Pension access

[CliffnAl]

I intend to emigrate next year and have my visa. I would like some advice about whether to have my pension paid into an Australian bank or to just leave it in my British bank and draw from it there. Are there tax complications to either way.

thank you very much for taking the time to read this,and thank you in advance to those that reply.

[Marisawright]

It doesn't make any difference whether you get it paid into a British bank or an Australian one, the tax implications are exactly the same.

 

I understand that the UK govt will pay the money into an Australian bank account if you want - but if you don't actually need the money every month, I would recommend having it paid into a UK bank account, and transfer it when you need it.

 

We do the same thing in reverse. All our savings and my income are generated in Australia, but rather than have money paid into a UK bank account, we have it paid into our Australian one. Then we transfer lump sums when the exchange rate is favourable.

[CliffnAl]

Thank you very much for your advice and for taking the time to give it it will be very helpful