HM Revenue & Customs has confirmed it will make changes to current legislation to allow Australian schemes to continue to be included as Qualified Recognised Overseas Pension Schemes (QROPS) where appropriate.
Changes to the Australian pension system, which are scheduled to come into force on 1 July, will include the introduction of a limit on the amount of money which can be transferred into a Superannuation scheme to AU$150,000 or £60,000 a year. However, according to Standard Life the changes will cause problems for transfers with the UK as in addition "broadly speaking" the Australian system will have no tax relief on most contributions but at retirement the benefits will be paid tax free, and can even be taken as a lump sum. This means Australian schemes currently will not qualify as a ...
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