Macquarie and OzForex to speed up UK pensions transfers
At the same time as debate rages in the UK financial services sector about offshore pension fund transfers, Macquarie Adviser Services and OzForex have entered into a joint arrangement aimed at streamlining the process of transferring pension funds to Australia.
According to OzForex chief executive Neil Helm, the arrangement will speed up the process of transferring pensions from the UK by as much as nine weeks. However, the arrangement comes at the same time as planners in the UK are suggesting that the British Government intends changing its attitude to pension schemes in a number of countries after some schemes in Singapore lost their so-called Qualifying Recognised Overseas Pension Scheme (QROPS) status.
Commenting on the new arrangements, Macquarie Adviser Services head of product and technology Tony Graham said the efficiencies offered by OzForex was a significant value-add for advisers who were looking to transfer their clients’ UK pensions to Australia.
He said Macquarie Adviser Services had received QROPS recognition in May 2007, and this allowed it to receive funds when an individual wished to transfer a UK pension fund into an Australian superannuation fund.
Graham said that many advisers also had clients who had emigrated from the UK to Australia and who wanted to take advantage of Australia’s more favourable superannuation legislation by transferring their pensions here.
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