Disclaimer
Information provided on this website is general in nature and does not constitute financial advice. Every effort has been made to ensure that the information provided is accurate. Individuals must not rely on this information to make a financial or investment decision. Before making any decision, we recommend you consult a financial adviser to take into account your particular investment objectives, financial situation and individual needs.
Update from PTD – 1st March 2016: Clients that requested a transfer but whose money was not received by BT – Non-Public Sector Funds
Update: Clients who requested a transfer but money was not received by BT – Non-public sector funds
The inability for Australian superannuation funds to continue to be recognised as QROPS following the changes that HMRC made in April 2015 has not been resolved.
Whether a resolution is achievable is still unknown and we do not believe that an outcome will be reached in the short-medium term.
The good news is a ‘Plan B’ does exist. Once you reach the age of 55, you could be eligible to transfer your non-public sector funds to Australia via a self-managed superannuation fund (SMSF). The viability of this option will depend on your individual circumstances.
Next Steps
If you are nearing or already 55 or over and have not discussed this option with us, please 
If you are under 55, you will need to retain your current pension/s until either;
- Australian Superannuation Schemes can meet the updated QROPS requirements.
This would require either changes to Australian Superannuation Law or for the Australian Superannuation Funds Industry to successfully argue that we do meet the updated QROPS requirements.
- HMRC grant an exemption for Australian Superannuation Schemes (in our opinion this is very unlikely).
- You reach age 55 and you establish a QROPS Approved SMSF.
As you are aware the QROPS issue has had a significant impact on the usual day-to-day activities of PTD and the Pension Transfers side of our business has now ceased operating.
What does this mean for you?
This does not effect in anyway our commitment to providing you with the support required to see your individual journey through to completion. We will continue to provide updates on the QROPS issue, as well as information on the available options and any ‘next steps’ you can make to maximise your position.
In order for this proposition to remain viable over the long-term, we advise that as of January 31st 2016 we have consolidated our support resources. For some it means a new point of contact and throughout January David Ford passed, with confidence, the details of his clients over to fellow PTD Director and working Partner of the past 12 years, Scott Noell.
As a director and adviser of FinSec Partners Pty Ltd, Scott and his team are extremely well positioned to provide you with the support, assistance and any advice requirements you have for the future.
You can speak with Scott directly on (08) 8357 7840 or via email scott.noell@finsecpartners.com.au.
Yours sincerely,
David Ford & Scott Noell
Directors – Pension Transfers Direct