UK Pension Transfers

Should I combine my pensions for a simpler retirement?

How long have you been in Australia? How many UK Pensions do you have? Have you been receiving regular updates on your investments?

Are your pension statements filed away until retirement?  Did you know that the administrator or personal pension who was looking after your pension when you migrated, may not be the same administrator or insurance company who is currently looking after your pension.  Did you know that upon retirement the onus is on you to provide evidence of your membership!

It’s  very important to get regular updates from the UK and keep in regular contact with any updates in your circumstances or personal details.  They will always contact you via your last known address on their records.  They may not even notify you when they change administrator.

As you may be aware if you are under 55 then you are unable to transfer these funds to Australia.    However you still have options, especially if  consolidation is a key priority for you.

Imagine all of your UK funds in one place, with one logon, one password and one adviser, who is based here in Australia.

Our financial advisers can recommend the right product for your UK Pensions consolidation.  You also can choose to hold your funds in GBP or AUD, You can also invest in a range of Australian portfolios while you wait until you can roll the funds over to an Australia QROPS at age 55.

If you are over 55, consolidation prior to transferring might be your only option, with the reduction in contribution caps from July 2017 it is important to consider the caps prior to transferring and by consolidating the funds it is easier to move each tranche without worrying that the funds are coming from several source at different times and the remaining funds can be managed until the tax year of transfer.

PTS are always happy to investigate all of your options.  Call the PTS on 08 9233 9269 or email pensions@ptspecialists.com.au

Our initial investigations are provided free of charge and are provided to update you with information and current options for your UK Pension Benefits.