Moving To Australia? How To Take Your Retirement Fund With You
If like many Brits, you are considering leaving the UK for the sandy golden beaches, clear blue skies and opportunities Australia has to offer, you may want to give some thought to your UK pension funds and what you will do with them once you are living down under.
While you can leave your pensions in the UK and claim them from Australia, this may not be the most effective option for you and it would be wise to explore the options for taking your retirement funds with you and should consider a QROPS in Australia.
Many people can benefit from transferring their UK pensions to a QROPS in Australia, to get a clearer understanding of how you could benefit it is advisable to seek financial advice from an adviser that specialises in expat pension advice and QROPS in Australia, such as Prism Xpat.
At Prism Xpat, our team of specialist expat financial advisers can work with you to provide you with tailored advice to ensure you have the most effective pension planning strategy in place. Our advisers provide advice on all aspects of expat pension advice and have extensive knowledge and experience with transferring UK pensions to a QROPS in Australia.
Why transfer your pension to a QROPS in Australia?
While you can leave your pension in the UK and it may seem like the simplest option, it may not be the most beneficial option. Transferring your UK pension to a QROPS in Australia can offer many financial and tax advantages for expats, to understand how you could benefit it is advisable to seek advice from an independent financial adviser.
If you were to leave your pension in the UK, you could still claim your pension while living in Australia, but your retirement fund could be affected by unfavourable exchange rates and currency conversion costs, that can be managed with a QROPS in Australia.
If you were to transfer your UK pension to a QROPS in Australia, not only would you avoid currency conversion costs and remove losses from unfavourable exchange rates, you would also benefit from a range of other advantages too:
- Reduced tax liability
- Increased flexibility of pension income
- Greater tax efficiency
Before making any changes to your pensions, it is advisable to seek specialist pension advice to ensure you have the most effective pension planning strategy in place. At Prism Xpat, our expat pension advisers can provide advice on all aspects of pension planning when moving abroad, including QROPS in Australia.
At Prism Xpat, as an international financial advisory and expat pension advice specialist, our experienced team of advisers can support and guide you through all the options available to you for your pensions when you are moving to Australia, including transferring your UK pension to a QROPS.