Navigator has snipped the red tape away from UK pension transfers, giving Australian residents with money in UK pension schemes quicker and easier transfer of their funds.
Navigator has snipped the red tape away from UK pension transfers, giving Australian residents with money in UK pension schemes quicker and easier transfer of their funds.
Navigator, part of Aviva Australia, is one of the first super providers internationally to register with UK regulators as a Qualifying Regulated Overseas Pension Scheme (QROPS), to allow UK pension plan members to transfer benefits overseas.
Most Australians who have worked in the UK or British people now living here with pension monies still in the UK will be able to transfer the funds easily into a Navigator superannuation plan from 1 October 2006.
Richard Harvey, group chief executive of Aviva, said: "We're well aware of the benefits this can mean for the millions of Australians who have worked in the UK, either before migrating or when visiting. As a leading Australian retirement solutions provider and the UK's top insurer, we have many customers who will benefit from this new development.
"Aviva has already had many enquiries about this facility and we expect hundreds of former UK residents to take advantage of the well-established links between Aviva Australia and its UK operations."
Mr Harvey, visiting Australia from Aviva's UK headquarters this month, said: "This is one of the benefits of being a global organisation. Aviva Australia has been able to work with our business in the UK to ensure we are one of the first businesses in the world to offer this flexibility.
"It's a terrific real-life example of a business working globally to offer a better solution for Aviva's customers.
"We are aware that some of these transfers can take a while to arrange. So, we are announcing this initiative now so that customers can commence the process with their UK pension provider to be ready for the October 1 launch."
Navigator, part of Aviva Australia, is one of the first super providers internationally to register with UK regulators as a Qualifying Regulated Overseas Pension Scheme (QROPS), to allow UK pension plan members to transfer benefits overseas.
Most Australians who have worked in the UK or British people now living here with pension monies still in the UK will be able to transfer the funds easily into a Navigator superannuation plan from 1 October 2006.
Richard Harvey, group chief executive of Aviva, said: "We're well aware of the benefits this can mean for the millions of Australians who have worked in the UK, either before migrating or when visiting. As a leading Australian retirement solutions provider and the UK's top insurer, we have many customers who will benefit from this new development.
"Aviva has already had many enquiries about this facility and we expect hundreds of former UK residents to take advantage of the well-established links between Aviva Australia and its UK operations."
Mr Harvey, visiting Australia from Aviva's UK headquarters this month, said: "This is one of the benefits of being a global organisation. Aviva Australia has been able to work with our business in the UK to ensure we are one of the first businesses in the world to offer this flexibility.
"It's a terrific real-life example of a business working globally to offer a better solution for Aviva's customers.
"We are aware that some of these transfers can take a while to arrange. So, we are announcing this initiative now so that customers can commence the process with their UK pension provider to be ready for the October 1 launch."
By registering as a QROPS, Aviva Australia has committed to a level of reporting to the UK authorities. While there are some regulatory requirements, Aviva believes that the impact of UK transfer requirements will be minimal for most people making these transfers.
As well as permanent migrants to Australia, substantial numbers of Australians have worked in the UK at some time during their career and could therefore have UK benefits that they can now bring into the Australian system with Navigator.
Pensions are an area where clients should get professional advice.
Any financial adviser who uses Navigator can access this QROPS facility for their clients.
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For further information, please contact:
Pensions are an area where clients should get professional advice.
Any financial adviser who uses Navigator can access this QROPS facility for their clients.
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For further information, please contact:
Simon Morgan
Group General Manager
Public Affairs
Group General Manager
Public Affairs
(03) 9829 8892
0407 966 632
Notes to editors:
Notes to editors:
- Aviva Australia is a group of two specialist financial services companies: Navigator and Norwich Union Life Australia Ltd. Portfolio Partners is the Australian funds management arm of Aviva plc. Through these companies we provide products and services in the areas of wealth creation and wealth protection for more than 300,000 customers throughout Australia.
- Globally, Aviva Australia is part of Aviva plc, the world's fifth largest insurance group, the largest insurer in the UK and one of the top five life companies in Europe. Aviva was formed in May 2000 through the global merger of CGU plc and Norwich Union plc.
- Aviva is a leading provider of life and pensions products to Europe and has substantial businesses elsewhere around the world. Its main activities are long-term savings, fund management and general insurance. It has premium income and investment sales from continuing operations of A$78.6 billion, and more than A$645 billion of assets under management (as at 7 July 2005). The group has more than 60,000 employees and 30 million customers worldwide.
- The information in this document reflects Navigator Australia Limited's ('Navigator') ABN 45 006 302 987 understanding of existing legislation, proposed legislation, rulings etc as at the date of issue. In some cases the information has been provided to us by third parties. While it is believed the information is accurate and reliable, this is not guaranteed in any way. The information given in this document is of a general nature and has not taken into account the investment objectives, financial situation or particular needs of any particular person and it is not a substitute for professional advice. A PDS is available from NULIS or your financial adviser. Applications to invest in investment product(s) through the investor directed portfolio service ("IDPS"), operated by Navigator, must be made by completing the application form attached to the applicable IDPS Guide Offer Document and Investment Allocation Authority. Before making an investment decision on the basis of the information above, a prospective investor needs to consider, with or without the assistance of a professional adviser whether the information is appropriate in the light of their particular investment needs, objectives and financial circumstances. Aviva does not receive any remuneration in relation to the provision of information available from this press release which is of a general nature only.