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 intra UK transfer options) or are a member of a 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
- Be a permanent resident or Australian citizen with an AustralianTax 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, eligible schemes include:
- Company/Defined Benefit/Final salary (including local government) schemes
- Personal Pension Plans (Defined Contribution Schemes)
- Self Invested Pension Plans (SIPP) including those in payment
- Small self-administered pension schemes (SASS)
- 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:
- A fund that has commenced paying a pension or annuity (excluding some SIPPs)
- 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
If you’re under 55 years of age, it may be appropriate to use Sterling Planners Under 55 Secure CETV/Intra UK transfer option.