Can I transfer my UK state pension as a lump sum to Australia?

Unfortunately no you cannot transfer your UK state pension to Australia as a lump sum.

The UK state pension, once it has commenced to pay you an income will need to be either paid into a UK bank account or it can be transferred into an Australian bank account on a regular basis however the costs charged by the banks will be quite high.

An alternative method to secure the payment is to use the services of a foreign exchange company to have the pension transferred across to Australia periodically. This method will save you on costs associated with the transfers which means more money to you.

You should be aware also that once the pension commences to pay you an income stream that there will not be any indexation or adjustments to the pension from that time forward.

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