Transfer UK Pension to Australia (under age 55)by Steve Johnson London
If you have previously worked in the UK and have now moved to Australia permanently, you will most likely want to know whether you can transfer your UK pension into a Superannuation fund in Australia.
Due to current UK legislation, you can only transfer your UK pension to Australia if you're aged 55 or over. If you're under age 55, then your pensions will remain in a UK pension scheme. However, this does not mean they have to stay with the same UK pension provider.
You are still able to transfer your UK pension(s) to another provider. Transferring your pensions to a new provider can result in lower charges and fees, increased investment performance and more control over your pension, especially if it is an employer pension.
If you have multiple pensions, it can be sensible to combine these into one plan, so you have less administration to worry about, one set of fees to pay and only one pension to transfer to Australia, if and when the time comes.
QROPS in Australia
If you're over age 55, then you can transfer your UK pension to a Superannuation fund in Australia. The receiving Super fund must have Qualifying Recognised Overseas Pension Scheme (QROPS) status. This can only be granted by HMRC in the UK.
Transfer your pension to MyExpatSIPP
Australian residents under age 55 can transfer their pension(s) into our SIPP. MyExpatSIPP is a type of UK personal pension plan that is designed especially for non-UK residents. The pension plan has a simple and low cost charging structure with no paperwork to worry about as everything is managed online, including the initial application.
All you need to do is pick one of the ready-made investment options and then we look after the rest.
You get 24/7 online access to your plan where you can track the value of your pension.
Switch and combine your pensions into one easy to manage online plan. Then when you reach age 55, we can assist you with transferring your pension to Australia.
Contact us about transferring your pensions.
Created on Oct 8th 2021 02:07. Viewed 118 times.