Do You Have A Pension Transfer To Australia Pending With The NHS?

Posted by Paul Davies on 25/09/15 14:58

The NHS have today made a highly significant announcement for anyone who started the pension transfer process to Australia, pre 6th April 2015, but have had their transfer on hold since HMRC removed Australian Superannuation Schemes from the Qualifying Recognised Overseas Pension Schemes (QROPS) List, on 1stJuly 2015.

If you are someone who’s NHS pension transfer to Australia has been put on hold, please read on.

Background

As you are aware the UK Government imposed a ban on transferring unfunded public sector pensions (including your NHS pension) with effect from 6th April 2015 – with the exception of those who started the process prior to 6th April 2015.

However, HMRC removed all Australian Superannuation Schemes from the (Q)ROPS list (aside from a local government scheme) with effect from 1st July 2015 – a course of action that prevented transfers to Australia, that were pending since 6th April 2015, to be completed.

Positive News from the NHS

The NHS pensions compliance department, have now verbally confirmed to Global QROPS, that the Department of Health have agreed that pending transfers can proceed to QROPS – providing the transfer is to a QROPS that currently appears on the HMRC QROPS list.

The NHS have further confirmed that a member, who applied to transfer to an Australian QROPS, before 6thApril 2015, can request to change the destination of the QROPS (to a QROPS on the list) to receive the transfer.

Important Advice Required

Global QROPS are UK advisers, authorised and regulated by the Financial Conduct Authority, that have the latest relevant UK permissions to advise on defined benefit pension transfers – such as transfers from the NHS Pension Scheme.

With many years’ experience, Global QROPS are also the UK’s leading experts in pension transfer advice for migrants and returning residents to Australia and, with Australian based licensed advisers, are perfectly placed to advise anyone who finds themselves in this situation.

The Next Steps

If you have a transfer pending with the NHS and are looking for guidance as what to do next, please contact us on +44(0)1372 724249 and one of our advisers can run through your options with you.