Transfer pension to superannuation abroad (Australia)?

nroberts99

I am 55, was formerly a teacher in the UK, and have now moved permanently to Australia. Is my teacher pension from the UK transferrable to Aus or is my only option to begin drawing upon it from the UK?

JoeCrystal

You can't even transfer it to DC in this country since it is unfunded so able to transfer it to another country is even more unlikely.

Marcon

nroberts99 said:

I am 55, was formerly a teacher in the UK, and have now moved permanently to Australia. Is my teacher pension from the UK transferrable to Aus or is my only option to begin drawing upon it from the UK?

It's possible, although whether it's a good idea is quite another matter. You'd have to transfer to something called a Qualifying Recognised Overseas Pension Scheme and will need to take advice before TPS can pay over any transfer.

xylophone

 Is my teacher pension from the UK transferrable to Aus 

Doesn't look like it.

See https://bdhsterling.com/qrops-and-smsf-why-they-are-important-if-youre-transferring-your-uk-pension-to-australia/

You’re not allowed to transfer:

• Your UK State Pension
• Any pension that is already in payment
• A government-backed defined benefit (DB) scheme, such as the NHS pension scheme
• Any company pension scheme in the PPF (Pension Protection Fund)
• Any annuities you’ve already purchased with a life insurance company.

For NHS read TPS.

https://www.onlinemoneyadvisor.co.uk/pensions/pension-transfers/transfer-pension-abroad/

Can I transfer an NHS pension abroad?

Although it is possible to transfer an NHS pension to another defined benefit scheme in the UK, it is not possible to transfer an NHS pension overseas, even if the pension scheme is a qualifying QROPS pension.

https://www.legislation.gov.uk/uksi/2015/1614/pdfs/uksiem_20151614_en.pdf

These Regulations prevent transfers under section 95 of the Pension Schemes Act 1993 (‘the 1993 Act’) from an unfunded public service defined benefits scheme to a qualifying recognised overseas pension scheme which can provide flexible benefits as a result of the transfer. They will come into force on 7 September 2015.

https://assets.publishing.service.gov.uk/media/5a7c15afe5274a1f5cc75b0e/Security_Public_vs_Private_v2.pdf

As far as I can make out, while there are still some employers in Australia who offer Defined Benefit Pension Schemes (which presumably don't offer flexible benefits), they are mostly closed to new entrants which would presumably prevent transfers in anyway.

https://www.teacherspensions.co.uk/members/working-life/life-events/moving-abroad.aspx

Marcon

xylophone said:

 Is my teacher pension from the UK transferrable to Aus 

Doesn't look like it.

That was my immediate reaction, but this https://www.teacherspensions.co.uk/~/media/Documents/Employer/Factsheets/TP_Transfers_v2.ashx made me think otherwise. Maybe I should have scrolled down and looked at the date on it!