Advice on UK pensions

We assist you with the financial implications of rolling your UK pension fund to an Australian superannuation fund that is a Recognised Overseas Pension Scheme under UK pension laws (commonly known as QROPS).

If you have a UK pension scheme and wish to roll it over to an Australian superannuation fund, some key factors to consider are:

• Are you 55 years old or older? If you’re under 55, you’re unlikely to be eligible to rollover your UK pension fund to an Australian superannuation fund.
• Are you an Australian tax resident? Ideally, you would be an Australian tax resident and intend to reside in Australia for at least five more UK tax years if you wish to rollover your UK pension fund to an Australian superannuation fund.
• Do you intend to return to the UK to reside in the future? Often, a QROPS rollover is not beneficial if you resume UK tax residence again before withdrawing the funds from your Australian superannuation fund.
• The UK and Australian tax implications of a QROPS rollover should be compared to receiving the funds as partial or full lump sums, and/or an annuity or income draw down.
• Do you have sufficient space in your non-concessional cap ($120,000 per annum from 1 July 2024)? You can lift it to $360,000 using the bring-forward rule. However, note that the general transfer balance cap from 1 July 2023 is $1.9 million. Non-concessional contributions are not permitted to increase total superannuation contributions over the general transfer balance cap.

Our team of specialists offer tailored expert advice so you feel confident when discussing your options for your UK pension. Our advice considers personal, financial, and tax perspectives to provide you with the best outcomes for significant tax savings and additional income. We offer the right advice and insights here in Australia by our qualified and experienced professionals, offering you a more personalised approach.