Transfer Your UK Pensions to Australia
Our Australian Expatriate Superannuation Fund (AESF) is currently Australia’s ONLY Retail Super Fund that is registered with HMRC as a Qualifying Recognised Overseas Pension Scheme (QROPS), making it the only retail fund available to accept a transfer of Pension funds from the UK. You can find us on the HMRC QROPS list under ‘The Tidswell Master Superannuation Plan’.
Our seamless pension transfer service makes it easy for you to transport your UK pension to Australia and our experienced team of retirement solution specialists are always on hand throughout the transfer journey.
Who We Are
The Australian Expatriate Superannuation Fund (AESF) is a Retail Superannuation Fund that is brought to you by IVCM. IVCM is the promoter of the fund and a Global Retirement Solutions provider with retirement savings products in Australia, New Zealand, the UK and Gibraltar.
What We Do
The Australian Expatriate Superannuation Fund (AESF) provides a simple solution to transfer your UK Pension to Australia. It is a public offer, Retail Superannuation fund that is registered with HMRC in the UK as a Qualifying Recognised Overseas Pension Scheme (QROPS). The fund is listed on the HMRC QROPS register under the Tidswell Master Superannuation Plan.
Who We Work With
The fund is managed by Diversa Trustees Limited, an approved Trustee regulated by the Australian Prudential Regulation Authority (APRA) – RSE License L0000635, AFSL Licence 235153. The Australian Expatriate Superannuation fund is a division in the Tidswell Master Superannuation Plan (TMSP), Registration No. R1004953, a public offer Retail Superannuation fund. The Tidswell Master Superannuation Plan can be found on the HMRC ROPS list. The Administrator of the Fund is OneVue Super Services (OVSS) (ABN 74 006 877 832)
WHY CHOOSE THE AUSTRALIAN EXPATRIATE SUPERANNUATION FUND
The process of transferring your pension can be daunting and there are many technical complexities to consider. Our expert support team take care of these complexities and handle all of the transfer processes, so you don’t have to.
Our Australian Expatriate Superannuation Fund provides a simple solution for you to transfer your UK pension to Australia
Print, complete and return our application forms
Our forms include a mandate to allow us to deal with your UK scheme provider on your behalf.
Provide Certified Copies of your identification documents
A passport or driving license as proof of identity. A utility bill as proof of address.
Send the forms and identification documents to us
Post all required documents to our office in Sydney below.
Once you have completed these forms, send them to our Sydney office, noted below, alongside your completed UK Pension transfer forms and your identification/proof of address documents.
IVCM (Aust) Pty Ltd, Level 10, 20 Martin Place, Sydney, NSW, 2000
We can start the process if you email/scan the documents to us, but ultimately we need the original forms and documents.
Email your documents to firstname.lastname@example.org
FREQUENTLY ASKED QUESTIONS
Can I transfer my UK Pension funds to Australia?admin
Yes, but there are certain conditions and criteria that you must meet.
- You must be over the age of 55 - This is because in Australia, under financial hardship rules, you can access your pension funds before the age of 55 in certain circumstances. This goes against UK rules which only allows you to access your pension once you reach age 55.
- If you are between the ages of 67 and 74 - You must meet the criteria of the ‘Work Test’. In summary, you must have been employed for at least 40 hours in a period of not more than 30 consecutive days during the financial year to pass this test.
- MOST IMPORTANTLY - You can only transfer your UK Pension into an Australian scheme that is registered with HMRC as a Qualifying Recognised Overseas Pension (QROPS).
What happens to my pension funds when they arrive in Australia?admin
Step 1 – Funds are transferred to the AFEX account for the currency conversion. We use AFEX to aim to achieve the best possible conversion rate for your funds to save you money.
Step 2 – Once the currency conversion is processed, the funds are transferred to our cash account. At this stage, the transfer administration fee is deducted before the investment of funds. We will also pay the tax due on your behalf if you have elected for us to do so.
Step 3 – Our Suppor team will invest your funds, in line with the investment instructions you specified on the application form.
Step 4 – Once the funds have been invested, you will receive written confirmation from our New Business team, which will include a member pack and your login in details to the online client portal – My Super Solutions.
How are my UK pension funds invested in a Superannuation Scheme?admin
Retail Superannuation Funds are similar to UK pension plans as they offer you a wide range of investment options such as:
- Global Stocks and Shares
- Managed Funds
- Deposit / Cash Based Funds
Our Australian Expatriate Superannuation Fund offers investment options available in AUD, GBP and USD which allows you to take advantage of the best currency rates when you invest your money.
A full list of the funds available with our product can be found in our Investment Guide.
What are the ongoing charges with AESF?admin
The table below summarises the ongoing fees we charge. You can refer to the following documents for further details of our fees.
|Type of Fee||When Does it Apply||When Fees are Collected||Fee Amount|
|Establishment Fee||Upon receipt of an application for AESF||On receipt of the first transfer or contribution of funds||$595|
|Per Transfer In||On request of a transfer via cash and / or in-specie||At request||$195|
See Investment Guide
|Annual Administration||Super (AUD Only Investment)||Annually||0.60%|
|Super (with non-AUD Investment)||0.80%|
|Super (QROPS AUD Investment)||0.80%|
|Super (QROPS non-AUD Investment)||1.00%|
|Switching Fee||No switching fee is applied||N/A||0.00%|
|Buy Sell Spread||When switching your investment funds||When the switch is made||0.10%|
|QROPS Reporting Fee||When taking an Income from your QROPS Fund||Ad-Hoc||$295|
Do I need a Financial Adviser to transfer my funds?admin
We would always recommend that you seek professional financial advice from a suitably qualified adviser particularly when transferring a pension. This is to ensure that you are making the right decision with your money.
However, if you are transferring a ‘defined contribution’ pension (i.e. a SIPP or personal pension plan), it is not a compulsory requirement to do so via a Financial Adviser. If you feel comfortable then you can complete the process yourself.
If you are transferring a ‘defined benefit’ pension (I.e. final salary scheme), it is a compulsory requirement to involve a financial adviser, if the value is above £30,000. This is due to the guarantees that come with these types of pensions. Your existing scheme provider would need you to obtain a Transfer Value Analysis (TVAS) Report from an FCA Qualified adviser before they would allow funds to be transferred out of the scheme.
We are NOT authorised to provide you with personal financial advice. We can only provide you with general advice regarding our product and the options available to you.
Can I transfer my UK State Pension to Australia?admin
No, you are not permitted to transfer your UK State Pension to Australia.
Your UK State pension is not transferrable in the UK or overseas. You can only receive the income payments you are entitled to once you reach your state pension age.
What is a QROPS?admin
QROPS stands for ‘Qualifying Recognised Overseas Pension Scheme’. A QROPS is an overseas pension scheme that is registered with Her Majesty's Revenue and Customs (HMRC) and can accept a transfer of UK pension funds. They were introduced in 2006 specifically for the benefit of former UK residents who have accrued pension funds in the UK, and who intend to remain outside the UK permanently.
You can only transfer a UK Pension overseas to a scheme that has QROPS registration, like our Australian Expatriate Superannuation Fund.
A full list of registered QROPS schemes can be found here.
Can I consolidate my existing Superannuation fund in AESF?admin
Yes, and we do not charge a transfer administration fee for managing the process of transferring one superannuation fund to another.
Can I withdraw money from my Australian Expatriate Superannuation Fund?admin
Yes, but only once you have reached your ‘Preservation Age’. Your ‘Preservation Age’ in other words is your retirement age and provided that you meet a ‘condition of release’ at that age then you can flexibly access your funds.
These restrictions are known as the preservation rules. Access to your super is possible when one of the following has happened:
- You turn 65
- You retire from work and have attained your preservation age.
- You have reached preservation age and wish to commence a transition to retirement pension (TTR).
Your preservation age, determined by the Government, is 60; unless you were born in 1964. If you were born before June 1964, your preservation age will be as follows:
|Date of Birth||Preservation Age|
|Before July 1960||55|
|July 1960 – June 1961||56|
|July 1961 – June 1962||57|
|July 1962 – June 1963||58|
|July 1963 – June 1964||59|
|After June 1964||60|
For further information, view the Australian Expatriate Superannuation Fund Member Guide.
Can I make additional contributions to my Superannuation fund?admin
Yes, if you are wanting to have a comfortable retirement lifestyle, then it is important that you have adequate savings in place and a great way of achieving this, is by contributing to your superannuation fund.
However, you must be aware of the eligibility conditions in order to contribute to your Super fund. You must also make sure that you are aware of the contribution limits in place so that you do not trigger an unnecessary tax charge.
For further details on the eligibility rules surrounding contributions to your Super, please view the Australian Expatriate Superannuation Fund Member Guide.
A heartfelt thank you to the team at IVCM
The team was very responsive and the whole process was faster than I expected. I am extremely happy I could transfer my UK pension to Australia in such a simple and efficient manner. I will definitely recommend IVCM to other people I know who want to repatriate their UK pension.
IVCM Made it Easy
To do anything between countries is daunting but IVCM made it as easy as possible Katrina was excellent and kept me in the loop and the weekly information sheet was also a great idea and kept me well informed.
I found the process to be very efficient, the team always on top of each stage of the process and our thanks to David Johnstone for always being available to answer any questions along the way.
Surprising and Refreshing
Our dealings with some firms in recent years have been difficult, frustrating and ‘cold’, so finding someone who is the exact opposite was as surprising and very refreshing.
This has been a good experience in general, Darren has been very informative and responded quickly with details and answers to any questions we asked which there were a few.
It is extremely difficult to transfer a UK Pension to Australia and not to fall into any traps or hidden costs, all costs were communicated and very transparent on the IVCM documentation. Everything that was needed was easily at hand with the web site simple to navigate and get the information or forms required very quickly. Thank you to Darren, David and the girls at IVCM.