PTS Sterling specialise in transferring UK pensions to Australia and have established an industry-leading reputation for seamless UK pension transfers to ROPS superannuation funds. The PTS Sterling team has a wide range of specialists including UK migrants with experience and relevant qualifications from the UK financial planning and pensions industry. In addition, we have dedicated worldwide partners that are able to provide regulated financial advice in conjunction with our transfer service should it be required.
Additionally, PTS Sterling assist UK migrants and Australians who have worked in the UK increase their income in retirement by making additional National Insurance contributions to maximise their benefits to the UK State Pension. You can find more information on our UK State Pension Service here.
Will has 15 years industry experience working in both consultant and technical positions. Prior to becoming a qualified Financial Planner in Australia, Will worked as a pensions consultant in the UK gaining Advanced Diploma qualifications whilst working there. He has also attained an Advanced Diploma in Financial Planning and has completed the FASEA Financial Adviser Ethics Exam.
At McKinley Plowman, Will has progressed over the years from our UK Pensions Division all the way through to senior Financial Adviser and now Associate Director within the Wealth team – amassing invaluable experience and knowledge along the way.
Will is a keen cyclist and occasional triathlete that loves going out and socialising with friends.
Will is an Authorised Representative of Fortnum Private Wealth Ltd.
Jess has over 10 years of experience in the financial services industry, having previously worked as a financial adviser and client service manager for several institutions prior to joining MP Financial Planning and Pension Transfer Specialists. Jess holds a Bachelor of Commerce from Curtin University and an Advanced Diploma of Financial Planning.
Jess is accredited to provide a broad range of financial planning advice with specialist skills and experience in Retirement Planning, Self-Managed Superannuation and QROPs advice for UK Pension transfers. With these qualifications and experience she is well equipped to help clients achieve their financial goals.
Outside of the office, you’ll find Jess spending time with her family, travelling, keeping active, and of course enjoying good food and wine when she can!
Jess is an Authorised Representative of Fortnum Private Wealth Ltd.
Nick has been in the financial services industry since 2008 as a financial adviser, and has completed a Master of Financial Planning (MFinPlan) and Advanced Diploma of Financial Services (Financial Planning) with specialist accreditations including Margin Lending and Self-Managed Super Funds.
Nick is passionate about helping individuals and families to create, grow and protect wealth so that they can focus on enjoying the things in life that are most important to them – and finds nothing more satisfying in his work than seeing clients achieve their goals – whether that’s a particular lifestyle goal, a comfortable retirement or going from financially distress to financial comfort.
Outside of work, Nick is all about family time with his wife and two young boys. Camping, four-wheel driving, Auskick coaching, surfing, swimming, and watching his beloved Manchester United.
Nick is an Authorised Representative of Fortnum Private Wealth Ltd.
UK Pensions Administrator
UK Pensions Administrator
Jacqui has worked in the PTS team since 2018 as a client services officer, off the back of several years’ administration experience in the UK across a range of industries. Jacqui is the Pensions team’s first point of contact for clients, and prides herself on being able to efficiently and effectively assist with queries people may have about UK Pensions.
Jacqui enjoys meeting clients (especially speaking to fellow ex-pats!) and helping them make the most of their UK Pensions to reap the rewards in retirement. When she’s not in the office working hard, Jacqui loves her morning walks along the beach on the weekends, socialising with friends and reading.
Our Customer Services Team:
We have a dedicated team at PTS Sterling based both in our Joondalup and Sydney offices that will provide you with the highest degree of care and professionalism.
The customer services team specialise in co-ordinating and managing every step of your pension transfer to ensure the recommended advice is implemented appropriately, necessary UK deadlines are met and that all your personal information is treated securely and with integrity.
Have you lived or worked in the UK? Need help with UK pension transfers to Australia? Please find below answers to some common questions. For further information, please download our free Pension Transfer Ebook.
What is a transfer value?
UK defined benefit schemes use an actuary to calculate your UK pension transfer. They convert the amount of pension you have accrued into a cash equivalent UK pension transfer value. UK defined contribution schemes, such as a personal pension, use the current value of your investment funds accrued as your UK pension transfer value. In both cases, the UK pension transfer is full and final settlement of the benefits you have accrued within the scheme and releases the scheme of all liability for your membership.
Is the transfer value amount guaranteed?
UK defined benefit schemes are based on complex formulas, as such transfer values are guaranteed for a period of 3 months from the date of calculation. As there are a number of steps involved with transferring a defined benefit scheme, such as obtaining UK financial advice. It is therefore important that you contact us as soon as practical if you have already received a transfer value.
UK defined contribution schemes use the current value of your investment funds and therefore the final transfer value will depend on the value of the underlying funds when they are transferred.
What if my 3-month transfer deadline has passed?
In limited circumstances, your UK scheme may provide a subsequent Cash Equivalent Transfer Value (CETV) at no charge. However, more often, your scheme may charge an additional fee (sometimes at an hourly rate) to recalculate the transfer value which will almost certainly be different to the original value quoted.
Some UK schemes may not permit the transfer to proceed until 12 months after the transfer was originally requested – effectively delaying the transfer for a year.
For these reasons, if you have received transfer value from your UK scheme, we recommend speaking with one of our specialists as soon as possible.
Are there any restrictions on where I can transfer my funds?
In order to protect members, UK Pension Transfers can only be made to an approved scheme. Approval for schemes is made by HMRC and receiving schemes need to prove they meet certain requirements. Once this has been done schemes are given Recognised Overseas Pension Scheme (ROPS) status. Currently, due to Australian Superannuation rules there are a very limited number of ROPS schemes available to transfer your funds to.
How is UK pension income from UK treated in Australia?
Any income you receive from the UK in retirement would be subjected to continuously fluctuating exchange rates. If you draw the pension and lump sum from the UK it will be added to your earned income and taxed at your highest marginal rate. This income will also be included in the test that determines how much Age Pension you receive from CentreLink.
In the event of my death what happens to my UK fund?
If you were to pass whilst your benefits remain in the UK, the amount payable to a spouse or dependent would depend on the rules of the scheme. In general, a scheme would pay a spouses pension equivalent to 50% of your original benefit. In addition, a refund of the contributions you made to the scheme would be payable if you passed away before retirement. Some more generous schemes allow the spouses pension to be payable to dependent children but it would generally cease to be payable after they reach the age of 21.
UK defined contribution schemes would generally pay the value of your underlying investments to your nominated dependents.
What happens if I were to pass away and my money is invested in an Australian superannuation?
The entire investment fund can be paid either as a lump sum or income to your dependants. Death benefit lump sum or pension payments to a spouse or dependent child are tax free. However, once a child is no longer deemed a dependant then there may be some tax payable on the benefits they receive from the super fund.
Is there a limit on how much can be transferred to a superannuation fund?
Yes, part of your transfer from the UK is deemed to be a contribution and part is classed as applicable fund earnings (AFE). The level of AFE applicable to your transfer value and the contribution caps you have available will determine how much can be transferred in a single financial year. For larger transfers, it is often necessary to stage the transfer of your funds over multiple financial years.
Once my UK Pension has been transferred to a QROPS fund must it remain there?
Yes, UK regulation requires that your funds are held in QROPS fund for a number of years, depending on your situation. During this time if you were to transfer your funds to a non-QROPS superannuation fund your balance would be potentially subject to a 55% tax charge.
How long can a pension transfer take?
Transfers do take time and whilst Sterling PTS will act diligently to complete any transfer request, we can’t guarantee any timescale for the completion of your transfer due to being reliant on a number of third parties. However, our current experience suggests that a transfer may be finalised within 6 months from the completion of the initial paperwork.