UK Pension Transfers to Australia
If you have worked in the UK, you may be entitled to a pension through an employer or personal pension scheme. Empire Financial Group has been able to assist many clients over the years to gain better access, more control and flexibility over their UK pension transfer.
QROPS to Australia
Due to the number of clients Empire has assisted, we are experts in Qualifying Recognised Overseas Pension Scheme (QROPS). It’s important to work with QROPS on a regular basis because just like Australia’s superannuation system, the rules and payments change regularly.
Empire has built relationships with pension specialists in the UK to ensure transfers are handled efficiently and correctly. With a large number of ex-pats previously employed by the National Health Service (NHS), Empire has further alliances with specialists in this field. Because of the volume of transfers our team has performed, we are familiar with all legislative changes and can advise you of the most appropriate course of action.
UK Pensions – Transfer or Leave?
There are many considerations to be made on whether to transfer to Australia or leave your funds in the UK.
If you transfer funds to Australia:
- At retirement age (from age 60) a lump sum cash benefit is available tax free, and any growth or income from your pension assets are also not taxed (up to $1.6m in pension funds based on proposed legislation)
- By not receiving funds from overseas your pension payments will not be affected by exchange rate fluctuations
- You may direct how the full value of your fund is distributed at death, and make it available to your family or beneficiaries as part of your estate
- Depending on market conditions the value of your pension in retirement may grow
If you leave your funds in the UK:
- Any lump sum taken & subsequent pension payments are subject to Australian tax
- You cannot increase the value of your pension assets during retirement
- The full value of your fund or pension is often not passed onto your estate on death, and in many cases is totally forfeited
- The dollar value of the pension you receive will fluctuate with exchange rates
We met with an adviser from one of the big institutions, but he couldn’t give us the right advice or comfort in transferring our UK Pensions across. The Empire team gave us exactly that. But it didn’t end with simply transferring across our UK Pensions – now have a clearer understanding of our financial options, and in addition to the pleasing results from the transfer of our UK Pensions, have received solid guidance around our Australian super funds, tax planning and have entered into the investment property market with Empire’s guidance.
John & Yvonne Morris, Swan View
Talk to the Specialists
Empire Financial Group is known across Australia as perhaps the #1 specialists for UK pension transfers. We are proud to say the positive experience of our clients means the bulk of new clients arrive through word of mouth referrals.
If you are thinking of moving to Australia, download EFG’s Aussie Rules To Finance Fact Sheet and learn the financial rules before you even land in Perth.