wills7802 Posted July 8, 2013 Share Posted July 8, 2013 Gday Guys, Could I please ask for some advice? I acquired Australian Citizenship this year after leaving the British armed forces in 2001 and live permanently in Australia. I was wondering is it possible to transfer my military pension from the UK to my Australian superfund? As we are currently looking into buying property using a self managed super fund to better our old age. I had heard that the military pension has a large boost at the age of 55, but not sure if this is true? Thanks in advance guys Mark Quote Link to comment Share on other sites More sharing options...
Nige Butt Posted July 8, 2013 Share Posted July 8, 2013 Hey Mark It's true. If you are in receipt of a military pension, then upon reaching age 55, it jumps as a result of becoming index-linked. Have a chat to a guy called Clive Herrald... I've heard some good things. http://www.globalpensiontransfers.com I'm looking to do the same with my pension when I come over there... Quote Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted July 9, 2013 Share Posted July 9, 2013 (edited) Hi Mark Your Military is a final salary pension and will pay an income for life at retirement but you will also have the option of a lump sum as well. Transferring your Military Pension to a Super in Australia will mean that you will lose those benefits going forward in exchange for a lump sum to transfer. This may or may not be the right thing for you to do and you should explore the implications of such a move by working with a professional. In relation to a Self-Managed Super Fund, UK Pension monies transfered to Australian Super are not permitted by HMRC to be used for purchasing residential property and by doing so you could you in breach. A lot of Australian Advisers are not aware of this as Australian Superannuation monies can be used to purchase residential property. Mark UK Pension Transfers are our specialist area and if you do want specialist advice in this please feel free to contact me (details below in signature), our advice is very balanced and not skewed to direct people to transfer we work with our clients to help them understand whether a transfer is in their interests. Edited July 9, 2013 by Andrew from Vista Financial Quote Link to comment Share on other sites More sharing options...
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