Funding retirement when you are planning a move to Australia is probably one of the last things on your mind.
Granted it does not need to be at the top of your migration checklist priorities, after all you probably have another 30 years or more to go before you will be drawing your pension.
But will you have access to a pension once you retire? Of course we hope there will be some sort of provision to fund retirement when you are old enough. However, it is best to give it some serious thought now and look at options that may be available to you. It could make the differece between funding a comfortable retirement or just scraping by.
Some common questions asked by migrants making the move to Australia are:-
- Can I transfer my UK State Pension to Australia?
- Will I be entitled to a State (Aged) Pension in Australia?
- What about my Comany Pension, do I leave that behind in the UK or should I move it to Australia?
- Does Australia have Company/Personal Pension options?
Can I transfer my UK State Pension to Australia?
Unfortunately you are unable to transfer your UK State Pension to Australia. You can be paid a UK State Pension anywhere in the world, but you will only get annual increases if you live in any other EEA country, or any country with which the UK has a social security agreement that allows increases.
Australia is not one of those countries, the agreement between Australia and the UK ended on 28 February 2001.
More information can be found here
Will I be entitled to a State (Aged) Pension in Australia?
To qualify for the Aged Pension in Australia you need to meet the following criteria:-
What about my UK Personal and/or Company Pension, do I leave that behind in the UK or should I move it to Australia?
If you are planning a permanent move to Australia then transferring your pension(s) to Australia within 6 months of becoming an Australian Resident can eliminate the tax burden and future tax implications
of the Foreign Pension Fund.
There are however a number of pitfalls which mean that a transfer may not be in your best financial interests. Professional advice is recommended.
Learn more about transsferring your UK pension to Australia.........
Does Australia have Company/Personal Pension options?
In Australia it is a requirement by law that your employer pays into your supperanuation (that's Aussie for pension and is often referred to as "Super"). The minimum requirement is 9% although some companies may pay more.
Learn more about Australian Superannuation.........
The Pension Service website provides impartial UK Government information on state and private pensions, whether you are retired, approaching retirement or planning ahead for retirement.
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