Transfer UK Pension to Aus

[lothar]

Hi,

I am moving to Aus from UK in a few months time. I have read various posts on the internet as well as posts here on PIO on transferring pensions to Aus, but I am a little confused.

Can someone confirm that there is no way to transfer my Pension (State or Private) to Aus until I am 55? I can understand why State transfer will not be allowed until 55, but does this QROPS regulation cover the private pensions I have paid in via my employer?

I have a few pensions from various providers that I contributed to over the past 10 years while working in UK, so if I understand the regulations correctly, I simply leave them here in UK until I turn 55 before I can move them?

Thanks for any guidance.

 

[Gbye grey sky]

6 minutes ago, lothar said:

Hi,

I am moving to Aus from UK in a few months time. I have read various posts on the internet as well as posts here on PIO on transferring pensions to Aus, but I am a little confused.

Can someone confirm that there is no way to transfer my Pension (State or Private) to Aus until I am 55? I can understand why State transfer will not be allowed until 55, but does this QROPS regulation cover the private pensions I have paid in via my employer?

I have a few pensions from various providers that I contributed to over the past 10 years while working in UK, so if I understand the regulations correctly, I simply leave them here in UK until I turn 55 before I can move them?

Thanks for any guidance.

 

Personal pension cannot be transferred until you are 55 under current rules.  State pension can never be transferred.

[lothar]

@Gbye grey sky Great thanks for your answer. 

So other than making sure I have my latest pension account statements  (so that I have my account number etc), and changing my address with each provider once I am in Aus to be able to get future statements,

There is nothing else I need to do before I move in relation to pension?

[Gbye grey sky]

9 hours ago, lothar said:

@Gbye grey sky Great thanks for your answer. 

So other than making sure I have my latest pension account statements  (so that I have my account number etc), and changing my address with each provider once I am in Aus to be able to get future statements,

There is nothing else I need to do before I move in relation to pension?

Make sure you get a value on those pensions from the date that you cease to be tax resident in the UK and become tax resident in Australia.  In the future should you transfer them to Oz via a QROPS you will be taxed on the growth at 15% (under current rules).

Personally I would consider moving all of them into a single SiPP before you go.  Easier to control and manage and easier to transfer.......but be wary of the limits on transferring.  It depends how much you have in them.  If the combined exceeds $300,000 (current rules) you cannot transfer it over without a great deal of trouble and cost.

[Alan Collett]

How old are you, lothar?

Maybe have a chat with Andrew Williams of Vista - see the separate Vista forum.

Best regards.

[lothar]

Hi Alan,

I am 36 at the moment. 

Thanks all for your guidance on this matter.

Thanks.