How do I transfer a UK pension to an Australia super fund?

You will need to check that your fund is a Qualifying Recognised Overseas Pension Scheme (or QROPS), or alternatively change to a fund that is a QROPS.

From 1 July, 2007 $450,000 (including any other after-tax contributions), can be transferred as a lump sum payment with no further after-tax contributions for 3 years, or $150,000 per year.

Transfer to a non-QROPS fund could result in a 40-55% tax charge on the transfer from your UK fund. The receiving fund also needs to meet specific reporting requirements for 5 years after the date of the last transfer from the UK.

A list of QROPS funds is available here: http://www.hmrc.gov.uk/PENSIONSCHEMES/qrops.pdf

photo credit: robmcmrobmcm

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