Bringing your UK Pension funds to Australia might just get your retirement on the right track.
Many people who have worked in the UK and have since relocated to Australia will have funds trapped in the UK Pension system. Early release, if at all possible, may be subject to penalty tax and other charges unless specific criteria have been met. Receiving pension payments from the UK once retired in Australia may also be taxed at your marginal income tax rate.
If you're over Age 55 and want to release your funds from within the UK Pension system the right way then you'll need three things.
An Australian Financial Adviser
There's no one-size-fits-all with financial advice. Everyone's situation is unique and making sure you receive the appropriate advice for your circumstances requires more than a simple checklist - it's personal. When you finally get access to your UK Pension funds what will you do with them? Will they be sufficient to achieve the lifestyle you want in your retirement? An Australian financial adviser will help you put an overall plan in place to work out what your retirement will look like for you. It's the very first step in the process.
A UK Financial Adviser & Pension Rollover Service Administrator
You need help on the inside. The UK pension system can be complex and a qualified UK financial adviser will help to complete the processes on the UK side efficiently. The UK adviser will work closely with an Australian based pension rollover administration service to bring your pension funds into Australia. The administration service will coordinate everything between Australia and UK and will work with your Australian financial adviser to make the process as smooth as possible to meet your end goal.
A Qualifying Recognised Overseas Pension Scheme (QROPS)
If you want to complete a UK QROPS Pension transfer to Australia then one of the most tax-effective options is a Self-Managed Superannuation Fund (SMSF). An SMSF must be a QROPS approved by Her Majesty's Revenue & Customs (HMRC). As the name implies, with an SMSF you will have the ability to take control and manage the pension funds in a way that will achieve your own retirement goals.
Take back control over your retirement and look at how you can bring your UK Pension funds to Australia.