When you leave the UK to migrate to Australia, if your visa enables you to enter Australia on a permanent basis then there are certain Australian taxation rules that you need to be aware of concerning your UK pension funds.
We have two taxation provisions, Section 305 and the FIF tax rules that may apply to your UK funds.
Essentially these provisions will apply a tax impost to your UK funds as they continue to grow, albeit at nominal rates, when you either transfer them, if the transfer has not completed within 6 months of the date of residency, or you may have to declare any increase in value for tax purposes under our FIF regime.
Either way you should not be too concerned about such issues as the process is involved but not too onerous.
The first step is to authorize us to speak to your UK scheme to obtain a transfer value as well as various other pieces of information relative to the fund itself.
Assuming that we have that information and are satisfied that it is a reasonable value given service history and contributions etc we will then begin the process of liaising with you, with the UK Fund, as well as the proposed Australian scheme to have all of the necessary paperwork signed off by the respective parties.
Once that is all completed, and it does take some time to have all signed off, we will then arrange to have the funds transferred into your new Australian superannuation fund.
That then begins the Australian end of the process wherein we will need to discuss with you your future financial planning needs, including future contribution strategy, investment structure, insurance protection for the family, plus various other aspects of planning.
It all sounds quite daunting but once the process has begun you will soon be very much at ease with the different structures that exist in Australia when compared to the UK.
When you are a few months away from leaving I suggest you contact us to begin the investigative end of the process to coincide things happening with your arriving in Oz.
Good luck and I hope to hear from you soon.