UK Pension Transfer (QROPS) Solution for over 55's

[Andrew from Vista Financial]

Hi all.

 

Further to the halted pension transfers situation: http://www.pomsinadelaide.com/forum/money-finance/46577-important-uk-pension-transfers-post-6-april-15-a.html it seems that there is some good news on the horizon as it appears HMRC have issued a new Australian scheme with a QROPS number and this fund will hopefully show on the ROPS list 17 August.

 

This fund is restricted to members age 55 and over as the reason HMRC essentially stripped Australian funds of QROPS was that they did not meet the 'Pensions Age Test' which is essentially access to monies is not permitted under age 55 therefore this solution gets around this.

 

It has also been suggested that other funds will re-appear but we are yet to know exactly which funds perhaps those with members over age 55.

 

At this stage it seems that the solution only exists for SMSF's however we will explore the list further on 17 August to ascertain this for certain.

 

If you are over age 55 and are looking into a pension transfer to Australia then please contact me directly: Andrew@vistafs.com.au

 

Regards

 

Andy

[nomorehashbrowns]

Absolutely gutted, I was going through the process with ANZ Super as my receiving Super for my UK pension, and received an email saying sorry we are no longer a QROPS. The thing that gets me is that I am over 55 and the new legislations don't affect me directly. I know I'm not alone with this, but it doesn't soften the blow.

 

Working for a supplier to Holden's and being 58 now, the idea was to draw on that UK pension if I didn't find a job post 2017

[nomorehashbrowns]

Just sighted the updated list, still only the one ROPS in Australia. And you have to be an employee of the local government in Queensland to opt into that !!. Apparently a new list comes out twice a month (1st and 15th)

[Andrew from Vista Financial]

Yes 1 September will be the next one out, we hope that it will show at least one more fund and if this is the case then there is likely to be a solution for you being that you are over age 55.

[Andrew from Vista Financial]

So it has appeared, of course this solution now means a door is open for UK Pensions to Australia in time for retirement: https://www.gov.uk/government/publications/list-of-qualifying-recognised-overseas-pension-schemes-qrops/list-of-recognised-overseas-pension-schemes-notifications

[nomorehashbrowns]

Who are P Wyns ??. Just googled to find out more info, but nothing. Judging by the full title on the ROPS list it has something to do with Self Managed Funds. Roll on the 15th for the next instalment !!

[Andrew from Vista Financial]

Yes it's an SMSF as I suggested t would be in my OP.

 

http://www.moneymanagement.com.au/news/superannuation/uk-pension-transfer-door-begins-open

 

KR