Despite what you’ve heard, you can transfer your UK Pension to Australia and there can be significant financial benefits to be gained.
A UK pension transfer involves the lump sum transfer of a UK pension fund or funds into a complying QROPS superannuation fund in Australia.
Most UK pension funds can now be transferred. These include:
- personal pension funds
- company pension schemes (final salary or money purchase)
- Additional Voluntary Contribution (AVCs) and Free Standing Additional Voluntary Contribution (FSAVCs)
- contracted out funds
- Plus many others
Your UK State Pension cannot be transferred to Australia as a lump sum and there are a few schemes whose trust deeds do not allow transfer. Generally speaking however, when your UK Fund is not in payment the fund cannot refuse your transfer request.