Which UK Pensions Can Be Transferred to Australia?
If you have a UK pension and now live in Australia, you may be able to transfer your pension to an Australian superannuation fund.
However, not every UK pension can be transferred, and the rules depend on the type of pension, your circumstances and the Australian receiving arrangement.
Pensions that may be transferable
Defined Contribution Pensions
Personal pensions, workplace defined contribution pensions and some SIPPs may be transferable to an Australian QROPS, subject to the relevant UK and Australian requirements.
Defined Benefit / Final Salary Pensions / Guarranteed Annuities
Defined Benefit pensions may also be transferable, but additional advice requirements apply.
If your safeguarded benefits are worth more than £30,000, you generally need appropriate independent advice from an FCA-authorised firm with permission to advise on pension transfers, with the advice given or checked by a Pension Transfer Specialist (PTS).
Learn more about Defined Benefit Pensions
Self-Invested Personal Pensions (SIPPs)
Some UK SIPPs can be transferred to an Australian QROPS. The specific SIPP and receiving fund need to be assessed.
Pensions that may have restrictions
Certain UK pension arrangements cannot be transferred overseas or may have significant restrictions.
These can include some unfunded public sector pension schemes such as the NHS, Teachers Pensions, Armed Forces, Civil Service Pension, Police & Firefighters Pensions.
Please note that the UK State Pension cannot be transferred to an Australian superannuation fund.
Whether your pension is transferable depends on the specific scheme and its rules.
What about pensions already in payment?
A pension already in payment is not automatically excluded, but additional rules can apply depending on the type of pension and the benefits already taken.
It is important to have the pension assessed before requesting a transfer.
What do we need to know?
To determine whether your pension may be transferable, we generally need:
- your UK pension provider and scheme name;
- the type of pension;
- its current value;
- your age; and
- whether you are already receiving benefits.
Not sure what type of pension you have?
Don’t worry. We can help you identify your pension type and explain what options may be available.
Veyron Wealth Group has been helping Australians with UK pension transfers since 2002.
Contact Veyron to discuss your UK pension
“Drew Hawkins is one of Australias most experienced advises with regard to UK pensions transfers to Australia with over 24 years experience”
David Ford – Founder & CEO of Pension Transfers Direct Pty Ltd
★★★★★ 5/5
