Frequently Asked Questions
Each of the sections below contains the answers for the most common questions we are asked.
What type of pension funds can be transferred to Australia?
Almost all personal and company (occupational, final salary or money purchase) pension funds, including “deferred” and “preserved”, can be transferred to Australia as a lump sum, so long as you haven’t already started to receive benefits (i.e. an annual pension or annuity).
Is the transfer process secure?
What does a lump sum pension transfer mean?
What superannuation fund can I transfer my UK pension funds to in Australia?
How long will the transfer take to complete?
After my UK Pension has been transferred, where is my money invested?
When I transfer my UK Pension funds to Australia, will I incur any tax in the process?
If you transfer your UK pension fund to Australia more than 6 months after taking up permanent residency (which is very common), then some tax may be payable based on the growth of your UK pension fund since being a resident of Australia. The good news is that this tax (if any) can be capped at 15% and deducted from your Australian Superannuation scheme. This can eliminate out-of-pocket expenses while still allowing you to achieve your goals.
For Example: You became resident of Australia on 1st April 2005 and the transfer value of your UK pension at that time was £30,000. The transfer value when transferred to Australia on 31 March 2013 was £40,000, meaning that the fund grew by £10,000. Tax of £1,500 (£10,000 x 15%) would be deducted from your Australian superannuation fund.
What about the exchange rates?
What are the costs?
What if I hold a temporary visa?
Are there any age restrictions?
Can I transfer to a Self-Managed Superannuation fund in Australia?
Can my UK state pension or age pension be transferred to Australia?
What happens if I have lost details of my UK pension fund?
See this website for more information: http://www.gov.uk/find-lost-pension