GESB qualifies for UK pension transfers
West Australian public sector superannuation fund GESB is now recognised as a qualifying recognised overseas pension scheme (QROPS) by Her Majesty’s Revenue and Customs in the United Kingdom, helping to facilitate the transfer of UK pension funds for GESB’s members.
Without the QROPS status, people who wanted to transfer pension funds out of the UK would face hefty tax charges.
Transferring pension funds from the UK can be complex, and members should seek financial and/or taxation advice from a qualified adviser, according to GESB general manager of wealth management Fabian Ross.
Members need to determine the eligibility of a UK fund to be transferred to a QROPS fund, and Australian and UK tax implications also need to be considered, he said.
Members of GESB’s defined benefit scheme, Gold State Super, will have their transfer paid to their existing West State Super or GESB Super account, or a new GESB Super account will be opened so their UK pension benefits can be transferred to GESB, Ross said.
About one tenth of West Australians were born in the UK, and about 10,000 UK migrants arrive in Western Australia each year — with many taking jobs in the public sector and becoming members of GESB, according to Ross.
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