• Greater Control Over Tax
• Complete control over your investment choices
• Higher access to your funds in retirement
• Ensuring your funds are passed to your family upon death
• Eliminating long-term exchange rate fluctuations and risk

Click on each of the points below and let’s compare circumstances relating to Pensions and Superannuation in the UK and Australia:

1. Tax
2. Accessing your benefits
3. Control over your Investments and Pension drawdown
4. Estate planning and death

Tax

• Transfer may have a small amount or even no tax payable
• Lump-sums can be drawn tax-free from superannuation from age 60, provided you are eligible to make withdrawals.
• Pension income is tax-free from age 60

• You can get access to 25% of your pension at pensionable age as a lump sum.
• No tax is payable on UK pension growth
• Income from UK pensions is taxed at your marginal tax rate in Australia, although some of the income may be tax free

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Accessing Your Benefits

• You will have full access to your lump-sum funds from age 65, or earlier in some circumstances.
• You may be able to access your superannuation as an income stream from age 55, even if you are still working.

• Your UK scheme will dictate in some cases the age at which you can commence drawing a pension
• Schemes will allow 25% of your pension balance to be taken as a lump sum upon retirement, the remaining 75% must be used to purchase an annuity.

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Control

• You can choose the amount of income you draw at retirement, providing you draw at least the legislated minimum amount.
• You have control how your retirement funds are invested.
• You will generally have online access to your account and can get an account balance any day of the week

• International monetary exchange rates may affect your pension values
• You generally have limited control over how your pension is invested.
• Some UK pensions have guarantees which you will forgo if you transfer to Australia

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Estate Planning and Death

• Your full superannuation or pension balance can be transferred to your estate if you pass away.
• There is no requirement to draw an income from your superannuation after you retire. Your capital can be left to grow for your estate.

• With UK pension funds the full pension fund is often unable to be transferred to your estate when you pass away.

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But will transferring benefit you?

Everyone’s circumstances are different and your situation could mean your UK pension funds are actually better off left in the UK. And if that’s that case, it doesn’t matter how cheaply a transfer can be made, it won’t benefit you.

That’s why it is important to contact us and discuss your personal circumstances with us before executing a transfer of your pension benefits to Australia.

Find out the Facts.

Contact us to find out how we access the critical information you need to make an informed decision. Your pension is your retirement income: it is a vital part of your financial future and needs to be managed carefully.

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This website contains general advice only. You need to consider with your financial planner (or adviser), your objectives, financial situation and your particular needs prior to making an investment decision. Shartru Wealth and its authorized representatives do not accept liability for any errors or omissions of information supplied on this website.