Overseas pension contribution

[UKContractorInOz]

I have been running a small company and contracting in the UK for a number of years, but have recently moved to Australia. I am still withdrawing a salary from my UK company as I have not started working in Australia yet.


I am interested in contributing to a pension fund and am wondering if I can make a company contribution to my Australian pension fund (which is a QROPS)?



I would also like to know the total amount I can contribute to a pension?

Is this figure affected by how much salary I take per year?

[Martin at NixonWilliams]

It is possible to make contributions to an overseas scheme and obtain tax relief however this is generally only when you are working from the UK.

It is also possible to transfer your scheme to Australia if you intend to live there long term.

You should ask your final two questions of the Australian authoritites really however, from a UK perspective, broadly speaking:

- You can contribute up to £50,000 per year (£40,000 from April).

- The relief given on personal contributions is restricted by the amount of salary paid, whereas company contributions are not.

I would suggest that you speak with an Australian accountant to make sure you get this right.

I hope this helps.

Martin