Australia 2019-05-08T09:22:05+00:00

Project Description

Do you have an pension fund in the UK?

A QROPS/ROPS is a superannuation or pension scheme outside the UK that agrees with Her Majesty’s Revenue and Customs (HMRC) to meet certain reporting obligations in relation to payments made out of the fund. Transferring to a QROPS/ROPS can offer significant taxation and investment advantages, especially for Australian tax residents as the taxation of income directly from a UK Pension is subject to tax in Australian at an individuals marginal rates of tax.

Outlined below are the key benefits for an Australian tax resident to consider a transfer of you UK Pension benefits to Australia;-

  • Tax-free transfer if the transfer is made within 6 months of your date of tax residency
  • Flexible drawdown in retirement
  • Benefits are paid out tax-free from aged 60
  • No UK Inheritance Tax charge on death for your UK Pension benefits
  • Investment Flexibility
  • Control of your Retirement

An Australian Superannuation Fund can provide benefits in line with Flexible Access regardless of the Member Payment Provision Period (MPPP), which means that normal Australian preservation rules apply to the earliest date of accessing benefits.

Transfers to Australia are subject to Australian superannuation laws from the date of receipt by the Fund, but transfers out of the Fund are not allowed to another Australian Superannuation Fund unless it has QROPS/ROPS status – nor is it permitted to another overseas pension fund.

You should therefore carefully consider your decision to transfer to an Australian Superannuation Fund.

Transfers to Australian Superannuation Funds (for individuals over the age of 55) can occur from any foreign pension fund should the transfer have taken place prior to 9th March 2017.

Your UK funds must be transferred into an Australian superannuation fund that appears on the HMRC listing


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