Is there any special requirement for an Australian Super Fund to become a QROPS?
A. No. Q. As a complying regulated Superannuation fund satisfies the requirements of an “overseas pension scheme” if its primary purpose is to pay pensions and as there exists a Double Taxation Agreement that contains exchange of information and non-discrimination provisions between Australia and United Kingdom, Article 23 and 27 of the 2003 UK Convention refers, would a transfer to such a fund qualify as a recognised transfer? A. Yes, if the other QROPS requirements are met. The onus is on a scheme manager to satisfy himself that primary condition 2 in SI 2006/206 is met, but it is our understanding that an Australian complying regulated Superannuation fund will meet this condition. Australia does come within regulation 3(2)(c) in SI 2006/206.
Related Questions
- If the payment includes transferring funds to another Australian Super Fund, do we have to confirm that the receiving fund is also a QROPS?
- Regarding the adequate proportion of priority services requirement, does the AAA have to fund every service under Access?
- Is there any special requirement for an Australian Super Fund to become a QROPS?
