Transferring Superannuation from Australia to UK
Apr 7th 2021, 11:14 am
#1
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Location: Swindon, Wiltshire
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Transferring Superannuation from Australia to UK
Hi there,
I was a member here about 10 years ago when I was in Aus and looking to move back to the UK
After much angst, I did make the move and it has generally been a good experience.
I am now approaching 60 and have a Superannuation fund in Aus from working there for 17 years.
This has been sitting there, accumulating interest and is my biggest private pension pot.
Has anyone transferred their Superannuation from Aus to the UK and if so, what were the Tax and transfer cost implications that I need to consider.
I am in no hurry as not retiring just yet but I need to factor this in to my retirement planning.
Thanks
Carole
I was a member here about 10 years ago when I was in Aus and looking to move back to the UK
After much angst, I did make the move and it has generally been a good experience.
I am now approaching 60 and have a Superannuation fund in Aus from working there for 17 years.
This has been sitting there, accumulating interest and is my biggest private pension pot.
Has anyone transferred their Superannuation from Aus to the UK and if so, what were the Tax and transfer cost implications that I need to consider.
I am in no hurry as not retiring just yet but I need to factor this in to my retirement planning.
Thanks
Carole
Apr 9th 2021, 7:50 am
#2
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Joined: Aug 2005
Location: Kingston, Tas
Posts: 2,264
Re: Transferring Superannuation from Australia to UK
https://bdhsterling.com/7-key-things...ion-in-the-uk/
It's not possible to transfer it into a UK pension fund. You will pay tax on it at your marginal rate in the UK whenever you withdraw any of it.
It's not possible to transfer it into a UK pension fund. You will pay tax on it at your marginal rate in the UK whenever you withdraw any of it.
Last edited by ianandhelena; Apr 9th 2021 at 7:53 am.
Apr 9th 2021, 8:28 am
#3
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Re: Transferring Superannuation from Australia to UK
Thank you that is really useful.
Sounds like a bit of a minefield! May be better to retire to Aus
Sounds like a bit of a minefield! May be better to retire to Aus
Apr 13th 2021, 9:01 pm
#4
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Re: Transferring Superannuation from Australia to UK
Here's a thread I just found on the HMRC forum about this. What it's saying is that you can withdraw your super as a lump sum and move it to the UK without being liable for UK tax:
https://community.hmrc.gov.uk/forums...d-00155d9c9adc
https://community.hmrc.gov.uk/forums...d-00155d9c9adc
Apr 13th 2021, 11:45 pm
#5
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Re: Transferring Superannuation from Australia to UK
Here's a thread I just found on the HMRC forum about this. What it's saying is that you can withdraw your super as a lump sum and move it to the UK without being liable for UK tax:
https://community.hmrc.gov.uk/forums...d-00155d9c9adc
https://community.hmrc.gov.uk/forums...d-00155d9c9adc
im pretty sure that is not correct. I would double check with an accountant familiar with this.
Apr 14th 2021, 12:41 am
#6
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Re: Transferring Superannuation from Australia to UK
I think that advice in the link I posted earlier is incorrect. According to ch. 2 of this, the default position for taxation of foreign pension lump sums is that income tax is due: https://www.gov.uk/government/public...s-or-annuities
Last edited by ianandhelena; Apr 14th 2021 at 1:20 am.
Apr 14th 2021, 8:11 am
#7
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Re: Transferring Superannuation from Australia to UK
Thanks all,
It would be nice to think this would not be taxable....but I don't think the UK Govt would be that generous!
I have spoken to someone from BDH Stirling and at least a portion is taxable, depends on how it is transferred, i.e. lump sum or partial transfers.
As I am not retiring for 3 years there is nothing I can do with it right now, so will re-visit this again closer to the time.
Thanks again.
It would be nice to think this would not be taxable....but I don't think the UK Govt would be that generous!
I have spoken to someone from BDH Stirling and at least a portion is taxable, depends on how it is transferred, i.e. lump sum or partial transfers.
As I am not retiring for 3 years there is nothing I can do with it right now, so will re-visit this again closer to the time.
Thanks again.
Apr 14th 2021, 9:58 pm
#8
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Joined: Feb 2008
Location: Hope Island, Gold Coast
Posts: 1,920
Re: Transferring Superannuation from Australia to UK
Thanks all,
It would be nice to think this would not be taxable....but I don't think the UK Govt would be that generous!
I have spoken to someone from BDH Stirling and at least a portion is taxable, depends on how it is transferred, i.e. lump sum or partial transfers.
As I am not retiring for 3 years there is nothing I can do with it right now, so will re-visit this again closer to the time.
Thanks again.
It would be nice to think this would not be taxable....but I don't think the UK Govt would be that generous!
I have spoken to someone from BDH Stirling and at least a portion is taxable, depends on how it is transferred, i.e. lump sum or partial transfers.
As I am not retiring for 3 years there is nothing I can do with it right now, so will re-visit this again closer to the time.
Thanks again.
Depending on the amount (and amount of tax) could you move back to Aus for a yea when you turn 60 to become an Australian tax resident (which for most super accounts can be done free of Aus tax), then "move" back to the UK, at which time it would simply be part of your savings and not taxable in the UK?
