I would strongly urge caution for those of you with UK Pensions that are final salary.
Nurses, for example. There seems to be a fine line that advisers over here are using a bit of poetic licence on (to say the least). To the best of my knowledge no adviser here holds indemnity insurance for advice on the UK part of the transfer. They can only facilitate the transfer and advise on the product you transfer to.
Unless you are transferring to a Final salary scheme here which are probably rarer than in the UK, you are...
General statement not meant as advice - "Transferring the investment risk from the pension provider to yourself." I am not sure this is being made clear. You will be giving up a guaranteed benefit to one dependent on investment returns.
Now I know loads of arguments can be used for an individual to choose to move a final salary scheme to Australia (RPI/Annuity rates/Companies financial strength/Flexibility....the list goes on) . I am just urging caution.
These Australian Advisers don’t hold (generally if at all) G60 which you would need to hold if you were advising on the transfer in the UK and they don’t hold UK indemnity insurance to protect the client.
In the UK we saw loads of Nurses / Dockers....... Transfer from their final salary schemes to Personal Pensions and were miss advised . The Personal Pension providers were then forced to pay compensation and admit they were wrong. THESE WERE ADVISED SALES.
This Thread is not meant as advice.