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New user
Posts: 2
Location: , United Kingdom | Hello I am wondering whether I can transfer my forces pension to australia and what the benefits are of doing this?
Thanks
John | |
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Pensions Expert
Posts: 5
| Hi John
It will depend on if you are receiving your pension. If you are in receipt of the pension then it is not possible to transfer your benefits out of the scheme to an Australian scheme as a lump sum. You can either leave it in the UK bank to accumulate, and then transfer over every six months or so (or when the exchange rate is favourable) or use a currency dealer to arrange a regular transfer to Australia, or have it paid direct to an Australian bank account.
If you not yet in receipt of your forces pension then it should be possible to transfer out of the scheme to an Australian Superannuation fund (their version of personal pensions), provided it has registered with the UK revenue to receive transfers from the UK (known as a Qualifying Recognised Overseas Pension Scheme).
Income from an Australian Superannuation fund in retirement (from age 60) is tax-free, so this obviously a major benefit. It will also mean that your income will not be subject to currency fluctuations.
By transferring you will lose the guaranteed pension from the scheme, which is index-linked and has a dependants pension built in, and may also lose the option of drawing your pension early. In any event you should obtain independent advice from someone who is familiar with the UK and Australian pension systems. | |
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New user
Posts: 2
Location: , United Kingdom | thanks robert
I am not in receipt of my pension yet, who would be best to contact about this? | |
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Pensions Expert
Posts: 5
| Hi John
thanks for the reply.
We offer a service where we can analyse your pension benefits to see whether a transfer to Australia is appropriate.
I will PM our contact details, and some further information we will need. | |
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Forces Pension
