Benefits

NO TAX

If you transfer your UK pension to Australia you will be able to take the full benefit of your pension at age 60 tax free (subject to qualifying rules). If the funds remain in the UK, any pension income stream will be assessable as income and taxed at the marginal income tax rates.

CONTROL

By transferring your pension scheme to Australia you will maintain your pension benefits at retirement, avoiding the difficulties encountered due to schemes being wound up or under-funded, issues that are not uncommon to UK pension schemes.

FLEXIBILITY

In Australia, there is no requirement to purchase a life pension/annuity. You will be able to draw your benefits as a retirement income (allocated pension), as a lump sum or as a combination of both.

BOOSTING RETIREMENT INCOME

UK pensions paid to an Australian resident are still subject to tax (as per Dual Taxation Agreements)

NO LONG TERM CURRENCY RISK

You will eliminate the long-term currency risk incurred when transferring foreign currency if you transfer your UK pension funds to Australia.

There are some major advantages in transferring your pension into an Australian Superannuation, however you must be aware of the following:

• Penalty - If the funds are transferred to a non-registered fund in Australia a UK tax rate of 55% could be imposed on the funds being transferred.
• The UK State Pension cannot be transferred. The monthly pension must be drawn from the UK.