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UK transfer amounts

UK transfer amounts invested in are subject to Australian preservation rules.

If you withdraw, rollover or commence a pension from your account, or any other account within the Fund, whilst your account, or any other account within the Fund includes a UK transfer amount, the amount described as a UK transfer amount will be reduced until it reaches nil.

As UK transfer amounts are deemed to be paid from the Fund first, your UK transfer amount will be reduced first, irrespective of when your UK transfer amount was invested, or from which account within the Fund you have withdrawn, rolled over or commenced a pension from.

We are required to report details to HMRC if:

  • you are withdrawing, rolling over, or commencing a pension and
  • you have a UK transfer amount and
  • you are considered a UK tax resident at any time in the current, or previous five, UK tax years.

If any of your accounts held within the Fund include a UK transfer amount we recommend you consult your adviser prior to accessing any part of your benefit in any of these accounts.

You may also have a personal obligation to declare certain UK transfer amount information to the UK Inland Revenue, who will determine any UK tax or charge relating to a UK transfer amount. You are personally liable for any UK tax or charge that relates to these amounts.