Superannuation Recall Consultants -

FAQs

SMSF/DIY Super Questions

What is a DIY super fund?
A DIY fund is a simplified term for a Self-Managed Superannuation Fund (SMSF) which is run by you for you.

Who can have a DIY fund?
Just about anybody is the simple answer, you do not need to be a business owner nor have large sums of money to open a DIY fund.

What are the advantages of managing my own fund?
Basically -

• Control – You choose how your assets are invested.
• Your money in your bank account.
• Flexibility to take your super from employer to employer.
• Tax and cost savings.

Can I access my super for reasons other than investments?
The purpose of superannuation is to grow wealth for your retirement. However there are provisions for early release of funds for reasons such as hardship, ill-health and compassionate grounds i.e. where a member does not have the financial capacity to meet an expense (ATO conditions apply).

Can I use any bank?
The choice of banking institution is entirely up to you.

Can I choose which fund my employer pays my super into?
Yes, the super choice legislation allows most Australians to instruct their employer to pay their superannuation contributions into their self-managed super fund.

How much money do I need to start a self-managed fund?
There is no legislation that specifies a minimum amount.

How many members can there be?
Minimum 1 and up to four members. They do not need to be related.

Can my self-managed fund be of help if I were to fall ill?
Yes, a SMSF allows you access to a range of benefit options in times of sickness and ill health.

Can I pay myself a pension before I retire at age 65 and remain working?
From the age of 55, members of a DIY fund born before 1 July 1960 have the unique ability to access their superannuation as a pension whilst still working. (Transition to retirement)

What happens to my fund’s assets when I die?
The trust deeds we supply to the fund has provision for this and allows you to look after your family when a member dies by being able to provide lump sum payments or income streams to a members spouse, children or grandchildren.

Can I split my super with my spouse?
Yes. It is possible for a member to split their benefits with their spouse. Spouse includes a de facto spouse under the superannuation laws.

UK Pension Transfer Questions

How long will the transfer take to complete?
The transfer of UK pension funds can take from 8 to 20 weeks to complete.  However, there are several factors that could greatly affect the timing process.  The transfers of personal pensions are usually considerably quicker than the transfer of company pensions. If the information you provide us is inaccurate, it will inevitably slow the transfer process.

Why choose Superannuation Recall Consultants to facilitate my UK Pension Transfer?
We are a highly respected, long standing firm of administrators.

• Full preparation of transfer documents
• Qualified staff in Australia
• 100% success rate
• Dedicated to customer service
• Regular updates on the process of your transfer
• A low cost administration service is available if required

Why would I choose a self-managed super fund to transfer my pension into?
There are a number of reasons why you should consider a self-managed super fund:

• Total control
• Choose your own investments
• Monies in a bank of your choice
• You can have up to four members
• No out of pocket expenses as all fees can be deducted from your super fund and be claimed as a tax deduction
• Take your super from employer to employer

What will Superannuation Recall Consultants do for me?
We do everything required to ensure your transfer is legal and complies with both the ATO and HMRC, including:

• Fund ABN number
• Fund Tax File Number
• Two sets of trust deeds (prepared by our lawyer)
• ATO Fund Regulation Certificate
• Consent and resolution of trustees
• QROPS status with HMRC
• UK pension forecast
• Nominated beneficiaries

Do I have to be a resident of Australia?
Yes.  This can be temporary or permanent.  Our UK pension transfer service does not include specific advice or recommendations in relation to whether or not you should transfer your UK pension fund(s) to Australia.  We simply arrange, administer and facilitate the transfer of your UK pension benefits to a QROPS scheme in Australia.

What if I leave my pension in the UK?
You will be subject to tax on the annual growth of the fund.  At retirement you can take a restricted lump sum payment, but it will be subject to Australian tax, and the balance converted to an annuity, also subject to Australian tax. At death, you may lose the balance to the UK government due to no nominated beneficiaries.

What if I already have a SMSF?
We can apply for your SMSF to have QROPS status here in Australia and transfer your funds into it.