Perpetual platform gets UK pensions green light
Perpetual has received a major boost in terms of dealing with offshore pensions following the endorsement of its WealthFocus administration platform by the UK pensions regulator.
The UK regulator, Revenue and Customs, has recognised the platform as a Qualifying Registered Overseas Pension Scheme (QROPS).
The relevant UK legislation allows pensions to be released to non-UK pension schemes and also allows UK pension benefits to avoid a 40 per cent tax impost when being transferred to a QROPS.
According to Perpetual, its WealthFocus Super Plan and WealthFocus Pension Plan options received QROPS registration earlier this year.
Commenting on the endorsement, Perpetual chief operating officer Eric Want said the QROPS registration enabled Perpetual to deliver greater certainty to new Australian residents wishing to repatriate their UK pension entitlements.
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