In 2015 he UK Government brought in new legislation which effectively put a halt to UK Pension Funds being transferred to Australia. UK Pension Transfers Australia has been specialising in pension transfers from the United Kingdom to Australia since 2003. Can I transfer my Australian pension back to Ireland? IVCM is not authorised to provide you with any personal or financial advice. A complimentary, no obligation consultation with your UK Pension Manager to discuss the transfer process and any concerns you may have. Strangely, on the other hand, Australian pensions can receive a transfer in from an Irish pension. International Expat SIPP; IVCM Heritage SIPP [Closed to New Business] Brooklands SIPP [Closed to New Business] Gibraltar. This field is for validation purposes and should be left unchanged. We've helped a huge number of people from the UK move their pensions into an Australian managed or self-managed Superannuation Fund (SMSF). 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. IVCM is not authorized to provide you with any personal or financial advice. The funds haven’t started paying you an annual pension or annuity. On your agreement, comprehensive financial advice will be provided to ensure your UK fund is transferred efficiently and within UK and Australian rules. IVCM (NZ) PIE Superannuation Fund (QROPS) IVCM NZ PIE Superannuation Fund (QNUPS) United Kingdom. You will then be subject to exchange rate fluctuations. Once transferred, your fund can continue to grow into your retirement and you have greater control over how it is invested. 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. Once your pension starts to pay you an annuity or annual pension, this cannot then be transferred. Find Out More, Not yet retired? Today, qualifying and applying for UK Pension Transfers has changed dramatically. What process can I expect? Best of all, you don't have to be 65 years old or retired to use what we offer! 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. We have helped 100s of UK expats move their pension funds to Australia and we would like to help you too. What benefits will I receive if I transfer? Once your pension starts to pay you an annuity or annual pension, this cannot then be transferred. It is not just Irish pensions which cannot receive a transfer from an Australian pension. If you require any advice in relation to your personal circumstances, you must contact a Qualified Financial Adviser. The information contained in this article is general in nature. Pick a date and time which suits you for a meeting at our Joondalup or Victoria Park Office via our online booking system. This field is for validation purposes and should be left unchanged. If you have lived or worked in the UK, chances are you may have a State or Private British Pension left behind in the UK. The balance of the funds after fees and charges are then invested by your financial advisor in accordance with your retirement investment strategy. Book a consultation at our Victoria Park Office. Australia. UK pensioners must now live in Australia for 10 years before being able to claim a local age pension. 426-428 Albany Highway, Victoria Park WA 6110, correspondence PO Box 385 Victoria Park 6979. On death the entire balance can be passed to your spouse or dependants. Find Out More. Find out about UK State Pension benefits. The longer you wait the more tax you will potentially pay. If you require financial any advice then you must make sure that you obtain advice from a suitably qualified financial adviser. 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. Our goal is to help you lodge an application to transfer your retirement funds to where you live, here in Australia. Required fields are marked *. Firstly, your options with your UK Pension funds will vary depending on whether you are under the age of 55 or over this age. Fri, Oct 12, 2018, 10:00. If you were to stay in Oz and take it all out then as far as I am aware it is tax free over the age of 60 but then it depends what you do with it! You should also note that the ongoing management of the SMSF is your responsibility, so you need to make sure that you have a firm understanding of how they work to avoid potential punishments from the regulator. Consolidation of your retirement benefits. Home; Products & Jurisdictions. 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). This site uses Akismet to reduce spam. The younger you are the better, so do not wait until you are 65 or retired act now! You can revoke your consent any time using the revoke consent button. Therefore, if you have spent time working in the UK, you will have built up a pension pot of some size. It’s best to seek independent financial advice to determine whether transferring a UK pension is a suitable strategy for you. The funds are transferred into a QROPS Australian superannuation fund, if available. address Level 2, 5 Davidson Tce Joondalup WA 6027, correspondence PO Box 635, Joondalup WA 6919, address Gibraltar. At IVCM it is our job to make the transfer process as simple and as transparent as possible for you. Ask the Experts: Is it possible to continue to make payments into my Superannuation? Save my name, email, and website in this browser for the next time I comment. Read more. Learn how your comment data is processed. UAE. Australian Expatriate Superannuation Fund; International Expat SIPP; New Zealand. Your email address will not be published. © Copyright 2020. Step 1) The UK pension provider releases the funds to your Australian superannuation fund, if applicable. 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. This free consultation is available to new clients. All IVCM products are licensed and regulated in the jurisdictions in which they operate. By clicking submit you agree with the terms of our privacy policy. Your email address will not be published. Search. Best of all, you don't have to be 65 years old or retired to use what we offer! Fill in our online enquiry form and one of our friendly staff members will be in touch. By means of a voluntary contributions. There is no tax to pay if you transfer within the first six months of your residency. Leave your UK Pension in place until your 55. When working in the UK it is a legal requirement for your employer to contribute a minimum percentage of your salary into a pension scheme on your behalf and you must, at a minimum, match these contributions. Overall, arranging a Pension transfer is a smart decision, as it helps you achieve a better retirement income for you and your family. Australia. Contact us, we know the ropes. Send us an email via our enquiry form or give us a call today. Transferring a UK pension to an Australian super fund can be time-consuming and costly but may be worth considering depending on your personal financial circumstances. 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. In conjunction with our partners BDH Sterling we can help transfer your pension. 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 provided for general information only and does not take into account your personal objectives, financial situation or needs. If you do not transfer your UK Company or Private pension fund, your UK pension will be taxable in Australia. You will then be subject to exchange rate fluctuations. Transfer and you will no longer be dependent on exchange rate fluctuations. For more information on SMSFs, see our guide here! If you continue to use this site we will assume that you are happy with it. NHS, Teachers or Police Pension fund, as these funds can no longer be transferred. We've helped a huge number of people from the UK move their pensions into an Australian managed or self-managed Superannuation Fund (SMSF). Your fund is not a Public Sector fund i.e. In this article, we will cover the options you have with your UK Pension, whilst living in Australia. However your eligibility and transfer strategy will be determined by your age and also your pension balance. UK. If you have worked in the UK you may be entitled to a full or part UK State Pension (By the way, you donât have to be a British National). Book a consultation at our Joondalup Office. 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. Once transferred to Australia, you can have tax free access to the entire fund as a lump sum or pension in retirement. Our experienced team can get you more for less. All Rights Reserved | Terms & Conditions | Privacy Policy.