Kate Anderson
Leading cloud-based corporate compliance and legal document provider NowInfinity has introduced a Recognised Overseas Pension Scheme (ROPS) compliant SMSF Deed, expanding its comprehensive legal document suite for financial professionals.
ROPS are a type of overseas pension plan recognised by Her Majesty’s Revenue and Customs (HMRC) in the UK. The new SMSF Deed assists financial professionals with clients who are Australian residents and aged 55 years or older, to transfer their UK pension into an Australian SMSF.
Previously, obtaining a ROPS-specific deed required legal review so the trust deed could be tailored for this purpose, adding time and cost. Now, financial professionals can access the compliant SMSF Deed directly via NowInfinity, simplifying the process.
NowInfinity’s General Manager Kate Anderson commented: “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.”
This release is complimented by significant enhancements to NowInfinity’s SMSF pension documentation, offering:
- a more flexible pension commencement document package (which includes a pension agreement and product disclosure statement) for both Account-Based Pensions (ABP) and Transition to Retirement Income Streams (TRIS), and
- Aa new annual pension payment document package (which includes documents such as the member request letter, letter from the fund acknowledging the request, minutes etc) to streamline the management of annual pension payments.
“These enhancements further simplify solving our client’s need for accessible and compliant documentation enabling NowInfinity clients to efficiently service their customers,” said Anderson.
With one in four new SMSFs in Australia established using NowInfinity’s SMSF Deed, these updates reinforce its position as a leading provider of SMSF documentation – ensuring compliance, flexibility and ease of use for professionals managing SMSFs.
“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,” said Anderson.