What can you do?

Depending on your individual circumstances, you could save as much as 45% in income tax by transferring your UK pension to Australia.

And there are significant estate planning advantages as well. In the UK, usually just your spouse can inherit your pension fund and when they pass away the fund manager normally keeps what’s left. In Australia your fund’s full account balance is available for payment to your dependants – providing preservation of your assets.

QROPS - Qualifying Recognised Overseas Pension Scheme

There are also advantages to be gained by transferring your UK pension funds before July 1 to a Qualifying Recognised Overseas Pension Scheme (QROPS) in Australia. Tax charges are waived in the first six months of your residency in Australia and after that, it simply becomes a case of ‘the sooner the transfer, the better’. Once in the Australian system your fund will benefit from concessional tax treatment during the investment phase and even more so in retirement

IMPORTANT: This information has been prepared without taking into account your objectives, financial situation or needs. Before acting seek professional advice. Things you should know. © Pension Transfers Direct (PTD). PTD is a Corporate Authorised Representative of Genesys Wealth Advisers AFSL No. 232686.