A Detailed Guide For Transferring UK Pension To Australian Super Fund

1. A Detailed Guide For Transferring UK Pension To Australian Super Fund When you’re about to transfer a UK pension to an Australian super fundthere are certain things that you should consider, especially since the process is no longer as straightforward and simple as it used to be. As a matter of fact, pension transfers anywhere in the world can be tricky, more so when legislation changes, it complicates things. Transferring the savings, you’ve accrued in your UK pension as you move to Australia is possible, but you need to educate yourself thoroughly about the process to ensure success. One of the first things you should be aware of when deciding to make a pension transfer is whether you are eligible to transfer UK pension to Australian super fund. According to ATO (Australian Taxation Office), Australian and UK rules for pension transfer must be taken into account whenever making such a transaction. The taxation office suggests three major criteria you must fulfil in order to move your pension funds from the UK to Australia, all the while minimising taxes and fees. First, you must be below the age of 75 at the time of the transfer. Second, if you fall between the ages of 65 and 74, at the time of the transfer, you must meet what is known as the Australian “work test.” Third and lastly, the maximum balance you are allowed to transfer from your UK pension is $300,000—according to the bring forward rule under the Australian non-concessional contributions, superannuation standards. (KL to check if these statements are true) Many other rules govern such pension transfer transactions, which is why it is wise to seek the help of financial and pension experts who can walk you through the process and prevent costly mistakes that could eat up your savings. With so many changes in both UK and Australian pension laws and other provisions that affect such transfers, you are better off working with financial experts to speed up the process and make sure that you are not wasting time and resources trying to transfer UK pension to Australian super fund, when there are better ways to utilise and transfer your money to Australia.