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).