Pension Fund transfers to a QROPS scheme in Australia are treated as Non-Concessional Contributions under superannuation law in Australia. Under this law, you are entitled to transfer 6 times the Concessional Contribution cap EACH YEAR into your superannuation fund without incurring any penalty tax.
For the 2009/10 year this Concessional Contribution cap is $25,000 (under 65 years of age) therefore the Non-Concessional cap is per year is $150,000. Get the latest Non-Concessional rates.
If you are under 65 on the 1st of July, then you are able to ‘bring forward’ 2 years worth of Non-Concessional Contributions which effectively means you can transfer $450,000 without incurring the penalty tax, however this means you cannot subsequently transfer in those 2 years you brought forward.
If you transfer over these limits, then 46.5% tax is liable and must be paid from superannuation monies. To release these monies a release authority must be provided to the applicable superannuation fund, where they will have 30 days in which to release the funds.
If you between the ages of 65 and 74 you are able to contribute up to $150,000 annually if you meet the work test.
If you are 75 years or above you are not eligible to make Non-Concessional contributions. | 
