A family home and retirement fund are some of the most important long term assets that will look after you when you decide to retire.When you leave the UK to reside in Australian, your UK fund is one of those assets you will need to think about.
We can help you understand the UK Pension and the Australian Super system and help you make the best decision.

You can withdraw your benefits tax free on retirement from age 60. Generally speaking, benefits paid from an Australian superannuation fund, either as a lump sum or as income, this will be tax free for retirees aged 60 and over.

The tax free amount will include any UK pension benefits transferred to your Australian Superannuation fund. This represents a significant incentive to transfer given the benefits would be treated as taxable income on withdrawal if retained in the UK.

UK Pensions require you to purchase an annuity upon retirement. The Australian Super System your fund can remain in the super fund for as long as you want to of your choice for as long as you want to.

Any benefits remaining in the Australian Pension system on death can be passed to your nominated beneficiaries. The UK Pension system, on the other hand, dictates that the benefits are lost once any surviving spouse has passed away.

If you transfer your UK Pension to Australia your retirement income will not be subject to exchange rate risks. This means that if you were to draw your benefits from the UK, the amount received each payment would vary according to the value of the British Pound to the Australian dollar. This would make budgeting extremely difficult and place unnecessary risk on funding your retirement.

By transferring to Australia, you will eliminate the currency risk associated with your benefits.
By transferring your UK pension funds to Australia all of your retirement benefits will be within the one set of pension and taxation rules.

Useful links
http://www.thepensionsregulator.gov.uk/
http://www.pensionsworld.co.uk/