What is a QROPS/ROPS 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 list of SMSFs have been approved as QROPS by HMRC can be found in this link: ROPS list .
What is the criteria for an SMSF to be a QROPS/ROPS?
No SMSF can be a QROPs if the member is less than 55 years old. The reason being is that the UK legislation was amended to require a QROPS to meet the “pension age test” On 6 April 2015.
The “pension age test” requires that money transferred from a UK registered scheme into a QROPS can not be paid before the member turns 55 years old unless the member has retired due to ill-health.
Can I transfer my UK pension to an SMSF registered as a QROPS?
You and your SMSF need to meet the following conditions:
How much can I transfer my UK pension to an SMSF registered as a QROPS?
How can we help transfer your UK pension to an SMSF?
We are QROPS specialists and can assist you with the followings:
How can you transfer your UK pension to your SMSF after the QROPS application approved by HMRC?
Before applying for the transfer, your SMSF must you be registered as a QROPS with HMRC. After that, you can request the transfer from UK pension scheme using this form: APSS263.
This form will give the UK pension scheme administrator information to transfer your pension to your SMSF.
How much does it cost to set up an SMSF to be QROPS compliant?
Our setup costs are $880 for an new SMSF with individual trustees and $1,760 if a corporate trustee to be used.
The costs cover the following:
How much does it cost to amend the SMSF existing trust deed to be QROPS compliant?
Our costs are $660 to amend your existing SMSF trust deed to be QROPS compliant.
It is an once-off payment that can be paid by your existing SMSF.
Our QROPs deed is specifically designed to meet all the requirements of HMRC.
How much does it cost to register the SMSF with HMRC as QROPS compliant superannuation fund?
If we apply for the QROPS registration for your SMSF, our costs are $660.
It is an once-off payment that can to be paid by your existing SMSF.
How long does it take to register my SMSF with HMRC?
It takes about 2-5 weeks. We will apply for the registration on behalf your SMSF and advise your immediately once the QROPS has been approved.
After that, you can organised the transfer of your UK pensions to your SMSF.
What is the reporting obligations for a QROPS complying SMSF?
In addition to all the reporting obligations in Australia, such as lodgement of tax return and audit, you also need to report the following to HMRC:
Within 30 days
Within 90 days
You also need to report to HMRC if there is any other overseas pension transferred to your SMSF within 91 days. Please note we can help you meet all the reporting requirements.
What forms should I use to fulfil the HRMC’s reporting requirements?
You can find out more about your reporting responsibilities in the Pensions Tax Manual. Go to www.hmrc.gov.uk/manuals/ptmanual/ptm112700.htm
Do I need to re-notify HRMC that my SMSF continues to meet the conditions to be a QROPS?
HMRC requires you to re-notify HMRC that your scheme continues to meet the conditions to be a QROPS. You must make the re-notification 5 years from the date of this letter and every 5 years thereafter. The first re-notification date for this scheme will be 19 April 2026. You can re-notify up to 6 months before each due date. If you don’t re-notify, your scheme will be excluded from being a QROPS. Please see HMRC’s re-notification guidance in the Pensions Tax Manual. Go to www.hmrc.gov.uk/manuals/ptmanual/ptm112600.htm
Will the transferred UK pension be taxed in Australia?
The transferred amount can be taxable in Australia. Please refer to this link for more information: QROPS Tax Advice
We provide full administration and taxation services for QROPS SMSFs and can help prepare all the required documents and reports to be lodged with HMRC.
Should you have any questions, please let us know and our QROPS specialists will help you with all your needs.