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Posted Thu, 24 Oct 2024 03:23:25 GMT by Stephen Smith
Hi there I have been resident in Australia since 2008,moving from the UK and intend to remain in Australia permanently. I transfered a UK Pension to an Australian QROPS Superannuation Fund in 2022. I turn 60 in November 2024 and have retired, meaning I will have reached my Preservation Age in Australia and will be eligible to access my Superannuation Funds tax-free. Please can you advise whether: 1. I can roll-over my QROPS fund in to another Australian non-QROPS Fund without incurring any UK Tax or penalties? 2. I can withdraw from my QROPS fund without incurring any UK Tax or penalties? Thank you for your help with this. Steve
Posted Wed, 30 Oct 2024 18:17:52 GMT by HMRC Admin 20 Response
Hi,
Since 6 April 2017, you need to have been resident outside the UK for 10 consecutive tax years before you can access a QROPS pension (before April 2017, the requirement was five consecutive tax years).
However, even if you satisfy the 10-year rule, you may still fall under UK tax rules if you withdraw from a QROPS within five years of switching from a UK-based pension.
You would need to check with the pension company re any roll over.
Thank you.
Posted Wed, 18 Dec 2024 02:25:31 GMT by Horatio3000 Palmer
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