NowInfinity has released a deed to assist UK pension holders to roll benefits into an SMSF and upgraded its pension documents.
NowInfinity has expanded its range of SMSF documents with the addition of a deed capable of handling United Kingdom pension transfers and updates to its commencement and payment package.
The Class-owned firm stated it has released a Recognised Overseas Pension Scheme (ROPS)-compliant SMSF deed that will allow these overseas pension plans governed by the UK tax authority to be transferred into a fund.
The deed, available for use with Australian residents aged 55 or older, removes the need for SMSF clients to seek a ROPS-specific document that has been subject to legal review and tailored for this purpose as the new offering will be compliant for ROPS transfer purposes.
NowInfinity also announced enhancements to its SMSF pension documentation with a more flexible commencement document package, which includes a pension agreement and product disclosure statement for both account-based pensions and transition-to-retirement income streams.
A new annual pension payment document package, which includes a member request letter, letter from the fund acknowledging the request and minutes, has also been released to help make the payment of annual pensions easier.
NowInfinity general manager Kate Anderson said one in four new SMSFs in Australia are established using one of its deeds and the updates highlight its place as leading service provider to the sector.
“Many Australians have lived and worked in the UK and it can be complicated to transfer UK pensions to Australia. NowInfinity is helping to simplify this process for our clients and their customers,” Anderson said.
“The addition of the ROPS-specific SMSF deed demonstrates NowInfinity’s ongoing commitment to provide legal documents and compliance solutions that drive productivity and empower financial professionals to better serve their clients.
“The enhancements [to the pension documents] further simplify solving our clients’ need for accessible and compliant documentation enabling NowInfinity clients to efficiently service their customers.”
