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Transfering uk pension

Transfering uk pension

Old Dec 23rd 2018, 6:42 pm
  #1  
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Default 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
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Old Dec 23rd 2018, 9:02 pm
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Default 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.
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Old Jan 15th 2019, 4:38 am
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Default 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.
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Old Jan 15th 2019, 7:50 pm
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Default 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.
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