Having a pension fund across the world may not be financially beneficial in terms of paying double fees and charges but how do you consolidate your retirement monies?
Interest rates permitting, moving your UK pension plan to Australia may provide a much needed boost to your superannuation fund. Firstly, you should contact your UK fund and request a pension statement. Next, you should consult an independent financial advisor to discuss whether consolidating your funds is the best course of action for you. Once you decide to proceed, the process is relatively simple.
The fund you are transferring to must be a Qualifying Recognised Overseas Pension Scheme (QROPS), deemed so by HM Revenue & Customs (HMRC). This means that your fund is:
· regulated as a pension scheme in the country in which it is established, and
· must be recognised for tax purposes
and usually you need to have not left your fund before 1 January 1986.
Find out if your superannuation fund is listed as a QROPS by clicking YOURLifeChoices simple shortcut to HMRC website.
If your fund is not on the HMRC list, your fund administrator can apply to be included. If the application is not approved by HMRC, then the transfer cannot be completed.
For more information on transferring UK Pensions overseas, click YOURLifeChoices simple shortcut to the UK government’s Pension Advisory Service.