UK PENSION TRANSFER

Make the right choice for a tax free retirement
Have you lived or worked in the UK?
Do you know that you can transfer most preserved UK pension funds to Australia, into a self managed superannuation fund using a local bank of your choice, you don’t need to be 65 or retired.

What is a UK Pension Transfer?
A UK pension transfer refers to a lump sum transfer of a preserved UK pension fund(s) to a complying superannuation fund in Australia.
Preserved UK pension fund(s) are benefits that have either not commenced in payment i.e. you are not receiving an annual pension from the arrangement/fund, Preserved benefits are commonly known in the UK as deferred, frozen or paid up.

What is the 6 months tax free window?
The ATO allows a six month tax free window from the date of Australian residency, whereby UK pension fund(s) can be transferred to an Australian Super fund without incurring a tax liability on transfer. If the transfer takes place after the 6 months, tax is payable on the growth of the UK fund from the date of residency to the date of transfer.

Changes to AustralianSuperannuation Legislation2007
The Australian government has made manychanges to the superannuation system inAustralia. One of the most significant changesis that super benefits paid from a taxed superfund either as a lump sum or weekly incomewill be tax free for people aged 60 and over.
This also includes any UK pension funds thatare transferred to an Australian superannuationfund including self managed funds.

The British Government also made changes tolegislation regarding the transfer of UK
pension funds to Australia. The main change is that theAustralian Receiving Fund has to be registeredas a Qualifying Recognized Overseas PensionScheme, or QROPS, in the UK. Failure totransfer to a QROPS scheme could resultin a UK tax charge of up to 55% beingdeducted from your UK pensionprior to the benefitsbeing transferred toAustralia.
Self ManagedSuper Funds have beengranted QROPS statussince the changes wereimplemented in April 2006.

Common Questions & Answers

Q: How long will the transfer take to complete?
A: The transfer of UK pension funds can take from 8 to 20 weeks to complete. However there are several factors that could greatly affect the timing process. The transfers of personal pensions are usually considerably quicker than the transfer of company pensions. If the information you provide us is inaccurate it will inevitably slow the transfer process.

Q: Why choose Superannuation Recall Consultants to facilitate my UK Pension Transfer?
A: We are a highly respected, long standing firm of administrators.

• Full preparation of transfer documents
• Qualified staff in Australia
• 100% success rate
• Dedicated to customer service
• Regular updates on the process of your transfer
• A low cost administration service is available if required.

• Total Control
• Choose your own investments
• Monies in a bank of your Choice
• You can have up to 4 members
• No out of pocket expenses as all fees can be deducted from your super fund and be claimed as a tax deduction
• Take your super from employer to employer.

• Fund ABN number
• Fund Tax File Number
• 2 sets of Trust deeds (prepared by ourlawyer)
• ATO certificate of compliance
• Consent & Resolution of trustees
• Qrops Status with HMRC
• UK pension forecast
• SRC do everything required to ensureyour transfer is legal and complying bothwith the ATO and HMRC
• Nominated beneficiaries.

Q: Do I have to be a resident ofAustralia?
A: Yes – this can be temporary or permanent.
Our UK pension transfer service does notinclude specific advice or recommendationsin relation to whether or not you shouldtransfer your UK pension fund(s) to Australia.We simply arrange, administer and facilitatethe transfer of your UK pension benefits to aQROPS scheme in Australia.

Q: What if I leave my pension inthe UK?
A: You will be subject to tax on the annualgrowth of the fund. At retirement you cantake a restricted lump sum payment, butit will be subject to Australian tax, and thebalance converted to an annuity, alsosubject to Australian tax. At death you maylose the balance to the UK government dueto no nominated beneficiaries.

Q: I already have a SMF?
A: We can apply for your SMF to have QROPSstatus here in Australia and transfer yourfunds into it.

THINK ABOUT YOUR FUTURE

Now you can manage your own super and take control of your own financial destiny.

Superannuation Recall Consultants will carry out all the necessary administration and supply all legal documents required, to enable you to achieve full control of your pension.

Our role is to complete the administration side of setting up a DIY or Self managed Superannuation Fund in your name operating from a local bank of your choice, giving you access to your pension for your own investment choices.

We supply all documents including all government stamped Trust Deeds from our lawyers to ensure the fund is legal and complying with legislation.

We also offer help and support with cost effective means of running your Self Managed Super Fund/pension.