Australian Super withdrawn after age 60 is usually received tax free, whereas pension payments received from your UK Pension will be taxable at marginal rates.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.

Over the last few years, record low bond yields combined with companies incentivising members to move led to record high transfer values. Prior to this period 15X retirement pension has been normal, whereas, over recent times, we have been seeing 30X – 40X plus multiples of pension.

We are currently seeing interest rates rise very quickly, which will mean Cash Equivalent Transfer Values (CETVs) will reduce, and given the interest rate trajectory, and 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. Given that this is likely to change, considering your position and potentially acting now could significantly improve your outcome compared to waiting for a return to a low-interest rate environment.

Consider a 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 have been disruptive and resulted in time delays, significant cost and complexity to complete their transfer. Our UK connections have us more convinced than ever that pension legislation is continuing to change.

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.

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.