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le petit roi

Transfer Super from QROPS compliant account

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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

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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.


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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

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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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Much appreciated for those responses. I privately thought that it wouldn't be possible but had to ask.

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