The UK Chancellor has flagged a possible restriction or even a ban on individuals with public sector pension funds (including NHS, Police, Teachers, Civil Service) transferring their benefits out to another scheme both in the UK and abroad to Australia from April 2015.

Whilst Rt Hon George Osborne MP has intimated there may be more flexibility for those aged 55 and over whereby allowing them to potentially take their entire fund as cash, this could have significant tax consequences on individuals living in Australia whereby they may be taxed at marginal rates on the entire lump sum if withdrawn from the UK scheme, rather than only the growth component since their date of residency if transferred to the superannuation environment.

We appreciate many of our clients often discuss with us the benefits of having transferred their UK funds to superannuation here in Australia, however this may impact colleagues or friends in your network that have yet to consider this part of their financial planning. More detailed information can be read at:

We am more than happy to discuss in detail and outline potential impacts of the legislation if enacted into law. See more information on our UK Pension Transfer FAQ page.