How do I get a QROPS/HMRC Compliant SMSF Deed? (UK Pension Scheme)

Question

How do I get a QROPS/HMRC Compliant SMSF Deed? (UK Pension Scheme)

Answer

QROPS is known as "Qualifying Recognised Overseas Pension Scheme". It is an overseas pension scheme that is registered with Her Majesty's Revenue and Customs (HMRC) and can accept a transfer of UK pension funds to an Australian compliant superannuation fund under specific requirements.

In summary:

  • Specific clauses are required for the deed to be considered QROPS compliant.
  • QROPS provisions are not included in the standard SMSF Deed establishment service on the platform, nor is there a general option to establish or to vary your Deed as a QROPS compliant Fund. 

To establish a QROPS compliant SMSF Deed

Complete the "SMSF Deed of Establishment" service on the platform and add on Legal Review (Scoped) to your order. 

Note: Add your instructions into the notes section, which will appear once you've selected "Scoped". 

To vary an existing SMSF Deed to make it QROPS compliant

There are two ways you can achieve this: 

Option 1

Complete the "SMSF Deed of Variation" service on the platform and add on Legal Review (Scoped) to your order

Note:

      1. Add your instructions into the notes section, which will appear once you've selected "Scoped".
      2. By executing the SMSF Deed of Variation, the Fund will adopt a new set of governing rules. Refer to this article for further information. 

Option 2

Email legal@nowinfinity.com.au with a signed copy of your SMSF Deed and, if previously amended or varied, copies of those amending/variation deeds requesting for a QROPS variation. We will refer you across to our legal services provider for a quote on the service. 

 

 

 

 

 

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