UK Pension Transfers

UK pension transfers

Members of United Kingdom pension funds who have since become Australian residents can transfer their UK pension equities to Australian superannuation funds which are registered as Qualifying Recognised Overseas Pension Schemes (QROPS).

On 1 July 2015, HM Revenue and Customs published their QROPS list and all but one of those that were previously registered lost their Qualifying status.  This was due to superannuation being able to be taken by Australians prior to retirement in limited circumstances such as financial hardship or for medical costs.  Since then, a number of funds have been created to fill the Australian QROP market and membership is generally limited to those over age 55.  We can assist clients in deciding if and when they should transfer their UK Pension to Australia.  Please contact us to meet with an adviser to discuss your pension entitlement.

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