Transferring UK Pensions to Australia
We have been working with UK Expats in Australia and Australians (with UK Pensions) who have worked in the UK for nearly a decade assisting them in assessing where their retirement monies might be best placed for their retirement.
However since April 2015 due to UK Legislation and the introduction of the 'Pensions Age Test' it is no longer possible for a person under the age of 55 years to transfer a UK Pension directly to an Australian Super Fund (however please see the under age 55 options below).
Also from this date (again due to UK Legislation) Pensions that are UK Government Un-Funded Defined Benefit Schemes (such as NHS and Police Pensions) were/are unable to be transferred to an Australia Superannuation Scheme regardless of age (or indeed any Pension/Super Scheme that is not a Defined Benefit Scheme).
Under Age 55
Although it is not possible for a person to transfer a UK Pension to an Australian Super Fund if they are under the age of 55 years it doesn't mean that there aren't any other options available to you and that you need to remain in your current UK Pension Fund.
A review of your current Pension Arrangement/s could be warranted for many reasons such as:
- Your investments within your current Pension are not aligned to your Investment Risk Appetite;
- You are only invested in a Cash Fund within your UK Pension;
- You want to have the ability to convert and invest your money in Australian Dollars and to manage currency risk and your UK Pension only offers GBP Options;
- You want to work with a local Australian Adviser who can advise on your Investments within your UK Pension.
At Vista we are one of only a few ASIC authorised Advisers in Australia that are able to work with you in setting up a UK Pension (SIPP) Arrangement whereby we can become your personal (Pension) Adviser .
We will then work with you to ensure that your Pension Investments (retirement monies) are working for you as they should be through a tailored investment solution which can be in either GBP or Australian Dollars (or a combination of the two).
Where required Vista will engage UK FCA regulated Advisers authorised and qualified to deal with safeguarded Pension Benefits on your behalf.