With many residents coming from the UK, we provide services that allow clients to transfer their UK Pension Funds into an eligible Australian superannuation fund.
We have Platforms that have QROPS Status
We have superannuation platforms that have ‘Qualifying Recognised Overseas Pension Schemes’ (QROPS) status. As such we can assist you in transferring your UK Pensions into Australia and giving you peace of mind and greater control and understanding on how your superannuation/pension funds are invested.
Benefits of Transferring your UK Pension
Some of the benefits of transferring your UK Pension funds into a QROPS Australian super funds include;
- Remove the currency risk on your assets.
- Your beneficiaries will receive a lump sum benefit (tax-free) should you pass away.
- Superannuation in Australia is a tax-effective structure with a tax rate of 15%.
- When you convert your superannuation into a pension, the tax rate on earnings is 0%.
- Allow you to take a greater control of your pension/super assets and know exactly how it is invested.
- Access to a financial adviser that can assist you in wealth creation, tax planning and retirement planning strategies.
How we can HELP you
Here is some important information to understand how we can assist UK pension transfers into Australia:
- Allows the transfer to be classified as an authorised member payment and no tax will be payable on the transfer in the UK.
- The funds must remain within a QROPS approved fund for at least 5 years to remain exempt from any tax.
- If a UK pension transfer is received by an Australian superannuation fund within 6 months of the member becoming an Australian tax resident, no tax will apply.
- If the transfer is completed after the 6 months of becoming an Australian resident, tax of 15% will apply to the difference of the current balance and the ‘historical value’.
- Funds are treated as Non-Concessional Contributions and only future earnings within the fund will incur the 15% tax treatment; which is no different to all Australian superannuation funds.
If you would like to transfer your UK pension into a QROPS Australian super fund, please do not hesitate to complete our online enquiry form below or simply contact our office to arrange your an appointment.