Australians with UK pensions: Issues on withdrawal, transfer and post transfer

Technical Summit 2021

Presented by Barrister and leading UK pension transfer expert, Jeremy Gordon, this session will cover recent QROPS changes, trends and common pitfalls in the UK pension transfer process.

This session will also provide guidance on the often overlooked and misunderstood obligations of SMSF trustees once the UK sourced pension money has been transferred. Changes to the SMSF residency rules, which were announced in this year’s Federal budget, will also be covered.

At the end of the session, you will be able to:

  • Explain the Budget announcements on the proposed changes to SMSF residency rules;
  • Understand the recent changes to QROPs fund rules;
  • Identify and navigate issues that can arise with the UK pension transfer process;
  • Understand how the UK pension rules will impact the operation of an Australian SMSF;
  • Explain what an Australian SMSF holding UK pension fund proceeds can and can’t do, and;
  • Understand the roles and responsibilities for SMSF administrators and trustees.

The contents of this resource are taken to be correct at the time of publication.

Disclaimer: Technical Papers contain factual information only and are prepared without considering particular objectives, financial circumstances and needs. The information provided is not a substitute for legal, tax and financial product advice. The information contained in this document does not constitute advice given by the SMSF Association to you. If you rely on this information yourself or to provide advice to other persons, then you do so at your own risk. The SMSF Association is not licensed to provide financial product advice, legal advice or taxation advice. We recommend that you seek appropriate professional advice before relying upon the information in this technical paper. While the SMSF Association believes that the information provided is accurate, no warranty is given as to its accuracy and persons who rely on this information do so at their own risk. The information provided in this paper is not considered financial advice for the purposes of the Corporations Act 2001. © SMSF Association