Expats with a UK Pension
For clients aged over 55, we can establish a specialist SMSF which will restrict membership to members aged over 55 and then apply to HRMC to gain QROPS approval. Thereafter we can then facilitate the transfer of the UK Pension direct to the SMSF.
Please note that the ATO recommends a minimum balance for SMSFs of AUD200,000 plus, so this option should only be considered for transfers over GBP100,000, or if husband & wife’s (also aged 55 or over) combined transfers are over GBP100,000, or if the client’s (including spouse – also aged 55 or over) UK Pension & Australian super is cumulatively over AUD200,000.
Our service includes the following:
- A free consultation with a QROPS specialist adviser prior to engaging our services
- Establishment of an Australian SMSF with a specialist ROPS compliant trust deed which has been approved by HMRC
- We will apply to HMRC on the new fund’s behalf to gain ROPS approval
- We will establish a corporate trustee for the SMSF and register the company with ASIC
- Preparation of all SMSF trustee/member applications and minutes
- Australian Tax Office (ATO) fund registration
- The provision of Tax File Number (TFN) and Australian Business Number (ABN)
- Establish the SMSF bank accounts
Thereafter to affect the transfer of your UK Pensions to the SMSF, transfer fees will apply.
Additional fees for transfers of Defined Benefit Schemes (over GBP30,000 – as required by HMRC) are payable for our UK specialist FCA.
All these will be fully outlined and discussed with your adviser before your decision to transfer.
