Transfer UK private pension to Aus

[PaulRobbo]

Hi 

I am sure some of you have either researched this or gone through the process yourself.

I would like to get your thoughts on how and when you transferred any UK pensions over to Australia.

I have a brief conversation with a comp[any that can manage the whole process for me, but it looked very expensive for what could be a form filling exercise.

 

Has anyone got any advice or experiences I can consider?

[Marisawright]

Before you pay a company to transfer the pension, I'd be getting financial advice on whether it's even a good idea.   Though it seems obvious to transfer your pension over to Australia,, you can actually lose quite a lot of money by doing so.  There are plenty of retirees in Australia whose pension is still paid in the UK, and they simply transfer the funds as needed. 

Whether it's a good idea for you, depends on a number of factors, for instance, what kind of pension is it?  Do you want to transfer it into a superannuation fund in Australia or are you just taking a lump sum of cash?  Do you know what the tax implications will be (they can be nasty!).  @Andrew from Vista Financial may be able to help with advice, and @Alan Collett will know all about the tax implications.

[Andrew from Vista Financial]

Hi Paul

 

What type of pension is it...DB or DC?

I assume you are over age 55, is it worth it, this depends on a number of factors, all of course based around your future retirement goals and financial situation.

The process has become so much harder over the last few years and there have been lots of changes from a regulation perspective so it has turned into a costly exercise if engaging a professional, that said it can prove valuable in the long run.

You may also find if it is a scheme that has safeguarded benefits attached you are unable to do it yourself as qualified advice is mandatory.

Regards Andy