If you’re moving from the UK to Australia as many individuals do, you want to make sure you have the best advice possible and know about all of the numerous options you have, as well as the steps you’re going to need to take in order to get your pension transferred successfully. It’s not like other countries, where you can just simply move to a different subsection and transfer your pension over, because you’re using different currencies, different conversions, and going to a different continent altogether. With that being said, transferring your pension to Australia is extremely possible, and in this guide, we’ll tell you a little bit about it.
Age is Important
You have to be qualified in order to transfer your pension, and in Australia, you have to be 55 in order to put your money into a fully functional QROPS fund. If you’re under 55, you may be able to put your money into a SIPP, but Australia has made it so that you can’t transfer your funds into the Australian Super system if you’re not 55. Therefore, there are options you can choose, but you need to know that age and other factors have a large bearing on what you can qualify for.
Limitations
You have numerous limitations to how much you can transfer your funds into the Australian Supersystem. According to www.hardingwealthmanagement.com.au, while Australia does make it possible to fund for two years in advance, if you do so, you can’t just go in the next year and fund the same amount two years in advance. As a matter of fact, you must wait another two years before you can deposit more into your QROPS.
You’ll Not Want to do it Alone
Of course, you will be the main person in charge of your future, and saving up for it, but if you’re wanting to transfer your funds, your best bet is to find a financial advisor who can give you the best wealth management possible. Since swapping your pension to Australia can be difficult, this is recommended, because a qualified pension firm can actually handle all of the hard parts for you, such as the strenuous paperwork, and your financial office needs to be qualified with a Diploma in Financial Planning, and any or all of the pension qualification training possible since there are many options.
What Can I Look for in a Pension Transfer Service?
Well, other than the above listed and recommended qualifications that they should have, you want to make sure that your firm has years of satisfactory service, as well be registered with certain companies and organizations like the CISI (Certified Institute for Securities and Investment), as they are authorized to be used in Australia.