Australian-based subsidiary of STM Group, My Options Superannuation, has launched a new service aimed at Australian residents with UK pension savings.
In a statement on 2 February, it said the My Options Super Administration and QROPS Information Service was created following HMRC's decision to remove all Australian retail superannuation schemes from the ROPS list.
The My Options Super team, with support from STM Group's product development specialists, worked closely with Australian legal and administration professionals to develop a service for the establishment and administration of Self-Managed Superannuation Funds (‘SMSF') requiring Qualifying Recognised Overseas Pension Scheme (‘QROPS') status in order to accept UK pension monies.
The My Options Super service provides support with establishing an SMSF and making the necessary notifications to HMRC associated with QROPS status, as well as ongoing administration services (including Australian Tax Office reporting and audit services) and specialist QROPS support throughout the life of the SMSF.
Stuart Denness, managing director of My Options Super,said: "Since moving to Australia I've been overwhelmed by the demand from financial services professionals for a service to support their clients interested in establishing an SMSF to receive a transfer of UK pension savings.
"Over the last five years I have seen various rule changes that advisers need to keep up to date with from the ATO and HMRC respectively.
"With 1.8million UK expats already in Australia, plus returning Australian nationals, and not forgetting the pre-Covid number of circa 60,000 UK nationals emigrating every year, there is likely to be significant interest in how these individuals want to manage the UK pensions left behind.
"We're looking forward to working with Australian licensed advisers."
Denness added that a critical part of the service is a new dedicated portal which is accessed via the My Options Super website - myoptionssuper.com.au - through which financial advisers can submit applications and obtain up to date investment information for the SMSF.
STM Group business development director Christine Hallett added: "This is a significant launch for the Group and cements our ability as part of our Options brand to deliver the complete solution to advisers who have Australian resident clients with UK pension monies, the team have worked incredibly hard to get this delivered we are delighted to be able to deliver this solution for our connections and their clients."
The My Options SMSF is available to individuals over age 55 and therefore will provide a final destination for Australian residents wishing to bring their UK retirement funds into their country of residence.
As part of the STM Group policy for inter group client transfers, any transfers from a pension product offered by the wider STM Group into the My Options SMSF will not incur any exit fees.
The SMSF is a well-known Australian retirement solution which offers clients a high level of control, investment choice and flexibility. SMSFs have been a popular option for Australian residents to facilitate the transfer of UK monies into Australia.
