Transfer UK Pension (age 55+) to Oz - No SMSF required

We can now offer advice on transferring UK Pensions into Australia (for people age 55+) without the need for a SMSF and instead into an everyday superannuation fund.

This superannuation fund also has the option of investing the funds in sterling so no need to convert to Aussie dollars whilst the exchange rate is as low as it is (obviously no guarantees it will improve!).

If you are over age 55 and do have a UK pension you may wish to explore your transfer options sooner rather than later for two reasons:

A) If you have a defined benefit pension scheme transfer values are particularly high at the moment with transfer values seeming to be around 25xtimes the annual pension benefits on average.

b) It is likely Australia will be changing the rules around how much can be contributed to superannuation as a non-concessional contribution (typically this is what UK pension transfers are classed as), currently the maximum in one go (subject to certain eligibility) is $540,000 however from July 1 2017 this is likely to reduce to $300,000 (we should know the outcome of the proposed changes around December time).

If you would like to explore your options then feel able to make contact via PM or email address (in signature below).

We are fully qualified and licensed Australian Financial Advisers and where required we work with UK FCA regulated Advisers.

Regards

Andy