converse

Hi there, I was wondering if anyone could help. Obviously I now live in Aus and was wondering if anyone knew how to get your hands on your UK pension contributions?
Any advice would be really appreciated.

Cheers!

Sean

wastonyy

Hi,
Ived had the same problem when i spoken to standard life which is were my pension is with, they said i can only transfer to a super fund,but i dont think you can get ur hands on the money.but some companys in oz dont have a transfer policy,my super company in oz is applying for a licence to be able to transfer my pension,maybe somebody who knows alot more about pensions mite spread some light on the subject.cheers Tony

Discovery

I am a Pensions Consultant in the UK moving to Australia in November. It is possible to transfer your pension funds overseas. You need to write to your pension provider in the UK. The requirements for overseas transfer have changed since the Introduction of the Pensions simplification regime in April 2006. Also important is the fact that your pension provider in Australia is willing to accept a transfer value even if it meets all the requirement laid down in the UK legislation for an overseas transfer.

Bix

Hello gents.

Pensions have had a lot of coverage on here recently so may I humbly suggest you use the search facility for keywords "pension" and "QROPS".

Some long threads there to read and get to grips with but it's worth it.

Basically an Australian Superfund has to register with the UK government and obtain QROPS status. If you transfer to a fund that is not QROPS registered you pay the UK government a very, very, very heavy tax to the extent it is not worth doing.

Last I heard there were Aus funds getting the status and some of them you will find in the previous threads. Find an Aus Super with QROPS and they should be able to find out if your UK pension can be transferred or not. They will deal with the UK fund trustees on your behalf.

My Aus Super waived some of their normal charges as they were getting a nice sum transferred into their fund.