The Commonwealth Bank-owned Avanteos and those who operate badged versions of the platform will now be able to process UK pension transfers after receiving approval from the British tax office yesterday.
Chris Stevens, Avanteos CEO, said its super fund has been registered as a Qualified Recognised Overseas Pension Scheme (QROPS) with UK pension authorities, and would therefore be able to accept the transfer of British pensions. The UK introduced stringent pension transfer rules in April this year to counter abuse of the system which had seen British tax-advantaged retirement funds released early in foreign countries. From April anyone wishing to relocate a UK pension fund could only transfer to a QROPS registered fund with heavy penalties applicable for those breaking the rules. Stevens said Avanteos has made numerous technical changes to its platform in order to handle UK pension transfers. “Allowing UK pension transfers was a direct result of feedback from our customers and advisers, and again confirms our commitment to continuing to invest in delivering high quality service and platform solutions for our customers,” Stevens said in a statement. Avanteos has $9.5 billion in funds under administration.
05/09/2006
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