Do I pay tax on my Pension Transfer to Australia?

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.