1st Retail Q/ROPS Super Fund on HMRC ROPS list

[Andrew from Vista Financial]

The first ROPS public offer retail superannuation fund has appeared on the most recent HMRC ROPS list since the de-listing of all Australian retail Super Funds in July 2015.

 

The Super Fund is still only an option for those over the age of 55 but means that for anyone over that age looking to transfer UK Pensions to Australia they can now do so without having to open a Self-Managed Super Fund (SMSF).

 

There will be advantages of this such as the process of transferring pensions will be less time consuming and there will not be the responsibilities involved with that of effectively becoming a Trustee of the SMSF.

 

However there will also be some disadvantages such as, for balances over around $200k - $250k it is likely to be more expensive and certainly more restrictive in terms of investments, I believe there only to be around 20 underlying investment options to choose from.

 

I also understand there to be a further over 55s ROPS Super Fund (public offer) coming very soon however I am not yet sure of details such as costs or investment options.

 

 

Regards

 

 

Andy