+61 8 9309 4001UK Pension Transfer Service
Following the changes in 2015 to bringing a UK pension over to Australia, many have been left unsure if a UK pension transfer to Australia is possible. We can confirm this is still an option for British expatriates and Australians who have worked in the UK. We would encourage you speak with our referral partner bdhSterling who specialise in UK Pension Transfers to Australia.
With access to dually licensed advisers in both the UK and Australia, we are positioned to provide UK pension solutions no matter what age you are.
We must give you access to dually licensed advice as current pension transfer legislation will only allow pension transfer to Australia once you have attained age 55.
Meaning that for established Australian residents under 55, who are existing members of UK pensions Funds, we can work with you to include your UK pension within your overall financial planning.
Depending on your age, bdhSterling can:
Under 55 years old
- Assess suitability of your current UK pension arrangement.
- Manage funds within your UK pension in either UK sterling investments or Australian Dollar investments.
- Plan a strategy for future transfers, within the Australian Non-Concessional Contribution cap (NCCC) limit, for when you reach 55.
Over 55 years old
- Establish a Self-Managed superfund, for over 55’s, and attain QROPS (Qualifying Recognised Overseas Pension) status, to allow UK pension funds to be received.
- Plan and implement a strategy to transfer from the UK within the Australian Non-Concessional Contribution cap (NCCC) limit.
- Calculate the Applicable Fund Earnings (AFE) or “the growth” on any UK pension funds and implement a transfer strategy to minimize the tax, imposed by the ATO (Australian Tax Office).
- Manage any residual funds, held in UK pensions, until the next transfer to Australia can take place.
Frequently Asked Questions
The Big Question: Can you transfer your UK Pension to Australia?
Yes, we can assist with almost all pension transfers from the UK to Australian superannuation funds, subject to that receiving fund being a Qualifying Recognized Overseas Pension Scheme (QROPS). Other requirements need to be met to enact this type of transfer, and this will be discussed.
Should I leave my UK Pension in the UK system?
While leaving these funds where they are maybe in some clients' best interests, it can also have serious long-term consequences on the value of your retirement savings. These include:
• Decreasing value of Defined Benefit (DB) Schemes
• Foreign Exchange (FX) Implications
• Underperforming funds
• Unnecessary administration fees
• Minimizing future taxation liabilities
How can I feel confident that transferring my funds to Australia is suitable for my situation, and how do we begin the process?
UK Pensions Transfers Australia uses Top International Financial advisors BDH Sterling for advice on cross-border transfers and can organize a face to face meeting or a remote meeting. This initial meeting is free of charge or obligation, and any further charges can be discussed at the meeting.
How long will the transfer take?
It will depend on a few factors like the choice of funds destination, your UK Funds cooperation, and the time taken to get any government legislation documents in place. BDH are very experienced in this field and will expedite your transfers ASAP.
What if I already have an Australian SMSF?
If a transfer to an Australian SMSF is recommended and you already have your SMSF established, that is a good start. Still, we will have to take the necessary steps to get your Australian SMSF QROPS qualified before any transfer can proceed.
How can I make an informed decision?
You can start things moving by filling in your details on our Contacts page, along with any further questions you may have about transfers.
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DISCLAIMER: This information is necessarily general and has not been prepared with reference to your specific objectives, financial situation or needs. Superannuation Recall Consultants do not hold an Australian Financial Services Licence and recommend that you should seek professional advice from a trusted financial adviser before making any decision regarding the services offered by SRC or associated companies from this site.