UK pension transfers.
If you're an Australian resident and have a UK pension or overseas pension we can give you a
hand transferring your pension to the one account, right here in Australia.
We're part of the Qualifying Registered Overseas Pension Scheme (QROPS). This means no extra
UK tax may apply when transferring your pension to Virgin Super and helps make the transfer process
as straightforwrad and painless as possible.
Why transfer?
- There's no up front cost. The fee is deducted from your account balance once we receive the transfer, and is either 1% of the amount transferred or $1000 - whichever amount is smaller.
- No tax on the amount you transferred when you retire after age 60.
- You could save on your UK tax bill.
- If you have more than one superannuation or pension account, you're most likely paying multiple fees. Virgin Super not only has low fees, it's tiered so the more chase you put in, the lower the fees will be.
- You can protect your estate by leaving your money to family rather than your pension provider.
- It’s easier to have your cash in the one place, especially if you’re here in Australia for the long haul.
Please note: The overseas transfer fee listed above is not applicable to Virgin Super members who joined prior to 01 July 2008.
Be quick and save
- Transfer your overseas pension within 6 months of becoming an Australian resident and you may pay no tax within Australia on this transfer.
- After 6 months tax is payable on your superannuation earning since becoming a resident.
- Any after-tax amounts in excess of $450,000 (averaged over 3 years) may face tax at your highest income tax rate (plus Medicare levy).
The process
- As soon as you send us your form – see below – we’ll get in touch with your pension people and look after the whole thing for you.
- In our experience, to complete a UK pension fund transfer you’re looking at around 4 to 8 weeks (some aspects are out of our hands of course).
- Once the money has been transferred to your account, we’ll send you a Pension Fund Transfer Report.
Next steps.
- 1. Download the Overseas Transfer Form, read the how-to info and complete the steps.
- 2. Check out the Product Disclosure Statement for more detail on fund transfers.
- 3. Call us if you have any questions on 1300 652 770.
