As with all previous updates with the QROPS list, this is not a completely definitive list. There may be several QROPS (Qualifying Recognized Overseas Pension Schemes) available that have chosen not to be on the list.

More important to note, however, is the fact that there may be QROPS on the list that are about to lose their approval or have, prior to the list being published, lost their approval already.

At the time that this appears in Global QROPS Ltd’s latest news items, Global QROPS Ltd are aware that there is a scheme in Hong Kong that appears on HMRC’s QROPS list that has lost it’s approval. HMRC may well amend the list in due course but it is worth reminding those looking to transfer their UK pension overseas, that the QROPS list is not a definitive guide as to what is and is not available and that specialist advice should be sort.

In addition there may be QROPS detailed on the list, that are unable to accept pension transfers in from non-resident members (such as Australian QROPS and Jersey QROPS, for example) and there may be schemes, such as USA QROPS, that have been approved by HMRC as QROPS but do not allow transfers in to their schemes under their own local rules.

For the latest QROPS list, please see the attached link.

http://www.hmrc.gov.uk/pensionschemes/qrops.pdf

UK’s HMRC’s Latest QROPS List is a post from: Global Qrops

The Australian treasury originally announced plans to abolish the FIF regime back in May 2009. However, it is only recently that the draft replacement legislation has been published.

It is proposed that the FIF rules will be replaced with an ‘anti-roll-up’ regime, which is targeted at a very narrow type of foreign accumulation fund.

It appears from the draft legislation, that it will be possible for Australian residents to hold funds in certain overseas pension funds, without paying tax on the annual growth.

Income drawn from a foreign pension fund will generally be assessable to Australian tax, whilst income from an Australian Superannuation fund is tax free. Therefore individuals should still look at the possibility of transferring their funds to an Australian Superannuation Plan. Advice on whether a pension transfer to Australia is in client’s best interests may not be as clear cut as under the previous regime and factors such as the exchange rate, visa status and the individuals long term intentions need to be taken into consideration.

Australian Foreign Investment Fund Rules Abolished is a post from: Global Qrops

For full details of the HMRC update see link: http://www.hmrc.gov.uk/NEWS/INDEX.HTM

If an individual does want to complete a UK pension transfer to Australia, they may be tempted to look at the list and work from there. However, HMRC stress that the QROPS list is not a recommendation or advertisement for any particular scheme, it is merely for information purposes for an individual to check that an Australian QROPS that they have received professional QROPS advice on is indeed approved.

Global QROPS Ltd advise many people migrating to Australia on their pension options. It is not, in all circumstances, best advice to transfer pensions to Australia and people need to be aware of all of the advantages and disadvantage before making a decision.

Many of the Australian QROPS on the HMRC list are either Australian employer’s pension schemes or Self Managed Super Funds (SMSF). These schemes may be available for an employee of a company or to an individual that has set up a SMSF but someone looking down the QROPS list could not simply pick out a scheme and apply to become a member.

For advice on a UK pension transfer to Australia, speak to an adviser at Global QROPS Ltd.

A UK Pension Transfer to Australia – The latest HMRC QROPS list is a post from: Global Qrops

Latest HMRC QROPS list is a post from: Global Qrops