If you are emigrating to Australia from the United Kingdom, there are many issues you might be stressing you. This is especially if you are approaching the retirement age. One of the most common issues that disturb many people is how to undertake UK pension transfers to Australia. Most people even do not know whether it is possible to do this transfer. This article aims to show that it is possible to do the transfer of UK pension to Australia and how to do it.
Transferring UK pensions to Australia
It is possible to have your UK pension funds transferred to a pension Scheme in Australia. However, in recent years, it has become more challenging as a result of QROPS rules that have been tightened.
What you are required to do
To undertake UK pension transfers to Australia, you might end up incurring extra charges and penalties. To ensure that you do not incur these charges and penalties, you should make sure that the pension scheme you are transferring the fund to in Australia fully qualifies as a QROPS. What this entails is that the scheme you are transferring your pension funds to in Australia must adhere to the pension rules in the UK. Only a small number of Australian pension schemes meet these rules, so you need to do your research well to get one that will not enter you into problems.
Work with authorised person or company
The other most vital thing is to make sure that the person and the firm doing the transfer are permitted to carry out the transfer of the UK pension funds. Besides, the company and the individual should be fully independent. They should have the ability to inform you as to whether a UK pension transfer to Australia is the best idea. Whether the transfer is a great idea or not is highly determined by your circumstances.
Understand all the costs involved
To ensure that the transfer is successful and offer you many benefits, you should be fully aware of all QROPS charges, fees and commissions you should pay to your adviser. It is good you have an understanding of these costs because they can affect the actual value of your pension and thus hinder how the amount grows in the future.
Never decide without professional help
The most important thing is to make sure that you do not decide without engaging a reputable independent advisor. A good advisor will help you make the right decisions because they discuss with you all the advantages and disadvantages of UK pension transfers to Australia.
There are many professionals out there who might claim to offer you the best advice, but you need to take precaution. You do not want to work with a company that will not help you make the best decision in this process. This is because if you make the wrong decision, you might end up losing a good amount of your pension to penalties and other unnecessary charges. Visit https://hardingwealthmanagement.com.au for more info.