UK Pension Transfer Advice
Providing advice on UK pension transfers is complex and requires expertise in multiple disciplines. To the extent that pension advice is required by a UK Financial Conduct Authority (FCA) licenced adviser, we partner with either Gorton Wealth Management (part of the SJP organisation) or Skybound Wealth. Both firms are licenced in the UK and are able to provide advice to holders of UK pension accounts.
In relation to the tax implications of transferring a UK pension to either an individual who is tax resident of Australia or to a QROPS compliant superannuation fund, this is the domain of our tax professional within Majenda Australia Pty Ltd. The advice we provide covers both the UK and Australian tax implications of making a transfer but does not extend to which financial product to use or anything which is outside the tax domain.
Once a client becomes tax resident of Australia and has made a decision to transfer their UK pension entitlements to a QROPS compliant fund in Australia, Majenda Financial Pty Ltd is able to provide personal advice as to which option is likely to best suit the client’s needs. The comparison is usually between whether to use a retail offering such as the Australian Expatriate Superannuation Fund (AESF) or whether to set up a Self Managed Superannuation Fund (SMSF) and go through the process of obtaining achieving compliance with the His Majesty’s Customs & Revenue (HRMC) organisation in the UK.
Majenda Australia and Majenda Financial are not licenced in the UK, but instead we use the UK partner firms to provide any advice that is required by an FCA regulated adviser.
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