UK Pensions in Australia
Along with all the necessary steps that one must take to move permanently to another country, your UK pension is something that is worth a considerable amount of thought and planning, especially now that the option has arisen to allow UK expatriates to transfer their UK pension into an Australian QROPS fund and allowing them to gain from the many benefits that come with having your pension transferred into a QROPS.
Over 23,000 UK citizens moved permanently abroad to Australia last year which represents over 15% of the total number of people moving to Australia per annum. However, after having worked hard all their lives, many expats living in Australia have found that their UK pensions do not deliver sufficiently enough for a comfortable retirement income.
The introduction of qualifying recognised overseas pension schemes (QROPS) on the 6th April 2006 has opened up a huge window of opportunity where UK pensioners living abroad or planning to do so in the near future can gain much benefit from transferring their UK pension fund into a QROPS. The majority of UK registered pension schemes including SIPP’S and protected rights are transferable.
One of the major benefits of transferring your UK pension into a QROPS in Australia is that upon death or disability, you are entitled to pass your pension fund onto your nominated beneficiaries either as a lump sum or pension whilst avoiding inheritance tax.
For further information on transferring your pension to a QROPS in Australia and information on QROPS providers, simply fill in your details in the contact a QROPS adviser page to receive free QROPS advice from a professional QROPS adviser.
