Transferring your UK Pension to Australia: Eligibility Criteria

In the last couple of years the rules around transferring UK pensions to Australia have changed significantly. These changes have added a layer of complexity and many migrants and returning expats remain confused with regard to what pensions can and can not be transferred. In this post we outline the current eligibility criteria, for more information on UK Pension transfers visit www.finsecptx.com.au ELIGIBILITY CRITERIA ONE:  YOUR AGE Under current rules you must be aged 55 years or over to transfer UK pensions as a [...]

2020-07-08T06:40:35+09:30July 6th, 2018|UK Pension Transfers|

UK Budget puts a stop to Pension Scams introducing 25% tax on QROPS Transfers

QROPS continue to be a hobbyhorse for the UK government largely in a bid to fend off offshore pension scams. The UK Budget announced on 9th March 2017 made further changes impacting upon transfers of UK tax relieved pension funds to QROPS. Information on these changes and how they may impact you is outlined below. What was announced: All UK pension transfers to offshore QROPS schemes will be subject to a 25% tax unless certain limited conditions are met including the [...]

2017-04-04T02:28:50+09:30March 9th, 2017|FinSec Post, UK Pension Transfers|

Autumn Statement closes pension tax relief loophole for over-55s

Once you've touched your pension savings - the amount of new money you can save is now just £4,000. CREDIT: GARETH FULLER The amount you can save into a pension - once you have already taken some money out - has been slashed by the Government in a bid to clamp down on those seeking "double tax relief". The move will hit hundreds of thousands of  people, aged 55 and over, who have used the new "pension freedoms" available since April [...]

2016-12-14T00:49:30+10:30November 23rd, 2016|FinSec Post, UK Pension Transfers|

HMRC Tax Relief Decision on UK Pension Transfers

For UK Pension Transfers (into Australian Superannuation Schemes with QROPS status as at 5 April 2015) made between 6 April 2015 to 30 June 2015 (inclusive), HMRC has now confirmed such transfers WILL NOT be subject to any UK tax charges in relation to the transfer.  For transfers made after 30 June 2015, no relief has been provided by HMRC in relation to any UK tax charges that may arise from the transfer. We will be in direct contact with any [...]