Moved from the UK? Don't leave your money behind!

Our specialist service can help you
consolidate your UK pension funds in Australia
and maximise your retirement wealth.

We are the UK Pension Experts

Transferring pensions from one country to another is a problematic process – highly complex, time consuming and full of complications. By teaming up with Expert Pensions Advice, we can offer you a trusted, seamless transfer service, free from compliance risk, ensuring funds arrive in Australia quickly, easily and ready for you to invest.

Frequently Asked Questions

The Expert Group of Companies includes: Expert Pensions Advice Australia Ltd. (UK) and Expert Pensions Advice Australia Pty Ltd. (Australia). Expert Pensions Advice Australia Pty Ltd ABN 50 620 007 114 and its advisers are Authorised Representatives of TWD Licensee Services Pty Ltd ABN 88 605 064 480 AFSL 475964. The ‘UK Pension Experts’ is the trading name of Expert Pensions Advice Australia Pty Ltd. Expert Pensions Advice Australia Ltd is registered in Northern Ireland, Number NI652380. Expert Pensions Advice Australia Ltd is an appointed representative of Expert Pensions Advice LLP, which is authorised and regulated by the Financial Conduct Authority (FCA ) under reference number 746548. Registered in Northern Ireland as a Limited Liability Partnership. Registration Number NC1204. Registered Address: Studio 3, Strand Studios, 150 Holywood Road, Belfast, BT4 1NY. Trading address: The Old Police Station, 58 East Main Street, Blackburn, Bathgate, West Lothian, Scotland. EH47 7QS.    

Where a member has benefits in a UK pension account, in order to transfer that benefit to Australia, several things must be in place:  

  • The members of the fund must be 55 years of age or older
  • If the money is to be rolled over, the receiving fund needs to be a Registered Overseas Pension Scheme (ROPS)
  • Any rollover to a fund in Australia needs to take into consideration 3 things:
    1. The taxation implications in Australia
    2. The contribution limits in Australia
    3. The taxation implications in the UK (this is dependent on 2. above, and whether any amount rolled over is refunded back to the member in Australia).
  • If the money is to be taken a lump sum (from a UK perspective), the Australian and UK taxation implications need to be considered.

It’s possible for transfers to be made in full to Australia within 12 months, although the timing will depend on individual circumstances.  For instance, particularly where the individual has benefits within a defined benefit fund in the UK, advice from a UK Financial Adviser accredited with the UK Financial Conduct Authority will be needed. Our UK Partners, Expert Pensions Advice LLP can assist in this regard.

We believe in individuals being able to make informed decisions about their own future by accessing free education before advice. Making informed decisions is what we want you to be doing. We have spent a combined 200 years of studying and practising Financial Planning. We know the value of education before advice and we want to share that with you.

Full Advice covers a range of topics, including:

  • Transfer Value comparison
  • Appropriate pension transfer analysis and critical evaluation of options between defined benefit pension and flexible options
  • Full cashflow modelling, sustainability modelling, and stress testing your retirement plans
  • Discussion and evaluation of pension taxation, lifetime allowance, and money purchase annual allowance
  • Discussion on death benefit options and legacy
  • Discussion and comparative research of investment options and investment portfolios
  • Comparison of protections from PPF, FSCS, FCA, and FOS
Our advice will either be:
  • The pension transfer is unsuitable: We will provide you with a Final Advice Report. Our full legal and regulatory advice is confirmed within the Final Advice Report.
  • The pension transfer is suitable: We will confirm our Investment recommendations and provide you with a Final Advice Report. Our full legal and regulatory advice is confirmed within the Final Advice Report.

Taking money direct from your UK pension fund ad hoc, you’re at the whim of a fluctuating exchange rate and it could decrease the value of your money. Transferring in full into Australian super, preserves the value.

Three types of UK pensions can be transferred to Australia; company pensions, private personal pension, funded public sector defined benefit schemes. UK State Pensions can be paid to you in Australia, but will not be increased each year. Others are restricted, including; government unfunded pensions (e.g. NHS pension scheme), company pensions in the Pension Protection Fund, company pension if already taking pension, annuities with a life insurance company.

After retiring in Australia, you stand to make financial gain by transferring your pensions to your new home in Australia. Some include:

  • Australian super withdrawal is usually tax free but pension payments from the UK are not.
  • Australian super will usually pay 100% to your estate beneficiaries, but UK pension amounts can be reduced or not transferred at all.
  • Australian super gives you more flexibility with your money when you retire
  • Consolidating is simplifying and reducing fees, from two sources into the one place.
If you’d like to talk about your specific circumstances, find out about a free, no obligation consultation, here.

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