Andrew from Vista Financial

Pensions - QROPS 55+ SMSF Advice and Service

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    Now that HMRC have announced they will provide tax relief for those people that transferred pensions to Australia beyond 5 April 2015 unsuspectingly into Australian Super Funds that lost their QROPS status ( this can finally be put to bed.



    Currently the only direct way of transferring UK pension to Australia is for those over age 55 and typically will need to be done via a Self-Managed Super Fund (SMSF).



    We were at the forefront of discussions with HMRC in this area and we established directly from them in the first instance that this avenue was a possibility for UK pension holders to bring their retirement funds to Australia.



    We have advised and assisted many new and existing clients arrange a compliant (QROPS) SMSF and transfer their UK pension funds to it.



    If you are over age 55 and are considering transferring your UK pension to Australia we will be happy to work with you and project manage the process.



    A SMSF does have to be right for you and so we will only work with people in this area if we believe it is, as part of this we believe that the minimum pension balance should be around $250,000 (£120,000).


    QROPS 55+ SMSF Advice and Service



    Our service process is as follows:



    Initial Consultation



    •This can be face to face or over the phone

    •We will get a grasp of your situation and help you understand the obligations of running a SMSF

    •There is no charge for this consult

    •If it is agreed this seems a viable option we can move to the advice stage


    Upfront Advice (Full written Statement of Advice provided)



    •Transferring a UK pension to Australia (inc tax implications)

    •Establishment of a SMSF

    •Type of Trustee Corporate/Individual

    •Fund investment strategy

    •Investment recommendations

    •How to maximise conversion of sterling to dollars


    Administration and Implementation



    •Establishment of an Australian SMSF (55+ members only)

    •Application to HMRC for QROPS status

    •For Corporate Trustees, establish and register company via ASIC

    •Registration of fund with ATO

    •Applying for Tax File Number (TFN) and Australian Business Number (ABN)

    •Opening of bank accounts for fund

    •Drafting of a private ruling to ATO in relation to assessing tax liability

    •Liaising with your current UK pension providers and facilitating the transfer into the SMSF

    •Managing partial and staged transfers over a number of financial years for balances that are more than the Australian contribution caps (if applicable)

    •Placing the investments in accordance with your investor profile (and recommendations)




    Please note that there is now the requirement to take UK FCA regulated financial advice from an Adviser qualified in advising on transferring out of Defined Benefit schemes if the value is over £30,000.


    This will be conducted by our UK partners who are appropriately qualified in this area and have a very high reputation in the industry.

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