QROPS (Qualifying Recognised Overseas Pension Scheme) refers to a UK compliant pension Fund. There is a set of rules a local Superannuation Fund must adhere to in order to be recognised as a QROPS complaint Fund by the UK government.
If your Australian Superannuation Fund is placed on the QROPS list, there is no additional tax imposed on pension benefits transfers from UK to Australia. The transferred amount will however be regarded as a non-concessional contribution to the Fund and subject to certain contribution caps. Due to changes in UK pension law, on 6 April 2015 the UK government removed most Australian Superannuation Funds from the QROPS list because the rules in Australian law provide for access to pension savings before age 55.
We can set up a QROPS compliant SMSF for you. A QROPS Deed and Governing Rules will be issued on your request to meet the criteria of a QROPS transferable fund with specific customisation clauses to limit any lump sum drawdowns. Please note, in order to meet the QROPS requirements, the SMSF Members must be aged 55 and over. If you want to proceed to set up a QROPS compliant SMSF, please instruct us from the setup page. We have also included an article about recent changes in QROPS.Recent Changes in QROPS