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Australian QROPS Approved Self-Managed Super Funds for the Over 55’s

As at 1 July 2015 all UK Pension transfers were placed on hold, following the removal of 1800 QROPS schemes from the UK approved list of schemes.

Australia’s overarching superannuation rules, which allow for the early release of funds prior to the UK Pension Age Test of 55, contravened UK Pensions Legislation.  As a result all schemes were deemed to be non-compliant, with the exception of government superannuation schemes.

Several large superannuation schemes amended their trust deeds and the UK rejected the amendments.

It was unclear of a way forward for expats wishing to transfer, until a solution became available for expats who have already reached age 55.

Over the last few months we have been working with several clients and have successfully added their Self-Managed Super Funds to the UK QROPS list. The list is released on the 1st and 15th of each month and approval usually takes 2 -3 months for a new scheme to appear on the list.

We are able to assist clients who wish to transfer by facilitating any or all of the following:

• Obtaining deeds of amendment for existing SMSFs
• Establishment of an Australian QROPS compliant SMSF
• Establishment and registration of a company via ASIC
• Application to UK for QROPS approval
• Australian Tax Office (ATO) fund registration
• The provision of Tax File Number (TFN) and Australian Business Numbers (ABN)
• Introducing clients to specialist advisors to comply with a new requirement for all transfers over £30,000.00 to be accompanied by financial advice
• Facilitate a transfer from the UK to your Australian SMSF complying with all  ATO and Australian superannuation requirements

For an initial consultation regarding your UK schemes and the associated costs involved with a transfer please do not hesitate to contact PTS on 08 9233 9269, pensions@ptspecialists.com.au or visit our offices at Level 2, 5 Davidson Terrace, Joondalup, WA 6027.

written by:

McKinley Plowman