Transfer UK Pension to Australia

It is not uncommon for people to come to Australia from the great UK, but unfortunately, while leaving the rule of the Queen, there are special rules that you must take, especially when it comes to transferring your pension. Some people actually just go to the UK to work for most of their lives from Australia, only to choose later to move back. However, the steps are just the same, and if you’re going to retire in the South, then why not be able to successfully do so in the outback? In this guide, we’ll give you some helpful advice that can greatly aid you in the transfer of your UK pension to Australia.

You Have to Be Old, but not Old

If you’re planning on transferring your funds and retiring early, I’m sorry my friend, but that’s not going to happen. While you can retire a little bit early, you can’t simply work until your 40 and skip out. You have to at least be 55 years old in order to properly transfer your UK pension to Australia, and if you try to do this too soon, you can actually lose your entire pension since it is prohibited by the HMRC. There are some cases in which you can meet the proper criteria to get your pension transferred a little bit before 55 though, so you’ll want to consult a proper wealth management firm.

Methods of Transferring Your Funds

The most common methods of transferring your funds is to place it into an Australian QROPS fund. You do need to take special notice though that once you do this, you can’t transfer your funds back. However, it can be the most beneficial, and can help you avoid having to pay a penalty on HMRC taxes. You will have a scheme manager that will report properly to ensure that you meet all the necessary requirements possible.

Pound for Pound

Believe it or not, it is a myth that you have to transfer your funds to Australian dollars. Many people just do this as a habit and a fear of the conversion rate, but surprisingly enough, there is no reason why you have to do that, as Australian dollars can always convert later on, and by changing your currency, you will often have to pay other fees in order to do the conversion. Why do this if you don’t have to?


One of the most important things that you can do if you’re planning to go back to the outback from the UK, or just wanting to move there once you want to retire, is to hire a proper wealth management consulting team. Fortunately, the folks over at Harding Wealth Management (visit website) have been successful at providing excellent advice for years regarding this issue, and will be able to help you transfer those funds from a trusted Australian financial advisor who specialize in both UK and Australian financial advice (and even has certifications to prove it).