SuperGuide.com.au » UK http://www.superguide.com.au Tue, 07 Feb 2012 00:22:19 +0000 en hourly 1 http://wordpress.org/?v= How do I transfer a UK pension to an Australia super fund?http://www.superguide.com.au/retirement-planning/how-do-i-transfer-a-uk-pension-to-an-australia-super-fund http://www.superguide.com.au/retirement-planning/how-do-i-transfer-a-uk-pension-to-an-australia-super-fund#comments Mon, 03 Mar 2008 09:09:59 +0000 Robert Barnes http://www.superguide.com.au/2008/03/03/how-do-i-transfer-a-uk-pension-to-an-australia-super-fund/
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    • ]]>     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

    Related posts:

    1. Retirement: Can Australia afford to support your lifestyle?
    2. Mirror, mirror… what super fund is the best-performing fund of all?
    3. Tax-free super: what happens when I start a pension just before turning 60?

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