Frequently Asked Questions

You can transfer your UK Pension to Australia if you meet the following criteria.

  • You must be aged between 55 and 75 years. If you are under the age of 55 then you can transfer your Funds to our International Expat SIPP.
  • 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. (From 1 July 2022 the age test will change to 75).
  • You can only transfer your UK Pension into a scheme that is registered with HMRC as a Qualifying Recognised Overseas Pension (QROPS).

In some cases, you may fit these criteria but there are restrictions with transferring your plan, for example, it could be an NHS Pension Scheme or Teachers Pension which generally do not permit transfers. Our FREE consultation will allow us to understand what pensions you have and the options you have with them.

Yes, and we do not charge a transfer administration fee for managing the process of transferring one superannuation fund to another.

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.

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).

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.

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.

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.

We would always recommend that you seek financial advice if you are unsure of the implications involved with transferring a pension. However, in some cases, you may be able to transfer your UK pension without the involvement of a Financial Adviser. This would depend on a few scenarios. Firstly, it would be compulsory to involve a Financial Adviser where you are transferring a UK Defined Benefit Pension (i.e. Final Salary) with a value greater than £30,000. Due to the nature of these plans and the guarantees they hold, it is a regulatory requirement from the UK Financial Conduct Authority (FCA) to obtain a Transfer Value Analysis (TVAS) report from a UK Qualified Financial Adviser. Your UK scheme would not allow funds to be transferred out of the scheme without this report. If you are transferring a standard UK Personal Pension, you may do this yourself but we would not recommend this unless you are comfortable with the transfer process and you have a firm knowledge of the investment markets. For many people, their pension is their largest asset for providing income when they retire so it’s important to ensure it's managed correctly and the correct decisions are made, tailored to your financial circumstances and investment objectives.

When transferring your UK Pension to Australia, you may be subject to a tax charge upon transfer. Tax is based on the investment growth achieved within your UK pension plan, from the date you became an Australian resident, to the date you transferred your UK pension into Australia. It is the growth achieved during this period which would be subject to tax.

If transferring to our Australian Expatriate Superannuation Fund, then you can opt for the tax to be charged at a fixed concessional rate of 15% and we would pay this to the Australian Tax Office, on your behalf, once we receive the transfer of your UK funds.

Overseas pension transfers are classed as ‘non-concessional’ contributions and you are permitted to transfer up to $110,000 plus investment growth, without an excess contribution charge of 45% being applied. In year one, you can bring forward to years of allowance meaning that the initial transfer allowance is $330,000.

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.