UK Pension Transfers – Age 55 and Over
Can I Transfer My UK Pension to Australia?
If you are aged 55 or over and have a UK pension, you may be eligible to transfer your pension to an Australian QROPS, subject to the type of pension, your circumstances and the requirements of the receiving fund.
Veyron Wealth Group has been assisting Australian residents with UK pension transfers since 2002.
Important Changes from 6 April 2028
The UK Normal Minimum Pension Age is scheduled to increase from 55 to 57 from 6 April 2028.
So from 6 April 2028, you will need to be at least 57 before accessing their UK pension benefits or transferring them to Australia.
What we are seeing now is that the Australian QROPS funds will not allow a transfer for anyone born after 6-April 1971
If You Are Already 55
If you have reached age 55 before 6 April 2028, the transitional rules may be relevant to you. However, the rules are complex and depend on your existing pension rights and whether you have a protected pension age.
If you are considering transferring your pension, it is important to establish how the 2028 changes affect your particular circumstances before proceeding.
What Can Be Transferred?
The type of UK pension you hold is important. Defined Contribution, Defined Benefit and other pension arrangements are subject to different rules and advice requirements.
For Defined Benefit pensions with safeguarded benefits above £30,000, specialist UK pension transfer advice is required before a transfer can proceed.
Why Consider a Transfer?
Depending on your circumstances, transferring your UK pension to Australia may provide:
- Greater integration with your Australian retirement planning
- Access to Australian superannuation and retirement income strategies
- Potential estate-planning benefits
- Greater control over your investment strategy
- Management of your retirement assets in Australia.
A transfer is not automatically appropriate. In some circumstances, retaining your UK pension may be the better option.
How Veyron Can Help
We assess your UK pension and circumstances and determine whether a transfer to an Australian QROPS should be considered.
Where specialist UK advice is required, we coordinate with UK FCA-authorised pension transfer specialists to ensure the appropriate advice is obtained.
If you are aged 55 or over and have a UK pension, contact Veyron Wealth Group to discuss your options.
“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
