UK Pension Transfers-FAQ
Super/Pension Transfer from UK - FAQ
Who do I transfer my UK pension to in Australia?
You have to transfer your UK pension to a complying Australian Superannuation Fund licensed to receive your funds by ASIC.
Is there a time limit for me to transfer my UK pension to an Australian complying superannuation fund?
Yes, once you become a resident of Australia for Australian taxation purposes you have 6 months to transfer your funds to minimise any Australian taxation on transfer.
When should I start the process of transferring my UK pension to Australia?
Due to the possible time delays in UK and Australian taxation offices and fund transfers we recommend that you begin the process of transferring your UK pension immediately upon your arrival in Australia.
What happens if I dont transfer my UK pension within 6 months of my residency in Australia?
If you do not transfer your UK Pension within 6 months, then the increase in value of your UK Pension will be subject to an Australian tax of 15%. If you are already in Australia and you have been here for more than 6 months you should contact Amazon Financial Group immediately.
Do I have to transfer my UK pension to Australia?
No, you can leave it in the UK but there are detrimental taxation consequences when you eventually retire or bring those funds into Australia either as a regular pension payment or as a lump sum.
Are there any fees involved?
Yes, fees will be payable to the complying Australian superannuation fund and Avoca Consultants but such fees can only be determined when we meet you in Australia.
If I decide to transfer my UK pension to Australia what do I have to do before I leave the UK?
You must obtain an up to date statement from your UK Pension manager. If you have an employer sponsored UK pension please make sure your UK Pension manager is in possession of your termination date of employment. You also need to notify your UK Pension Manager in writing of your intentions to migrate to Australia and give them a forwarding address in Australia.
Can I add to my UK pension once it is transferred to an Australian complying superannuation fund?
Yes. There are several ways that this can be achieved:
- Employment in Australia if you are an employee and earn over $450 per month your employer is required by law to put 9% of your gross salary into your complying Superannuation Fund.
- Self Employed Self employed people can contribute any amount to their own complying superannuation fund but there may be restrictions on the tax deductible amount of your contributions.
- Self Funding - whether employed or self employed you can contribute to your complying superannuation fund at any time in addition.
Your taxation position with respect to any of the above contribution methods needs to be explained to you in detail when you are in Australia.
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