If you continue to use this site we will assume that you are happy with it. Please note, all pension funds must be transferred to a Qualifying Recognised Overseas Pension Scheme in Australia which is approved by Her Majesty’s Revenue and Customs (HMRC). Once transferred to Australia, you can have tax free access to the entire fund as a lump sum or pension in retirement. Book your free, no obligation consultation right now at either our Joondalup or Victoria Park Office via our online booking system or get in touch to find out more. Read more. If you require financial any advice then you must make sure that you obtain advice from a suitably qualified financial adviser. Pick a date and time which suits you for a meeting at our Joondalup or Victoria Park Office via our online booking system. This free consultation is available to new clients. Once your pension starts to pay you an annuity or annual pension, this cannot then be transferred. © Copyright 2020. Your fund is not a Public Sector fund i.e. All IVCM products are licensed and regulated in the jurisdictions in which they operate. Transfer and you will no longer be dependent on exchange rate fluctuations. Book a consultation at our Victoria Park Office. UK Pension Transfers Australia has been specialising in pension transfers from the United Kingdom to Australia since 2003. We have helped 100s of UK expats move their pension funds to Australia and we would like to help you too. UK Pension Transfers Australia has been specialising in pension transfers from the United Kingdom to Australia since 2003. Fill in our online enquiry form and one of our friendly staff members will be in touch. You will then be subject to exchange rate fluctuations. Our goal is to help you lodge an application to transfer your retirement funds to where you live, here in Australia. Your email address will not be published. The balance of the funds after fees and charges are then invested by your financial advisor in accordance with your retirement investment strategy. In 2015 he UK Government brought in new legislation which effectively put a halt to UK Pension Funds being transferred to Australia. Due to the Australian superannuation industry clarifying a range of new strategies with HMRC, the good news is that is now again possible to transfer your UK Pensions to Australia. The transfer is a simple process – see our Transfer Guide here! The funds are transferred into a QROPS Australian superannuation fund, if available. Required fields are marked *. Find Out More. The longer you wait the more tax you will potentially pay. If you are considering transferring your UK Pension to Australia, contact us today for some FREE support and guidance and let us help you. Once your pension starts to pay you an annuity or annual pension, this cannot then be transferred. Ask the Experts: Is it possible to continue to make payments into my Superannuation? If you do not transfer your UK Company or Private pension fund, your UK pension will be taxable in Australia. It’s best to seek independent financial advice to determine whether transferring a UK pension is a suitable strategy for you. We've helped a huge number of people from the UK move their pensions into an Australian managed or self-managed Superannuation Fund (SMSF). The information contained in this article is general in nature. Australian Expatriate Superannuation Fund, IVCM (NZ) PIE Superannuation Fund (QROPS), IVCM Heritage SIPP [Closed to New Business], IVCM (Gibraltar) Retirement Annuity Trust, UK Pension Retirement Options – For Australian Residents. It is possible to boost this from a part UK Pension to a full UK Pension for life! This site uses Akismet to reduce spam. For more information on SMSFs, see our guide here! Therefore, if you have spent time working in the UK, you will have built up a pension pot of some size. On your agreement, comprehensive financial advice will be provided to ensure your UK fund is transferred efficiently and within UK and Australian rules. Step 1) IVCM is not authorised to provide you with any personal or financial advice. Your email address will not be published. 426-428 Albany Highway, Victoria Park WA 6110, correspondence PO Box 385 Victoria Park 6979. By clicking submit you agree with the terms of our privacy policy. If you do not transfer your UK Company or Private pension fund, your UK pension will be taxable in Australia. Australia. Strangely, on the other hand, Australian pensions can receive a transfer in from an Irish pension. Almost all personal and company pension funds, including deferred benefits, AVC’s and preserved benefits can be transferred so long as: We cannot transfer the UK State Age Pension, but we can assist in enhancing your entitlement by making additional voluntary contributions. Firstly, your options with your UK Pension funds will vary depending on whether you are under the age of 55 or over this age. Home; Products & Jurisdictions. This field is for validation purposes and should be left unchanged. Once transferred, your fund can continue to grow into your retirement and you have greater control over how it is invested. You will pay no tax in retirement, however, if you leave your fund in the UK, it will be taxable in Australia, regardless of whether you transfer it to Australia or not. All Rights Reserved | Terms & Conditions | Privacy Policy. What benefits will I receive if I transfer? You may be an Australian resident who has spent time working in the UK or a British Expat now living in Australia and would like to know what your options are with your UK Pension funds. At IVCM it is our job to make the transfer process as simple and as transparent as possible for you. Once the funds have been received in Australia, (for those residents in Australia more than six months) we shall complete the ‘option to tax’ forms and send this to your Australian superannuation fund to pay the tax at the appropriate time. Overall, arranging a Pension transfer is a smart decision, as it helps you achieve a better retirement income for you and your family. However your eligibility and transfer strategy will be determined by your age and also your pension balance. Send us an email via our enquiry form or give us a call today. We will write to your UK fund provider to request your retirement information, transfer values, obtain the discharge documentation and prepare a report and tax analysis comparison on how your benefits will be treated if they remain in the UK against how they will be treated if transferred. As that will be income in the UK, I will have to tell the department of pensions there and my total income (I get a part UK pension) will be what is taxable - that is if my income is over the tax free threshold in UK. The current Australian rules do not allow transfers to any overseas pension with the exception of their neighbours, New Zealand. Find Out More, Not yet retired? Best of all, you don't have to be 65 years old or retired to use what we offer! The funds haven’t started paying you an annual pension or annuity. International Expat SIPP; IVCM Heritage SIPP [Closed to New Business] Brooklands SIPP [Closed to New Business] Gibraltar. UK pensioners must now live in Australia for 10 years before being able to claim a local age pension. We use cookies to ensure that we give you the best experience on our website. Search. Book a consultation at our Joondalup Office. If you require any advice in relation to your personal circumstances, you must contact a Qualified Financial Adviser. Leave your UK Pension in place until your 55. In conjunction with our partners BDH Sterling we can help transfer your pension. This article does not contain personal or financial advice. You would also need to administer the full transfer of your UK pension to Australia which can, at times, be a difficult process to manage. Learn how your comment data is processed. Fri, Oct 12, 2018, 10:00. By means of a voluntary contributions.