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Transferring Pension from the UK

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Hi

 

I have some questions about transferring my UK pension back to Australia.

 

I worked in the UK for 4 years and accumulated a pension there.

I moved home to Australia 8 years ago and left my pension in the UK. It has almost doubled in value in that time (from GBP22,000 to GBP40,000).

 

I now want to transfer my pension into my Australian super fund.

 

As I understand it, if:

  - the UK tax office considers the Australian fund a QROPS (Qualifying Recognised Overseas Pension Scheme) and

  - the ATO considers the UK pension fund an FSF (Foreign Superannuation Fund) and

  - the UK pension is transferred directly into the Australian fund and

  - some other conditions, like my age being under 65

then the transfer can be tax free apart from the growth in the value of the pension since I left (GBP18,000) in this case, which would be taxed at 15%.

 

My questions are:

  - is the above is correct?

  - where can I find details of the rules around transferring from a Foreign Superannuation Fund?

  - is there a list of approved Foreign Superannuation Funds that I can check to see if my fund qualifies?

  - if not, how can I find out if my fund qualifies (it is Friends Life (No.6) Personal Pension Plan with Aviva)?

 

Thanks very much,

 

Ned Mules

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Hi @nedmules,

 

Welcome to our Community!

 

Further to the rules @macfanboy have provided, you can also find helpful information about tax on transfers from foreign super funds on our website, which directs you to a list of recognised overseas pensions schemes.

 

The funds listed have advised HMRC that they meet the conditions to be a recognised overseas pension scheme. If your fund isn't listed, you can contact them directly to see if they qualify.

 

Thanks, JodieH.

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Taxicorn

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Rules here

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Best answer

Community Support

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Hi @nedmules,

 

Welcome to our Community!

 

Further to the rules @macfanboy have provided, you can also find helpful information about tax on transfers from foreign super funds on our website, which directs you to a list of recognised overseas pensions schemes.

 

The funds listed have advised HMRC that they meet the conditions to be a recognised overseas pension scheme. If your fund isn't listed, you can contact them directly to see if they qualify.

 

Thanks, JodieH.