be good to know if it is possible.

Thanks

Do you mean defined benefit? That means you are guaranteed a fixed amount per month until you die, right? I’m not sure how you could transfer that to the Australian superannuation system, which just gives you a pot of money and it’s up to you to make it last


Scot by birth, emigrated 1985 | Aussie husband applied UK spouse visa Jan 2015, granted March 2015, moved to UK May 2015 | Returned to Oz June 2016

"The stranger who comes home does not make himself at home but makes home itself strange." -- Rainer Maria Rilke

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15 hours ago, Marisawright said:

Do you mean defined benefit? That means you are guaranteed a fixed amount per month until you die, right? I’m not sure how you could transfer that to the Australian superannuation system, which just gives you a pot of money and it’s up to you to make it last

It's perfectly possible to transfer a defined benefit pension - you obtain a valuation of the fund and get to transfer that much to your new fund.  My OH, who is over 55 with a final salary pension scheme in the UK has been considering doing this for years.  Whether it's a good idea to transfer out of a defined benefit type pension is another matter altogether.


Any fool can criticize, condemn, and complain but it takes character and self control to be understanding and forgiving.

Dale Carnegie – 1888-1955, Author and Lecturer

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17 hours ago, akiralx said:

Hi, Andrew - is this because the NHS is a public sector fund? I have a deferred benefit with the Local Government scheme (LGPS), and while I was not thinking of transferring it, it would be good to know if it is possible.

Thanks

Yes in this case because it is a government un-funded defined benefit scheme.

Other types of defined benefits schemes can be transferred however IF they are transferred to Australia then they will effectively lose their defined benefit status and instead become an accumulation style Superannuation (known as defined contribution or money purchase pensions in the UK).

It's a bit like taking a pot of money and buying a lifetime annuity in reverse, you are losing that (deferred) lifetime income stream and instead have a pot of money to invest for retirement and to draw down on in retirement. That said it is still possible to purchase a lifetime annuity type product in Australia with Superannuation (accumulation) money at retirement.

Hope this helps

Andy

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Financial Adviser (FPA Member AFP ®) Specialising in UK Expat Advice and Pension Transfers / AR-322874 /AFSL-234951

SMSF Accredited Adviser / UK SIPP Authorised Adviser 

Director  - Vista Financial Services – www.vistafs.com.au 08 8381 7177

 

Please note that my advice is general advice only and professional financial advice should be sought for your own personal situation.

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Yes, it is a defined benefit, deferred since 2009. Though the LGPS is funded unlike some of them? 

I would of course be giving up the DB lump sum and lifetime pension - but I am concerned that both will be taxed when paid from the UK while if transferred as  a cash equivalent into super here they wouldn't be when I take the benefit.  I could actually take the LGPS benefit (reduced) in 2 years at age 55.

Thanks

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