New QROPS list released - Not good news for Australia

July 2015
Regulatory & Governance
Superannuation Trustees

The new list of Recognised Overseas Pension Schemes was released by HM Revenue & Customs on 1 July and there is only one Australian fund on the list - Local Government Superannuation Scheme.

We do not know why this fund remains on the list, but it is important to point out that being on the list does not mean a fund has been "approved" by the UK authorities. It is the responsibility of the person who is transferring to satisfy themselves that the receiving fund is a qualifying fund.

Negotiations are continuing, but Australian funds will be taking on significant risks if they process transfers in the meantime. Transfers to non-compliant funds risk a transfer penalty of up to 55% and affected members could seek compensation from funds who represented themselves as Recognised Overseas Pension Schemes when they were not.

To see the list, click here.

Subscribe for news alerts

Sign up for informative emails and blog posts.