Specialists in Pension Transfers to Australia
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Specialists in Pension Transfers to Australia
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Chartered Financial PlannersWe are proud to be the only Chartered Financial Planning firm with offices in both the UK and Australia, providing a clear indication of the professional standing of our firm.
In-house SupportAll advisers are supported by in-house professional paraplanning services and a first-class administration team.
Nothing OutsourcedOur UK pension transfer service is provided in-house and nothing is outsourced throughout the process.
IndependentIndependently licensed in both Australia and the UK, this means our advice can be provided conflict free.
We are an award-winning firm of Chartered Financial Planners with offices in London, Perth, Sydney and Melbourne. Our primary purpose is to help Australian and British citizens with their retirement planning and we specialise in advising those with assets in both jurisdiction on how to structure their wealth most effectively. We are widely recognised as the leading specialists in UK pension transfers to Australia.
Why shouldn't I transfer my pension myself,
without the help of bdhSterling?
low riskIf you undertake the transfer yourself, or with the assistance of somebody who is not licensed and regulated in both the UK and Australia, then you run the risk of misinterpreting the rules and regulations that are applicable and can face penalty charges of 55% of the fund value.
pay less taxThere is the risk of the tax calculations being interpreted incorrectly if these are not undertaken properly this can lead to further penalties, or you paying more tax than is necessary.
FCA RegulatedIf your fund is a defined benefit or contains safeguarded benefits and is valued over £30,000 then you must seek advice from a UK regulated financial adviser before you can transfer these benefits overseas. The Trustees of your scheme will simply refuse to transfer your benefits until you provide evidence that a UK FCA regulated adviser has provided you with advice.
ASIC RegulatedbdhSterling are licensed to provide advice on the establishment of an Australian scheme, as well of the transfer from the UK. Our view is that you should only take advice from a firm who is licensed in both jurisdictions, which confirms their competence to provide the guidance you need.
Don't just take our word for it...
Frequently Asked Questions
- Defined Contribution (DC) Pension Schemes, including company and personal pension and drawdown arrangements
- Private Sector Defined Benefit (DB) Schemes
- Funded Public Sector DB Schemes
- The UK State Pension
- Annuities purchased with a life insurance company
- Company Pension already in payment
- Unfunded Public Sector Defined Benefit Schemes
Transferring will generally be more tax effective – In Australia, from age 60, all retirement income and lump sums drawn from Super will be entirely free of tax. Pensions drawn from UK schemes are taxed at your marginal tax rate (MTR), which can be up to 45%.
We will only recommend a transfer if we believe it is the most suitable option and in your best interests.
You can transfer to a receiving superfund only if it is a Qualifying Recognised Overseas Pension Scheme (QROPS). bdhSterling can assist in identifying if your current scheme qualifies or if an alternative fund will be required.
There are restrictions on what you can invest in with a UK sourced pension in Australia. These restrictions match those that are applied to the funds when they are in the UK. Therefore, the QROPS funds are unable to invest in residential property directly, however it may be possible to release funds upon reaching age 55 for property purchase.
There are rules in place by HMRC around how long your funds must remain within a QROPS fund before you can transfer these to a non-QROPS. bdhSterling can identify this for you as part of the analysis we conduct, and this will vary based on you as an individual, and your situation.
Typically, from the first contact you make with bdhSterling to when the first funds are transferred into your QROPS this full process can take anywhere between 3-12 months, where the average time taken is 6 months. This can vary depending on several external factors, such as, how long it takes for the UK pensions scheme to disinvest your funds and transfer these to your receiving scheme.
Following the transfer of your UK pension funds to Australia you will be able to access your funds when you meet a condition of release here in Australia, which can be when you meet preservation age, or when you reach age 65. It is also worth noting that as part of the transfer strategy you may be able to access some of the funds during this process, and this is something we can detail in our analysis.
You can transfer your UK pension to Australia once you reach age 55. In the interim, we can manage your money in a UK pension in AUD or GBP, and make sure that you are on track to reach your retirement goals.
In the UK we are regulated by the Financial Conduct Authority (FCA).
In Australia we are regulated by the Australian Securities Investment Commission (ASIC).