How Many UK Pensions Do You Have?
It doesn’t matter how many UK Pensions that you have. The main thing is understanding what type of pensions they are and how the Australian superannuation system may or may not be the best home for them. It all comes down to your circumstances and what we can achieve for you!
One of the reasons why people from the UK bring their pensions across, is to invest into their future retirement. When you leave the UK to reside in Australian, your UK pension fund is one of those assets you will need to think about.
We can help you understand your UK Pension Vs the Australian Super system, so you can make the best decision for your pension requirements
Why transfer your UK Pensions?
If you transfer your UK Pensions to Australia your retirement income will not be subject to exchange rate risks. This means that if you were to draw your benefits from the UK, the amount received each payment would vary according to the value of the British Pound to the Australian dollar. This would make budgeting extremely difficult and place unnecessary risk on funding your retirement.
By transferring to Australia;
- You will eliminate the currency risk associated with your benefits.
- All of your retirement benefits will be within the one set of pension and taxation rules.
- The Australian Super System allows your super fund to remain in the super fund for as long as you want to. When UK Pensions require you to purchase an annuity upon retirement.
Any benefits remaining in the Australian Pension system on death can be passed to your nominated beneficiaries. The UK Pensions system, on the other hand, dictates that the benefits are lost once any surviving spouse has passed away.
How can i access my UK Pension Funds When Transferred To The Australian Super System?
You can withdraw your benefits tax free on retirement from age 60. Generally speaking, benefits paid from an Australian superannuation fund, either as a lump sum or as income, this will be tax free for retirees aged 60 and over.
The tax free amount will include any UK pension benefits transferred to your Australian Superannuation fund. This represents a significant incentive to transfer given the benefits would be treated as taxable income on withdrawal if retained in the UK.
General Advice Warning
This information is of a general nature only and has been provided without taking into account all of your objectives, financial situation or needs. Because of this, we recommend you consider, with or without the assistance of a financial adviser, whether the information is appropriate in light of your particular needs and circumstances. Please seek financial advice prior to acting on this information.
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