UK Pension Transfers

Pension Transfer Specialists assist UK migrants and returning expats to transfer their UK pensions to Australia.

Which funds can be transferred?

Provided you meet the required criteria almost all personal and company pension funds, including deferred benefits, AVCs and preserved benefits, can be made as a UK pension transfer to Australia as long as:

  • The funds haven’t started paying you an annual pension or annuity

Rules have recently changed in the UK which prevents unfunded public sector pension schemes from being transferred out of the UK. This ban will inhibit Teachers, Police, doctors, nurses and other public sector employees from transferring their pensions to Australia.

Changes brought about by the Pension Act 2015 complicated the transfer process further with the introduction of UK independent financial advice.  This Act also brought about a dramatic change in the eligibility of Australian Superfund’s, as a result we saw the number of eligible schemes reduced in 2015.

We cannot transfer the UK State Pension, but we can assist in enhancing your entitlement by additional voluntary contributions.

ROPS

All pension funds must be transferred to a  Recognised Overseas Pension scheme  which is approved by Her Majesty’s Revenue and Customs (HMRC).

Why transfer?

The importance of regularly reviewing your retirement strategy should not be underestimated and whilst living in Australia you may find it difficult to review and manage your UK pensions.

You may be paying high pension charges and your funds may not be invested according to your requirements. By consolidating your pension benefits in you will be able to:

  • reduce your costs
  • have an investment strategy that is appropriate to your retirement objectives
  • reduce tax in retirement
  • eliminate currency risks
  • increase flexibility in how you draw your pension
  • enhance your death benefits
  • eliminate risks of a changes to UK tax law and pension legislation

 If you do not transfer before you retire

If you do not transfer your UK pension fund, your UK pension will be taxable in Australia. Once your pension starts to pay you an annuity or annual pension, this cannot be transferred.  You will then be subject to exchange rate fluctuations throughout your retirement.

The process

Step 1 – Free, no-obligation Transfer Report and Tax Analysis of your funds

Download and complete the Authority Data Form, then post the original to us.

We will write to your UK fund provider to request your retirement information, transfer values and obtain the discharge documentation.

Step 2 – Consultation

We can arrange a FREE, NO OBLIGATION consultation with your UK Pension Manager to discuss the transfer process and any concerns you may have.

Step 3 – The Transfer

The UK pension provider releases the funds.  The balance of the funds after fees and charges are then invested by your financial advisor in accordance with your retirement investment strategy.   We expect to complete the transfer within 3 – 6 months from the date you sign your Authority Data Form.

Why Pension Transfer Specialists?

Pension Transfer Specialists (PTS) are an independent business that specialise in UK pension transfers into approved ROPS superannuation funds. The PTS team includes 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.

We have extensive knowledge of the pitfalls and complex tax regulations if your pension fund is not transferred correctly.

If you require any further information then please contact us.

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