For SMSF trust deeds, or SMSF QROPS trust deeds (to receive UK pension money), or deeds to amend you existing SMSF so it can be a QROPS, or other such documentation click on the relevant coloured button. For other types of advice and documentation see below.
Advice/documents
Type
Fee
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ADVICE ABOUT INTENTIONALLY EXCEEDING THE NON-CONCESSIONAL CONTRIBUTION CAP
A transfer of UK pension money into an Australian QROPS is subject to the non-concessional contribution cap (it is not treated as a rollover). These days, as part of a transfer plan there is often no alternative but to consider exceeding the cap, but there are complications if the ATO's release authority (releasing the excess to you) has to be paid from the incoming UK pension money. My advice can show how this can be done, including any necessary reporting to HMRC or the ATO.
I can provide flowcharts and step by step guides.
Intentionally exceeding the non-concessional contributions cap
This is advice specific to your particular circumstances.
Depends on the degree of advice required and the your particular circumstances.
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APPLICABLE FUND EARNINGS
Experience has shown that asking for a private binding ruling from the ATO can produce inconsistent and incorrect results.
Instead, fully argued legal advice about the correct manner of calculation and a calculation of the AFE, is a good alternative. A calculation of AFE is needed for transfers of UK pension money to a QROPS. It is also needed if a pension commencement lump sum is taken from a UK fund (either by itself or when starting a pension from the fund) because although this is UK tax free it is subject to tax in Australia if taken more than 6 months after the member became tax resident. I do not do such calculations for defined contribution (money purchase) schemes.
Applicable Fund Earnings (in defined benefit schemes)
Bespoke for each client
Depends on the type of UK pension scheme, the detail required and the complexity of your circumstances.
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WITHDRAWING AND TRANSFERRING
There will always come a time when you need to start a pension with the UK sourced pension money in your qrops. When is it safe to do so? The importance of drawdown in UK terms. How can the money be put into drawdown in UK terms? When can it be transferred to another fund without penalty from the UK?
Care needs to be taken but I can advise on all these matters and provide reassurance that you are doing things correctly, and that you are making the correct reports to HMRC.
Withdrawing and transferring
Bespoke for each client
Depends on complexity of the issues, and the number of possible permutations.
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FLEXI-ACCESS DRAWDOWN REQUEST FORM (includes a FLEXI-ACCESS STATEMENT) AND GUIDE
This enables you to arrange drawdown properly for UK sourced pension money in your fund (the licence is for one SMSF fund only). The accompanying guide explains why drawdown is necessary for all UK sourced pension money as soon as it arrives in the fund and explains how this can be done.
Flexi-access drawdown document and guidance explaining how to use it and its purpose
Only for use by one SMSF fund
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INVESTING IN TAXABLE PROPERTY
UK sourced pension money cannot be used to make certain investments without incurring a heavy penalty under UK law - for example residential property and certain tangible assets. However, there are two loopholes which may make this possible depending on your, and your fund's, circumstances. It would not be wise to try to rely on such a loophole without obtaining legal advice first.
Investing in taxable property
Despoke for each client
Depends on the complexities involved.
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THE PRIORITY RULES
From 6 April 2018 (but backdated in most cases to 6 April 2017) the priority rules* are capable of causing havoc in transactions where a member has transferred UK sourced pension money both before 9 March 2017 and after that date. In this paper I set out the rules, and guide the reader through them with a number of practical scenarios which might occur in everyday situations. The paper concludes that it is prudent always to have UK sourced pension money in "drawdown" at all times (provided of course the client is aged 55 or over).
*
Contained in The Pension Schemes (Application of UK Provisions to Relevant Non-UK Schemes) Regulations 2006, as amended.
The priority rules an occasional paper explaining what they do and what to do about them
For general use
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MIXING, TRACKING AND DOCUMENTING
It is not widely known that if UK pension money in drawdown is transferred to a QROPS it must be transferred into an arrangement under which no other sums or assets are held, otherwise it will be an unauthorised payment and subject to UK penalties. Such UK money can easily be in drawdown, where for example the member has taken a pension commencement lump sum. I can advise what the rule means and what needs to be done to ensure that this trap is not fallen into. I can also advise on whether UK pension money can be mixed with other money in the fund and what should be done on a practical level to help with the reporting obligations.
Mixing, tracking and documenting UK sourced pension money
For general use
Depends on the degree of advice required and the nature of the fund relying on the advice.
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Non-solicitors Jeremy Gordon is an Australian and UK barrister who accepts instructions directly from the public and from APRA regulated super funds.
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Advice on both Australian and UK law:
Jeremy Gordon, a barrister in both jurisdictions.
Work is regulated by the Bar's rules and code of conduct (under the Legal Profession Act in Australia or Bar Standards Board in UK) and is fully insured.
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