Plum gets QROPS status
The Plum Superannuation Fund has received Qualifying Recognised Overseas Pension Scheme (QROPS) status, enabling it to accept transfers from UK pension funds without members incurring high tax penalties.
By transferring their super to Australia into a fund with QROPS status, fund members can avoid being taxed up to 55 per cent by the UK Government, according to Plum Financial Services managing director Mike Fitzsimons.
However, Fitzsimons cautioned that the contributions cap in Australia is set to drop from July 1, 2007, after which people with high balances could be limited in the amount they can transfer.
He said, nevertheless, that consolidating retirement savings into one Australian fund tax-free “benefits those seeking to withdraw super funds after 60 years of age under the Simplified Super changes”.
“There had been concerns over how the Australian Government’s Simplified Super changes would affect the transfer of pensions into QROPS registered funds.
“Now it would appear that our members will be able to bring over any super they have in a UK-registered pension scheme without being additionally taxed,” he said.
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