GESB and West State Super have joined the ranks of over 90 other super funds to be recognised as a qualifying recognised overseas pension scheme (QROPS).
The status will allow GESB, the largest WA-based super provider, to accept UK pension transfers.
Fabian Ross, general manager of wealth management at GESB said the recognition is good for GESB’s 320 000 members as around one in 10 of the WA population was born in the UK and a significant number end up working in the public sector and a member of GESB.
“GESB’s ability to accept UK pension transfers complements our range of super and retirement products and services, as well as the easy access we offer to financial education and advice services,” he said.
Ross has suggested for members to seek financial and/or taxation advice from a qualified adviser as the decision and the process to transfer from the UK can be complex.
To begin with, the UK pension fund rules must allow the transfer to a QROPS, the member must have no intention to return to work or to retire in the UK, and the UK pension fund must not have commenced paying a pension to the member.
101 superfunds, including GESB, AustSuper, Catholic Super and CitiChoice, provide the service to the 5.4 per cent of Australia’s total population born in the UK.
