Log in or register
Share on LinkedInShare on LinkedIn

ARTICLE · 29 JULY 2015

UK pension transfer changes - implications in Australia

Moore Australia
Explore more from Moore Australia

If Australian super funds are not also registered QROPS funds, UK pension transfers could carry up to a 55% transfer tax.

AustraliaFinance and Banking
Jamie Arnott
Jamie Arnott
Author LinkedIn connections

Effective Date: 6 April 2015

All Australian super funds that are also a Qualifying Registered Overseas Pension Scheme (QROPS) must satisfy new requirements including:

  • Broadly restricting members aged under 55 from accessing benefits transferred to a QROPS, unless the member satisfies the ill-health condition as defined under UK law.

Should a fund wish to maintain QROPS compliant it must notify Her Majesty's Revenue & Customs (HMRC) that it can meet the UK pension age test requirement in one of two ways:-

  • State that Australian law prevents payments to members under age 55 unless the member is retiring due to ill health (as defined under UK law); or
  • If Australian law does allow such payments that the fund has rules in place to prevent such payments.

We operate a free-to-view policy, asking only that you register in order to read all of our content. Please login or register to view the rest of this article.

Register for freeORLog in

Related Articles

Legal Intelligence Newsletters: sign up for the latest legal and regulatory news on your chosen topics

Read more about

Related Comparative Guides

See more popular content from

Article

Australia's Enhanced Substantial Holding Disclosure And Beneficial Ownership Disclosure Regime Comes Into Effect From 4 December

Australian financial markets face a fundamental shift in disclosure requirements from December 2026, as new rules expand substantial holding obligations beyond traditional voting interests to capture derivative positions and economic exposure. Market participants must now navigate complex calculations involving physically settleable derivatives, cash-settled instruments, and offsetting short positions—with no grandfathering for existing holdings.
AustraliaFinance and Banking
K&L Gates
K&L Gates
Article

New Payment Models Face A Broader Licensing Regime

Australia's payment services landscape is undergoing a fundamental regulatory transformation with the introduction of new legislation that shifts focus from specific technologies to the functions and activities performed by payment service providers. The Treasury Laws Amendment Bill 2026 will replace the existing non-cash payment facility framework with a comprehensive licensing regime that distinguishes between payment products and payment services, potentially capturing previously unregulated payment
AustraliaFinance and Banking
McCabes
McCabes
Article

Australia's Updated Financial Innovation Strategy

The Australian Government has unveiled its Financial Innovation Strategy, introducing a new Financial Innovation Committee and overhauling the Enhanced Regulatory Sandbox framework to better support emerging businesses testing innovative financial products. The strategy encompasses reforms across consumer data rights, digital assets, tokenised infrastructure, and regulatory frameworks designed to position Australia as a leader in financial innovation.
AustraliaFinance and Banking
K&L Gates
K&L Gates