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What’s the eligibility criteria to transfer my UK pension to Australia using Sterling Planners?

In order to be ELIGIBLE to transfer your UK pension to Australia, you MUST meet the following criteria:

  • Be aged 55 years or older (see below for under 55 transfer options) or are a member of a Public Service Superannuation Scheme in Australia, currently on the HMRC ROPS list with written confirmation the Australian scheme will accept QROPS transfers.
  • Have a minimum transfer value of £100,000 for SMSF option
  • Be a permanent resident or Australian citizen with an ATO TFN (Tax File Number)
  • Have a valid NIN (National Insurance Number) – if you have lost your NIN, we can provide details of a service to assist you with locating it.
  • Have an eligible UK pension to transfer, eligibility is based on the following:
    • The fund has NOT commenced paying a pension payment or annuity (excluding some draw down pensions)
    • You must be a deferred member of the scheme (i.e. no longer making contributions to the fund)
    • The funds must be transferred into an Australian superannuation fund on the HMRC ROPS list. (The preferred option is to set up a Self-Managed Super Fund (SMSF) with the appropriate trust deeds and obtain ROPS certification from HMRC)
    • Some UK funds require you to complete the transfer prior to turning 60 years of age. These funds include funded Civil Service and Public Sector pensions that are eligible for transfer (e.g. Local Government pension schemes and USS/Universities super schemes). We recommend getting transfer quotes at least nine months prior to turning 60 years of age to allow sufficient time to execute the transfer.
    • LTA (Lifetime Allowance) considerations must also be reviewed, incorporating both the UK and Australian regulations on maximum lifetime caps.

The following schemes are NOT ELIGIBLE for transfer:

  • Unfunded Civil Service schemes cannot be transferred as a lump sum. This includes schemes such as NHS, Teachers, Police, Firefighters and Armed Forces
  • UK state pensions (National Insurance contributions)

If you’re under 55 years of age, it may be appropriate to use Sterling Planners Under 55 Secure CETV option. If you haven’t yet reached 55 years of age and have a UK Defined Benefit/Final Salary scheme, you might want to consider transferring into a UK Self Invested Personal Pension (UK SIPP) – a personal scheme.

For further information please download our FREE UK Pension Transfer E-book or contact Angela Eiselt on 02 8904 9793

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