In this guide
If you’re one of the many Australians who have worked in the UK for a time, or a British expat now living in Australia, chances are you have money sitting in a UK pension fund. Unfortunately, transferring your UK pension into an Australian superannuation fund has been made more difficult in recent years due to changes in the rules.
Of course, you could always leave your money in the UK and withdraw it as a pension when you retire, but the pension will be taxed in Australia. Whereas accumulated savings in an Australian super fund can be withdrawn tax free once you turn 60 and retire.
So, the incentive is there to transfer your UK pension into super, but strict rules and limitations apply.
Who can transfer?
Changes to UK legislation in 2015 prohibit people from transferring their pension funds before they have reached the minimum UK pension age of 55. Previously, people of any age could transfer these funds.
