A Tailored Transfer

In the last couple of years the rules around UK pension transfers has changed significantly. These changes have added a layer of complexity and today pension transfers can no longer be treated as an isolated transaction – it’s fair to say ‘one solution does not fit all’.

Complexity

Whilst no two transfers are the same, there are common benefits

TAX SAVINGS

Australian Super withdrawn after age 60 is usually received tax free, whereas pension payments received from your UK Pension will be taxable at marginal rates. Transferring your pension to Australia can translate to big tax savings.

HISTORICALLY HIGH TRANSFER VALUES (DEFINED BENEFIT SCHEMES)

Over the last few years, record low bond yields combined with companies incentivising members to move out of a Defined Benefit fund have led to record high transfer values. Prior to this 15X retirement pension had been the norm, whereas today we are seeing 30X – 40X plus multiples of pension. Currently, interest rates are rising, meaning Cash Equivalent Transfer Values (CETVs) will reduce and, given the interest rate trajectory, are likely to continue to do so over the foreseeable future. As things stand, most schemes are still offering CETVs that represent very good value – Considering your position and acting now could significantly improve your outcome compared with waiting for a return to a low-interest rate environment.

FREEDOM OF CHOICE

Australian Superannuation offers greater flexibility at retirement (choose either a lump sum, an Annuity, an Account Based Pension or a combination) plus greater potential to monitor and adjust your investment portfolio. You may also qualify to access your money prior to your retirement via a pre-retirement pension, meaning a gradual reduction to your work hours as you transition into retirement.

AVOID FUTURE LEGISLATIVE RISK

Transfer while you can! In recent times we have seen significant and quite often retrospective legislative changes which have blindsided the plans of many people looking to transfer their pensions.

Quite often the changes were very disruptive and resulted in time delays, significant cost and complexity to complete their transfer. Our UK connections have us more convinced than ever that your pension could be under threat from further change.

1 JURISDICTION

Managing your finances within the rules of one country can be difficult enough let alone having to continually consider the rules of both, including how ongoing changes will affect you.

Having your money in 1 jurisdiction will lead to a simpler, less complex retirement scenario which in our experience is what most people want.

100% OF YOUR MONEY GOES TO LOVED ONES

Protect Your Assets and your Loved Ones. Australian superannuation pays outs 100% of your money to your nominated beneficiaries or estate versus a reduced sum (or sometimes nothing at all) under the UK Pension System. In Australia, if the money is paid to your spouse and/or tax dependants it will be tax free.

Upon your beneficiaries’ death, the remaining account balance is payable to their beneficiaries versus a reduced sum or nothing at all under the UK Pension System.

What to expect:
Our fully integrated pension transfer solution >

There are costs and risks to a program of action, but they are far less than the long range risks and costs of comfortable inaction. – John F. Kennedy

A tailored transfer, discover more

Pensions are an intrinsic part of your wealth management and financial planning strategy. The suitability of a transfer and how it fits in your overall plan will be driven entirely by the needs and objectives of you… and your family.

At FinSec PTX we offer a range of solutions that will be tailored according to your individual circumstances and the associated complexities. In our experience UK pension transfers fall into three broad categories; Over 55 Large Case/ Complex Transfers, Over 55 Standard Transfers and Under 55 Transfer solutions.

Over 55 Large Case Transfer Solution

OVER 55
LARGE CASE TRANSFER

You are over 55 years of age with a company or personal pension.

Your pension + super combined may breach UK or Australian (or both) rules. You are eligible to transfer with an ‘all’ considered strategy.

Find out more >

Over 55 Standard Transfer

OVER 55
STANDARD TRANSFER

You are over 55 years of age with a company or personal pension.

Your pension + super combined does not breach UK or Australian rules. You are eligible to transfer and seek the knowledge & clarity to proceed with confidence.

Find out more >

Under 55 Transfer Solution

UNDER 55
TRANSFER SOLUTION

You are under 55 years of age and have a company or personal pension.

You need a solution that positions you for a successful transfer in the future.

Find out more >

Without the correct advice it is impossible to know whether a transfer is in your best interests or not, yet alone whether it can be carried out correctly.

Regardless of intent, simple mistakes made out of a lack of understanding can have a lifelong impact, often costing thousands of dollars.

FinSec PTX are at the forefront of both UK and Australian legislation and have become experts in interpreting its impact on the transfer process – a key reason why other advisers outsource this area of expertise to us.

With good advice comes the ‘light bulb’ moments
COMMON MYTHS BUSTED

With constant change, comes a lack of clarity and potential
misunderstanding… the truth might surprise you

COMMON MYTHS BUSTED