Eligibility Criteria One: Your Age
- Under current rules you must be aged 55 years or over to transfer UK pensions as a lump sum to Australia.
- If you are under 55 years of age you can protect your right to a future transfer by deploying a UK SIPP strategy, click here for more information.
- If you have a funded Civil Service/Public Sector Pensions that is eligible for transfer (for example: Local Government Pension Schemes and Universities Super Schemes (USS)) you must complete the transfer before turning 60 years old. From time to time transfers can be subject to UK administrative complexities, to this end we advise commencing the transfer process at least 6 – 9 months prior to your 60th birthday.
Eligibility Criteria Two: Your Pension Fund
Please Note: UK State Pensions (Old Age Pensions – from your National Insurance contributions) CANNOT BE TRANSFERRED as a lump sum (i.e. are not eligible for transfer) – here is a link to information on your State Pension including your state pension forecast and access rules.
| UK PENSIONS ELIGIBLE FOR TRANSFER | |
|---|---|
| Company Pension Funds | Generally eligible only if pension payments have not yet commenced. A Company Pension Scheme is a pension that is set up by your employer to provide retirement benefits to you while you are employed by them. |
| Personal Pension Plans | A personal pension is usually arranged by yourself, not your employer, and is a type of money purchase plan. |
| Funded Civil Service Pensions | Eligible only if pension payments have not yet commenced. Funded Civil service Pensions include;
|
| UK PENSIONS NOT ELIGIBLE FOR TRANSFER | |
|---|---|
| All Government State Pensions | A British State Pension is also know as a Government Pension or Old Age Pension. Your entitlement to this pension accumulates during your lifetime and is paid by the UK Government when you reach state pension age, which depends on your date of birth.
A state pension value is based on the number of years of National Insurance (NI) contributions made throughout a person’s working life. You have to have at least 35 qualifying years’ worth of NI contributions to qualify for a full State Pension. *All government state pensions are not eligible for transfer to Australia. |
| A Fund that has Commenced Annuity Payments |
Excluding Draw Down Pensions |
| Unfunded Civil Service Pensions | Including:
|
