Why Transfer My Pension to Australia?
Quite simply, save up to 40%+ tax. If you draw your pension as income from the UK, you will pay Australian income tax on each payment received from the UK. By transferring your pension to Australia you will likely be able to draw this out from Australia tax free, saving you all the tax you would otherwise pay.
Why transfer my pension to Australia now, if I’m not retiring yet?
Australia taxes the transfer of your UK pensions, if it transfers to Australia more than 6 months after you do. A UK-Australia pension transfer can easily take more than 6 months to complete. It is hence best to start the process at least a few months prior to departing from the UK.
Can I receive advice on all types of UK pension scheme transfers after I move to Australia?
No. Since April 2015 UK pension rule changes, by law pension transfers for defined benefit and safeguarded work based schemes can now ONLY be processed by a fully regulated UK based pension transfer specialist (ie Prism Xpat). It’s best to contact Prism Xpat before you go.
Why Prism Xpat
Prism Xpat has helped thousands of UK emigrants transfer their UK pension schemes to Australia since 2002. They have UK-Australia Pension Transfer strategies for people of all ages and with all different types of UK pension schemes (final salary/defined benefit, personal pensions/SIPPS, frozen pensions and the rest!). Headquartered in the UK and affiliate offices in each Australian main city to look after you when you arrive, there is simply no better option than Prism Xpat to help you transfer your UK pension to Australia.
Whilst a UK Pension Transfer to Australia can save you up to 40%+ tax, for some people a pension transfer may not be in your best financial interests. The first step is to register with Prism Xpat for a no obligation free investigation to find out. You can register with them by clicking here.
Contact Prism Xpat today!
Tel: 0345 450 4004