Ajay2024 Posted September 28 Share Posted September 28 What do people do with their pensions once theyhave moved from the UK? I worked in the NHS for about 7 years and now I want to move it to Australia. Having worked in Australia previously, I already have my superannuation in a federal government superfund. Is it possible to move the pension amount to an Australian super fund? And if possible to a superfund of my choosing? Quote Link to comment Share on other sites More sharing options...
Marisawright Posted September 28 Share Posted September 28 17 minutes ago, Ajay2024 said: What do people do with their pensions once theyhave moved from the UK? I worked in the NHS for about 7 years and now I want to move it to Australia. Having worked in Australia previously, I already have my superannuation in a federal government superfund. Is it possible to move the pension amount to an Australian super fund? And if possible to a superfund of my choosing? Unfortunately the pension systems are different, so you can't transfer to the fund of your choice. Currently there's only one Australian super fund that can accept the transfer, and it's a private company, so obviously you need to research them carefully, before deciding to trust them with your money. I would also say, don't even think of transferring your UK pension until you are absolutely, 150% certain you will be living in Australia for the rest of your life. Once you transfer your pension into an Australian fund, there is no way to get it out until you retire, even if you move to another country. 1 Quote Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted September 28 Share Posted September 28 18 hours ago, Ajay2024 said: What do people do with their pensions once theyhave moved from the UK? I worked in the NHS for about 7 years and now I want to move it to Australia. Having worked in Australia previously, I already have my superannuation in a federal government superfund. Is it possible to move the pension amount to an Australian super fund? And if possible to a superfund of my choosing? Hi Ajay Since the NHS scheme is a government unfunded defined benefit scheme it is not possible to transfer it to an Australian Super Fund: https://www.vistafs.com.au/uk-pensions-age-55-plus Your deferred benefits that you will with them (annual pension and initial lump sum) will increase each year with inflation and then at your normal pension age (NPA) you will be able to access the benefits. There is also information about the scheme here: https://www.nhsbsa.nhs.uk/member-hub Hope this helps. Andy 1 Quote Link to comment Share on other sites More sharing options...
Alan Collett Posted September 29 Share Posted September 29 Consider taking advice regarding the tax consequences of drawing on your NHS pension as a tax resident of Australia. The 25% tax free lump sum in the UK might not be tax free in Australia - have a look into the taxation of the Applicable Fund Earnings. If you need help please feel able to ping an email to me. Best regards. Quote Link to comment Share on other sites More sharing options...
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