UK registered pension scheme account holders can now transfer their funds to the FSP Super Fund, avoiding large tax penalties.
"We have already had a great response for UK pension transfer requests and the potential appears to be quite substantial," said FSP Portfolio Services chief executive Robert Swil.
From April 6 most UK pension transfers to Australian superannuation funds are taxed at 40 per cent plus other penalties unless the Australian fund they are transferring to is a QROPS.
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FSP Portfolio Services includes the FSP Super Fund and the FSP Prestige Plus IDPS service that are each operated by subsidiary companies of FSP Group.
FSP Portfolio Services has over $900 million in funds under administration.
