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.
ABOUT US
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.
SIMPLE TRANSFER PROCESS
EXPERT SUPPORT & GUIDANCE
MULTI CURRENCY INVESTMENTS
LOW COST, TRANSPARENT FEES
Our Australian Expatriate Superannuation Fund provides a simple solution for you to transfer your UK pension to Australia
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GET STARTED
1- Forms
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.
2- Identification
Provide Certified Copies of your identification documents
A passport or driving license as proof of identity. A utility bill as proof of address.
3- Apply
Send the forms and identification documents to us
Post all required documents to our office in Sydney below.
DOCUMENTS
Superannuation
Application Form
APSS263
AESF
Transfer Request and Declaration Form
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, 201 Sussex Street, Tower 2, Level 20, Darling Park, 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 enquiries@ivcm.com
LEGAL DOCUMENTS
New Business - POI and POA Requirements
Document Certification Requirements
Investment Information Sheet
Checklist for New Business Requirements
Login Guide - For Members
Login Guide - For Advisers
AESF Annual Report 2022
AESF Annual Report 2021
AESF Annual Report 2020
AESF Annual Report 2019
AESF Annual Report 2018
AESF Annual Report 2017
Update to PDS
1 July 2021
Change of Fund Administrator
05 February 2021
Change of Trustee for the AESF
18 December 2020
AESF PMIF PDS Update Notice
17 March 2020
Important Notice
02 July 2018
Member Outcomes Assessment
For the year ended 30 June 2022
Portfolio Holdings Disclosure
30 June 2023
AESF - TMD
AESF - TMD TTR
AESF - TMD Pension
Retirement Income Covenant Summary
Budget Updates
July 2022
Annual Member Meeting Notice
2022
Annual Member Meeting - Minutes
2022
Annual Member Meeting - Video
2022
KNOWLEDGE HUB
FREQUENTLY ASKED QUESTIONS
Can I transfer my UK Pension funds to Australia?
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 under certain circumstances. This goes against UK rules which only allow you to access your pension once you reach age 55.
- 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?
Step 1 – Funds are transferred to the AFEX account for currency conversion. We use AFEX to aim to achieve the best possible conversion rate for your funds to save you money.
Step 2 – The funds are transferred to our cash account once the currency conversion is processed. 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 Support 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 details to the online client portal – My Super Solutions.
How are my UK pension funds invested in a Superannuation Scheme?
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?
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 |
| Investment Fee | Annually | Annually | Variable 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?
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?
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?
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?
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?
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?
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.
