le petit roi Posted May 19, 2019 Share Posted May 19, 2019 Reading the info, I can only transfer a UK pension into a QROPS compliant account here in Oz. Once in the Oz account, is there any regulation that prevents me transferring it into any Australian Super account e.g. I open an Oz QROPS account, I transfer my pension from the UK into it, it stays there for 2 weeks then I transfer it into my 'regular' Super to consolidate all my Super into one policy. Cheers Quote Link to comment Share on other sites More sharing options...
Gbye grey sky Posted May 19, 2019 Share Posted May 19, 2019 36 minutes ago, le petit roi said: Reading the info, I can only transfer a UK pension into a QROPS compliant account here in Oz. Once in the Oz account, is there any regulation that prevents me transferring it into any Australian Super account e.g. I open an Oz QROPS account, I transfer my pension from the UK into it, it stays there for 2 weeks then I transfer it into my 'regular' Super to consolidate all my Super into one policy. Cheers As I understand it HMRC would seek 55% tax on the fund if you did that. There are HMRC reporting requirements for the QROPS trustee for 10 years I believe. An expert may be able to give you chapter and verse but, rest assured, you definitely cannot do that. There is currently only one single retail fund which is ROPS compliant. The alternative is an SMSF but the same restrictions would bite either way. Quote Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted May 20, 2019 Share Posted May 20, 2019 Hi LPR Yes, as David says that would not work from a HMRC perspective, money would need to remain in a QROPS environment for between around 5 - 10 years (depending upon an individual's personal circumstances). However depending upon someone's preservation age ( https://www.ato.gov.au/Super/Self-managed-super-funds/Paying-benefits/Preservation-of-super/ )and work status it may be possible to access this some or all of this money directly (via income withdrawals) much earlier than this and all within HMRC guidelines. Whether or not that would be advisable would again depend on a persons individual circumstances. Regards Andy 1 Quote Link to comment Share on other sites More sharing options...
le petit roi Posted May 21, 2019 Author Share Posted May 21, 2019 Much appreciated for those responses. I privately thought that it wouldn't be possible but had to ask. Quote Link to comment Share on other sites More sharing options...
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