Transfering uk pension
#1
Just Joined
Thread Starter
Joined: Dec 2018
Posts: 8
Transfering uk pension
Hello. We are moving to Australia in March and my mum's uk state pension starts in September 2019. Any tips on best way to transfer funds? She will keep her bank account open. Will Australia charge her tax? Many thanks
#2
Re: Transfering uk pension
The UK pension people will pay the money directly into an Australian bank account if you want. It doesn't have to be paid into a UK account and then transferred. Entirely, up to your Mum how she wants to receive it.
And UK pensions do need to be declared on an Australian Tax Return each year (as income) so some tax might be payable - it depends on what other income your Mum will receive. She will get a tax-free allowance so might not pay any tax at all. She can claim a standard UPP deduction of 8% so that reduces any tax that might need to be paid a little.
And UK pensions do need to be declared on an Australian Tax Return each year (as income) so some tax might be payable - it depends on what other income your Mum will receive. She will get a tax-free allowance so might not pay any tax at all. She can claim a standard UPP deduction of 8% so that reduces any tax that might need to be paid a little.
#3
Just Joined
Joined: Jan 2019
Location: Sydney and Sth Highlands NSW
Posts: 4
Re: Transfering uk pension
Hello Nicky.
Arrange for Telegraphic Transfer of the pension to an Australian Bank - overseas cheques are not paid on presentation at many bank - instead sent for collection which means 6 weeks awaiting funds. Banking here is mostly online now, so GBP funds can be converted on arrival and credited same day.
Arrange for Telegraphic Transfer of the pension to an Australian Bank - overseas cheques are not paid on presentation at many bank - instead sent for collection which means 6 weeks awaiting funds. Banking here is mostly online now, so GBP funds can be converted on arrival and credited same day.
#4
Spud
Joined: Feb 2011
Location: Avoca Beach
Posts: 565
Re: Transfering uk pension
If it was me, I would have it paid into my UK bank account and draw it from an ATM if and when required.