Simple Transaction into GBP portfolio within Superannuation
John is an electrician who had recently migrated to Australia. During the first appointment with an Australian Adviser, he indicated that had a private UK pension fund of approximately GBP 66,000 but needed a super fund quickly that could both accept his employer contributions (for a job he was about to start), as well as his pension funds. John didn’t want a UK Pension Transfer Analysis report as he had decided already that he wanted to transfer his pension to superannuation, but he did elect to invest his pension funds into a GBP portfolio. We prepared a Statement of Advice (SOA) immediately, established a super fund within a few days of the meeting, and forwarded the paperwork to his employer on John’s behalf so that the employer could direct the payments immediately to his super fund of choice. As John started his new job, we obtained an up to date valuation of his UK pension fund and arranged all the transfer paperwork for him. On their arrival into the super fund, we invested his UK pension funds into a GBP portfolio, while investing his employer contributions into an Australian portfolio. John applied for life insurance and total and permanent disability insurance within his super and income protection personally. He also engaged the recommended accountant to prepare his tax returns.