Moving to Australia

Moving to Australia
and looking for advice on QROPS?

Many Brits are attracted to Australia for its warmer climate, golden beaches and relaxed lifestyle, making Australia a desirable retirement destination. While retiring abroad may seem like an attractive option, it is important you understand how your financial situation will be affected, especially your pension.

If you are planning to move to Australia, it is likely you will have many questions about your pension and whether it is more beneficial to leave it where it is, or transfer it to a QROPS in Australia. While transferring a UK pension to a QROPS in Australia may be beneficial for most people, it may not be the best solution for everyone.

To make sure you are making informed decisions that will be the most beneficial to your unique personal circumstances, it is advisable you seek financial advice from a financial advisory and expat pension advice specialist such as Prism Xpat before making any changes to your pension plan or transferring your UK pension to a QROPS in Australia.

It can be easy to get caught up in the excitement of the move, but it is imperative you do not neglect to fully understand how moving down under could affect your pension. When it comes to your private and workplace pensions there are two main options you have.

Firstly, you can leave your pension where it is in the UK, you can then claim this from Australia once you reach retirement age. It will, however, be paid in Sterling, meaning it could provide a lower retirement income once currency conversion costs have been deducted and unfavourable exchange rates have been considered.

Secondly, you could transfer your UK pension to a QROPS in Australia: doing so could help you avoid currency conversion costs and unfavourable exchange rates. If you transfer your pension to a QROPS in Australia, your pension will be paid in Australian Dollars. Other benefits you may receive include:

  • Reduced tax liability
  • Increased flexibility of pension income
  • Greater tax efficiency

To determine how you could benefit from a QROPS in Australia and to make an informed decision that is based on your unique personal circumstance and financial goals it is imperative to seek proper expat financial advice before making any changes to your pension.

Why Get Expat Pension Advice?

If you’ve already moved from the UK, or are planning to do so soon, it is advisable to seek expat pension advice to ensure you understand and determine the best options for your pension and have the most efficient strategies in place. Our team of advisers have extensive knowledge and experience and can provide guidance on all aspects of expat pension advice, including UK pension transfers to QROPS in Australia.

Depending on your situation, seeking expat pension advice can help you avoid the restrictions of the UK pension system and maximise your after-tax retirement income. Our team of advisers at Prism Xpat cover a range of expat pension advice, the benefits of which include:

  • Advice covering the full range of international Recognised Overseas Pension Schemes (also known as QROPS and QNUPS) as well as offshore bonds;
  • Full review of the relative merits of each option, taking into account Double Taxation Agreements;
  • Confidence that your advisory team has over many years of specialist experience in international pensions;
  • Impartial advice backed by nationwide technical and compliance support, for extra peace of mind.

At Prism Xpat, as an international financial advisory and expat pension advice specialist, our experienced team of advisers can support and guide you through all the options available to you for your pensions when you are moving to Australia, including transferring your UK pension to a QROPS.

Please contact us at [email protected] or by phoning +44 345 450 4004 for further information, or to have a free, no-obligation chat about your own circumstances.

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