Access UK private pension as australian expat
Sep 6th 2015, 2:01 pm
#1
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Thread Starter
Joined: Jan 2005
Location: Australia
Posts: 4
Access UK private pension as australian expat
I have a modest private pension fund in the UK with Zurich.
I have lived in Aussie for 15 years. Dual nationality.
I am 46.
I will want to start using my UK pension for income sometime in the next 10 to 15 years.
During some recent communications with Zurich to update my address they mentioned that UK pension funds are for UK residents only and they did not elaborate any further.
I had assumed when I come of age I would just start using the UK pension fund to generate a pension into a UK bank account and I could access the funds and they would not be worried about my country of residence.
Is that assumption wrong? Should I be trying to move my pension to Australia or should I just leave it in the UK?
I have lived in Aussie for 15 years. Dual nationality.
I am 46.
I will want to start using my UK pension for income sometime in the next 10 to 15 years.
During some recent communications with Zurich to update my address they mentioned that UK pension funds are for UK residents only and they did not elaborate any further.
I had assumed when I come of age I would just start using the UK pension fund to generate a pension into a UK bank account and I could access the funds and they would not be worried about my country of residence.
Is that assumption wrong? Should I be trying to move my pension to Australia or should I just leave it in the UK?
Sep 10th 2015, 2:28 am
#2
BE Enthusiast
Joined: Feb 2014
Posts: 592
Re: Access UK private pension as australian expat
Looper - you are correct - once you reach retirement age which is from aged 55 in the UK you are entitlement to access your Pension fund in accordance with the rules at that time.
Currently you can access from aged 55 either as a lump sum or an ongoing pension (dependant on the type of pension you have and their rules)
Currently - you can not move funds to OZ as there is a temporary legal hitch with this but this is expected to be resolved shortly (I expect next 4 weeks). However, there are existing solutions for those over 55 which still allows you to still transfer to OZ regardless of the current legal hick up.
There are Tax benefits in moving your funds to OZ but everyone's situation is different and it is best to discuss with me to see if it is worth you while bring it over to OZ!
I hope the above helps.
Currently you can access from aged 55 either as a lump sum or an ongoing pension (dependant on the type of pension you have and their rules)
Currently - you can not move funds to OZ as there is a temporary legal hitch with this but this is expected to be resolved shortly (I expect next 4 weeks). However, there are existing solutions for those over 55 which still allows you to still transfer to OZ regardless of the current legal hick up.
There are Tax benefits in moving your funds to OZ but everyone's situation is different and it is best to discuss with me to see if it is worth you while bring it over to OZ!
I hope the above helps.
