For those aged of 55, in order to transfer your UK pension to Australia, you must
Hold an eligible UK pension scheme
From April 2015, the UK Government banned the transfer of unfunded Public Service Pensions to Australia.
The following funds are not eligible to be transferred to Australia:
From April 2015, the UK Government banned the transfer of unfunded Public Service Pensions to Australia.
That means Armed Forces, NHS, Teachers, Police, Firemen pension holders cannot transfer the capital sitting behind their pension to Australian super from April 2015.
The UK Government cited their reason for this change is due to these schemes being largely unfunded, consequently the continued transfer of these schemes could represent a significant cost to the UK taxpayer.
Unfortunately today, Public Service Pension holders have 1 option – Leave your pension in the UK till retirement and then draw down your pension from the UK.
The UK State Pensions (from your National Insurance) are NOT ELIGIBLE for transfer as a lump sum to Australia.
If you would like more information about UK State or Old Age Pensions or how much State Pension is owing to you, please use this link: click here for a link to State Pension Information.
Get advice or information about pensions and benefits if you live abroad or have lived abroad.
If you want to claim your State Pension, check if you’re eligible then make a claim.
If you have reached retirement age and have started receiving an annual pension or annuity (excluding certain “draw down pensions”), your pension funds generally CANNOT be transferred to Australia as a lump sum. Hence we highly recommend you get our report analysis at least 6 months prior to reaching retirement age.
Please note that some SIPPs may still be eligible.
From 9 March 2017, transfers to offshore QROPS funds such as in
· Malta,
· Gibraltar,
· Isle of Man or
· New Zealand, etc
when you do not reside in the same country at the time of transfer, you will incur a HMRC Overseas Tax Charge (OTC) of 25% of the transfer value.
Hence QROPS transfers are limited to your country of residency.
Temporary Australian Residency
We can only affect transfers for Permanent Australian Residents.
General Advice Warning: The information contained on this website has been provided as general advice only. The contents have been prepared without taking account of your objectives, financial situation or needs. You should, before you make any decision regarding any information, strategies or products mentioned on this website, consult your own financial advisor to consider whether that is appropriate having regard to your own objectives, financial situation and needs. Disclaimer: Whilst Veyron Wealth Group Pty Ltd is of the view the contents of this website is based on information which is believed to be reliable, its accuracy and completeness are not guaranteed and no warranty of accuracy or reliability is given or implied and no responsibility for any loss or damage arising in any way for any representation, act or omission is accepted by Veyron Wealth Group Pty Ltd or GPS Wealth Ltd or any officer, agent or employee of Veyron Wealth Group Pty Ltd or GPS Wealth Ltd.
