Supplying QROPS Advice to Anyone Migrating To Australia

Posted: 18 November 2009
When supplying Qualifying Recognised Overseas Pension Scheme (QROPS) advice to anybody migrating to Australia, QROPS advisers need to take on board that the merits of whether to transfer a UK pension plan out of the UK to another country are in the balance. There are many issues to be taken into consideration. Whereas consideration of whether to transfer a UK pension scheme to another UK pension scheme carries taking a view on such matters as whether Scheme A will outperform Scheme B or whether one scheme has superior paying benefits to another, a transfer to an overseas QROPS scheme takes you literally into “another world”. 
As far as Australia is concerned the secret is to look not just at the merits of a transfer of a scheme to an Australian QROPS, to leave in situ, to modify, or to transfer to another jurisdiction that offers a QROPS, but to consider the merits of the Means Test. The advice fundamentals demand that you must look at seemingly non-connected QROPS issues and beyond.  Individual product performance of a QROPS is only one aspect but what about those peripherals which can be absolutely pivotal in any decision making process?
Any advisor worth their salt will be well versed in QROPS advice solutions. Clearly this subject is complex as no transfer value analysis will allow a formula to be applied, which factors in the value or consideration of the likes of the Pension Concession Card. This vital part of pension planning in Australia which migrants will be subject to is dependent upon should you become a resident for one as there are differences to rules/benefits in each State and Territory and they will vary between local councils. Hence the need that any QROPS advisor will have to consider many aspects of the advice they are supplying.
If you would like further information on how QROPS financial planning will be of benefit you, please do not hesitate to  contact one of our specialist QROPS Advisers on 01483 202072.


Back to news

Previous posts