Global QROPS Ltd, UK specialists in overseas pension transfers, are working alongside UK Independent Financial Advisers (IFA’s) throughout the UK, regarding client’s Qualifying Recognized Overseas Pension Scheme (QROPS) advice options.
From the introduction of the QROPS legislation in April 2006, UK IFA’s with migrating clients have been able to add the QROPS advice option to the other retirement options available. Although this would be a valuable choice for a migrating client, it can be both a time consuming and complicated option for a UK IFA to fully research.
The team at Global QROPS Ltd have specialized in transferring UK pensions overseas for many years and as a result understand that migrating clients are in different types of UK pension schemes, have various sizes of funds and migrate to a choice of countries (with their own tax rules) throughout the globe. As UK based IFA’s (authorized and registered with the FSA) Global QROPS Ltd also understands that there are the essential ‘know your client’ facts to establish too, such as their aims, goals and long-term retirement plans.
There are many QROPS providers that are based in different jurisdictions that may (or may not) suit a client for tax, investment or retirement purposes. Finding a QROPS that can suit each migrating client’s unique circumstances is not always straightforward. Global QROPS Ltd have the experience to provide solutions.
As a result, Global QROPS Ltd are setting up agreements with UK IFA’s to assist specifically with the QROPS advice option for the UK IFA’s migrating clients.
Archive for November, 2009
Global QROPS Ltd working with UK IFA’s regarding QROPS advice options
Thursday, November 5th, 2009Is a UK Pension Transfer to Australia Complicated?
Monday, November 2nd, 2009The team at UK based independent financial advisers, Global QROPS Ltd, often get asked ‘is a UK pension transfer to Australia complicated?’ and the answer to this can be both ‘yes’ and ‘no’.
The truth is that there are a lot of rules surrounding a UK pension transfer to Australia both in UK legislation and in the Australian tax rules. In the UK, for example, the introduction in April 2006 of QROPS (Qualifying Recognized Overseas Pension Schemes) meant that offshore pension schemes in all jurisdictions (and not just Australia) had to be approved and registered by the UK HMRC (Her Majesty’s Revenue and Customs) before receiving UK pension funds transferred in. On top of this, the offshore pension scheme – registered as a QROPS – would have to follow UK rules when it came to paying out benefits. This added an extra dimension onto the Australian pension system, as the method of taking benefits from an Australian Superannuation scheme were a lot more flexible before the UK introduced QROPS.
As well as being aware as to what the UK QROPS rules are, an individual looking at a UK pension transfer to Australia would have to look at the Australian rules and limitations. One of those key rules that came into effect was the cap on how much can be transferred in, from overseas pensions, to an Australian scheme. This is part on the non-concessional cap. Add to this FIF (Foreign Investment Fund) taxation and the ‘6 month’ rule – there does appear to be more than simply transferring pension money from A to B.