The Australian subsidiary of STM Group, My Options Superannuation, has rolled out a service for Australian residents with UK pension savings.
The My Options Super Administration and Qrops Information Service will help with the establishment and administration of self-managed superannuation funds (SMSFs), which require qualifying recognised overseas pension scheme (Qrops) status to accept UK pension monies.
STM said the move follows HM Revenue & Customs’ (HMRC) decision to remove all Australian retail superannuation schemes from its Rops list.
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 Australian Taxation Office (ATO) and HMRC respectively.
“With 1.8 million 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.”
Christine Hallett, STM Group business development director, 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 newly unveiled service will be available to people over the age of 55.
If clients are transferring from an STM Group scheme into the My Options SMSF, they will not incur any exit fees.