Transfer of UK Super to Australia

Roger has been assisting UK migrant’s transfer their superannuation to Australia. In the early days it was not uncommon for this process to take well over a year, however these days it is much more streamlined. In saying that the process is complicated and there are tax issues that need to be addressed. For new migrants there is a 6-month window where they can transfer their funds to Australia without paying any tax. For others that have been here longer there is a contributions tax of 15% based on the growth of the fund from the Date of Residency until the fund are transferred. Obviously the longer you leave the more tax you would normally pay.

Once in the Australian system the advantages are you can keep track of your investments and have your employer and personal contributions added to the policy. Also you don’t need to worry about cashing in a monthly UK pension cheque and paying the fee’s and worrying about the exchange rate when you retire. Due to the complexity of transferring funds there are costs involved over and above the normal fees, which at the moment are $220 per person up front, and 5% of the funds upon transfer. Roger will then provide investment recommendations at no charge provided you retain him as the adviser.

If you have some UK super and wish to discuss the transfer click on Contact and provide fund details and Roger will contact you.