Why should you transfer your UK pension?

 

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

  • Australian super withdrawal is usually tax-free but pension payments from the UK are not.
  • Pensions asset growth is taxed at a far lesser rate of 15% from Australian super, versus the 47% rate when considered income subject to the individual marginal tax rate
  • 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.

The benefits of rolling over to an Australian fund are:

TAX
EFFICIENCY

One of the key benefits of the Australian retirement system is that once you reach age 60 and stop working, you are able to draw an income from your pension that is exempt from tax.

CONSOLIDATE
PENSIONS & SUPER

It is often difficult to keep on top of and manage a UK pension fund. Some funds may make obtaining updated information easy, but are you clear on how your fund is performing?

RETIREMENT
FLEXIBILITY

If you are a member of a defined benefit pension scheme, the income you will receive in retirement is defined by the scheme rules which have specific income and capital restrictions.

FOREIGN EXCHANGE
MANAGEMENT

Conversions are usually via default bank exchange rates. We are able to reduce losses from lump sum and ongoing payments.

ESTATE
PLANNING

Many defined benefit pension schemes provide limited benefits to your family in the event that you pass away.

More Articles

Hear from our happy clients

Get in Touch

"*" indicates required fields

Follow us:
Australian Office: 08 6277 0144 / +61 4 4454 0712
UK Office: +44 289 076 9769 / +44 738 861 3975

Copyright © 2023 Expert Pensions Advice Australia
All rights reserved. Site by [CM].

The information on this website is of a general nature. It does not take your specific needs or circumstances into consideration. You should look at your own financial position, objectives, and requirements and seek financial advice before making any financial decisions.