Do I need a Financial Adviser to transfer my UK Pension to Australia?

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.