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Free SMSF Setup

QROPS

If you have UK pension and want to transfer your benefits to your SMSF,  you need to follow appropriate steps to make sure it can be transferred properly.

What is a QROPS scheme?

A QROPS means a Qualifying Recognised Overseas Pension Scheme that run by trustees in a jurisdiction outside of the UK.

If you want to transfer your UK pension to an SMSF, that SMSF must be a QROPS approved by HMRC.

The SMSFs have been approved by HMRC can be found in this link:  ROPS list .

What is the criteria for an SMSF to be a QROPS?

  • an SMSF member needs to be more than 55 years old.

No SMSF can be a QROPs if the member is less than 55 years old.

Can I transfer my UK pension to an SMSF registered as a QROPS?

You and your SMSF need to meet the following conditions:

  • you are less than 75 years old before the transfer.
  • if you are aged between 65 and 74, you need to pass the work test.

How much can I transfer my UK pension to an SMSF registered as a QROPS?

  • if you are less than 65 years old, you can transfer $300,000 to your SMSF as non-concessional contributions using bring forward rules.
  • if you are more than 65 years old and have met the work test, you can transfer $100,000 as non-concessional contributions.
  • if you transfer more than the above amounts, the exceeded amounts will attract excess contribution tax.

How can we help transfer your UK pension to an SMSF?

  • register your SMSF as a QROPS with HMRC.
  • notify you when a QROPS has been approved and help you with the transfer process.
  • allocated the transferred amount correctly to your SMSF member account.
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