HOW TO TAKE YOUR RETIREMENT FUND WITH YOU TO AUSTRALIA
Moving To Australia? How To Take Your Retirement Fund With You
If like many Brits, you are considering leaving the UK for the sandy golden beaches, clear blue skies and opportunities Australia has to offer, you may want to give some thought to your UK pension funds and what you will do with them once you are living down under.
There is an option for you to leave your pensions in the UK and to then claim them from Australia, however this is not an effective option for everybody. It is important that you consider any other options you have for taking your retirement funds with you and that might be to consider a QROPS in Australia.
Many people can benefit from transferring their UK pensions to a QROPS in Australia. To get a clearer understanding of how you could benefit from this, it is advisable to seek financial advice from an adviser that specialises in expat pension advice and QROPS in Australia, such as Prism Xpat. We are partners with Prism Xpat and recommend you get in contact with them today!
At Prism Xpat, their team of specialist expat financial advisers can work with you to provide you with tailored advice to ensure you have the most effective pension planning strategy in place.
Why transfer your pension to a QROPS in Australia?
Transferring your UK pension to a QROPS in Australia can offer many financial and tax advantages for expats. The Prism Xpat team can help you understand how you could benefit from this.
If you were to leave your pension in the UK, you could still claim your pension while living in Australia, but your retirement fund could be affected by unfavourable exchange rates and currency conversion costs, that can be managed with a QROPS in Australia.
If you were to transfer your UK pension to a QROPS in Australia, not only would you avoid currency conversion costs and remove losses from unfavourable exchange rates, you would also benefit from a range of other advantages too:
Reduced tax liability Increased flexibility of pension income Greater tax efficiencyBefore making any changes to your pensions, it is advisable to seek specialist pension advice to ensure you have the most effective pension planning strategy in place. At Prism Xpat, their expat pension advisers can provide advice on all aspects of pension planning when moving abroad, including QROPS in Australia.