Over 55 Large Case Transfer
Like London’s iconic red phone box, our Over 55 Large Case Transfer service stands out for it’s unique and quality design.
Built on a foundation of knowledge and experience, you will partner with leading experts in; UK pension transfer, QROPS, UK SIPP, SMSF, retirement and risk strategy for an all considered transfer solution.
So specialised is this advice that many other financial advisers, accounting professionals and SMSF administrators turn to us for this expertise.
What is a large case transfer?
If your combined UK pension fund values at the date you became resident for tax purposes in Australia exceeds the non-concessional bring forward limit of $330,000, then you will need to navigate the issues associated with a large case transfer.
Large transfers do bring complexity and the considerations are many, but a transfer is not a transaction it requires professional advice.
Strategies such as transferring in tranches will depend on many factors; your fund type, financial situation, contribution caps, work test rules, residency rules, lifetime allowances, UK safeguarded benefits and outcomes on death to name just a few. Some of these strategies (in extreme circumstances) may even take over a decade to complete, requiring simultaneous management in both Australia and the UK.
A large case transfer strategy will consider:
- Contribution Limits
- $1.7M transfer balance cap (Australian super to Australian pension phase, tax free)
- Taxation Implications
- Work Test Requirements
- QROPS Expertise
- Currency Conversion Strategy
- Navigating Legislative change
- Determine historical pension values (Defined Benefit/Final Salary)
- Pension Attributes
- Drawdown
- Split Transfers
- Other Unique to Fund
- Date of Residency
- UK Lifetime Allowance
- What has been used, what has not?
- Do you have protection?
- Benefit Chrystalisation Events
- Taxation Implications
- UK SIPP Expertise
- Tax Election
- 10 year UK non-residency rule
- Navigating Legislative change
- Future residency
- Overseas transfer charge
- Investment choice
- Currency conversion strategy
- Consolidating your UK pension proceeds with your Australian superannuation assets
- Portfolio construction
- CGT implications
- Retirement planning
- Risk mitigation
- Centrelink allowances
- Estate Planning
- Intergenerational wealth transfer
- Navigating Legislative change
The cost of not getting expert advice can be huge. In our experience people who do not consult a specialist:
- May overpay on tax: In particular for Defined Benefit scheme transfers and the growth component of their fund (learn more about Defined Benefit/Final Salary schemes here)
- Risk an ‘unauthorised payment charge’ (up to 55% of the total transfer value), dependent on how you structure your benefits beyond the initial UK pension transfer.
- May be unaware that many pensions cannot be transferred without a UK adviser authorised and regulated through the Financial Conduct Authority (FCA)
- May be unaware of Individual Protection deadlines for securing higher UK Lifetime Allowance Limits.
- May be unaware of potential Estate Planning advantages within Australian Superannuation.
- May trigger avoidable tax consequences particularly in accessing your retirement funds.
Whatsmore many pensions can not even be transferred without a UK adviser
FREE TRANSFER CHECKLIST
The Smarts you won’t find on google. Understand the thinking
required for a considered transfer.
Why do I need a specialist to help transfer my pension to Australia?
Getting the Process Right.
Historically, before all the legislative changes, UK product providers were willing to give out enormous help and guidance (as distinct from advice) to people wanting to transfer. However the world changed in April 2015 (and subsequently again in May 2016 and April 2017) adding a huge layer of complexity. Today product providers are reluctant to provide assistance at all.
Why? Because the need for advice and ensuring things are done at the right time and in the right order is crucial.
It may not be rocket science (depending on the complexity of the transfer and the individual’s circumstances) however get the process wrong and you can create restrictions for yourself or trigger unwanted tax consequences in both the UK and/or Australia.
On a regular basis we get a phone call from someone that has come ‘unstuck’ trying to DIY and has got the process wrong. Sometimes we can help, sometimes it’s too late.
QROPS/ROPS Expertise.
If considering a transfer it is critical that you seek expert QROPS advice before making any decisions. The goal of this advice is to determine whether or not a transfer is financially beneficial to you and that any associated strategy properly considers all your unique goals and objectives.
Knowledge and experience of proper set up and reporting requirements is critical to ensure that no HM Revenues and Customs (HMRC) rules are breached, as a non-compliant transfer can attract a penalty of up to 55% of the total transfer value. Getting expert QROPS advice could potentially save you thousands of dollars on your transfer. To check the recognised overseas pension schemes (ROPS) notification list – updated fortnighly, click here.
Find out why you should transfer your
UK pension to Australia:
The 5 biggest misconceptions of large case transfers
We had been getting very distressed about the changing rules in the UK and needed advice we could rely on in transferring our pension to Australia. From the minute we spoke with FinSec PTX we felt our concerns were listened to and their obvious knowledge in this field was a huge comfort. We were helped every step of the way and despite additional changes by the UK Government during this time they were in regular contact to explain what was going on.
– Jacquie
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