UK Pension Transfers

Transferring UK Pension Funds to Australia

Whether you have recently migrated to Australia or have returned after previously working in the United Kingdom and have money in UK pension funds, we are able to assist you with  professional advice with regard to your retirement benefits in the UK and in Australia.

Whilst it may not always be appropriate to transfer your UK pension funds to Australia, it is essential to have up to date and comprehensive knowledge of the rules and regulations, so that you can make an informed decision based on your financial objectives, situation and needs.

We provide the insight and expertise in assisting British migrants and returning Australian citizens with their financial decisions relating to UK pension benefits.

Some of the potential benefits of transferring UK pensions to the Australian superannuation system include:

Tax Effective

When you reach the age of 60 in Australia, generally you can withdraw funds from your superannuation account, either as a lump sum or as income. Withdrawals from your superannuation will generally be exempt from tax, including any transferred UK pension benefits.  This represents a considerable reason to transfer given that if the benefit was retained in the UK, the pension payments would be taxed at your applicable UK marginal tax rate.

Consolidation

By transferring your UK pension benefits to Australia, your retirement benefits will be subject to only one set of pension and taxation legislation.

Death Benefits

In Australia, any benefits in your superannuation fund upon your death will be distributed to your nominated beneficiaries. If the benefit was retained in the UK, your nominated beneficiaries will receive either a diminished benefit or nothing.

Exchange rate risk

You will eliminate the long term currency risk by transferring your UK benefits to Australia.  It is impossible to estimate the future exchange rate making it difficult to budget for your retirement. 

Flexibility

In Australia, there is no requirement to purchase an annuity. Upon retirement, you have the flexibility to draw your benefits as either a pension income, lump sum or both.

 

 
 

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Any information or advice contained on this website is general in nature and has been prepared without taking into account your financial situation, objectives or needs. Before acting on any information or advice contained within this website, you should consider the appropriateness of it, having regard to your individual circumstances. You should also seek independent financial advice prior to acquiring a financial product.

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