Australian living in UK

pinkytoes

Hi - I am Australian but live in UK. I'm after a Financial Adviser to help bring my super over to the UK.  I have lived in the UK for over 20 years and reach the rules to withdraw my super next year. I don't want to pay a Financial Adviser to get their head around the rules, but want someone who knows them already.  Anybody out there who can help? 

Brie

Sounds like it's the opposite of transferring a UK pension out to a QROPS perhaps.

I don't know of anyone or a particular firm and think that MSE rules don't allow recommendations in any case.  But I would suggest that if you check where there are people dealing with international clients you might find what you are looking for.  So maybe an IFA (I = Independent which is always considered a better way to go) working in the Channel Islands or Isle of Man?  

DRS1

You and @Manc2025 might want to talk to each other.

I suspect that the differences between the tax treatment of Australian superannuation funds and UK tax approved pension schemes mean you could not make a transfer from one to the other but I don't know for sure.

You could try asking at the London office of an Australian law firm.  It is the sort of thing they may know off the top of their heads as it may be something their Australian staff have to worry about from a personal point of view.

Otherwise there must be some expat forums around who may cover this sort of thing.

tacpot12

Blacktower Financial Management are financial advisers that specialise in expat customers, so they may be able to help. I haven't used them myself, so this is definitely not a recommendation, just information that you might have found using Google searching.  

Manc2025

My wife’s in a similar position and I will be interested in any answers you get! From my limited research: you don’t pay tax on payments from super funds in Aus when you reach 60 but pensions in UK are taxed as income (20% or 40%); UK and Aus have a reciprocal agreement which means you pay tax where you are resident; that means you have to declare payments in your self assessment and pay tax; in the UK you can take a 25% tax free lump sum so logic suggests you could do the same with the super but HMRC will not say either way only that they would assess it on the self assessment. I assume that if you take the money and put into a pension here then you would be hit by the annual allowance rules - i.e. first £60K tax free and then rest taxed as income. 

Marcon

Have a look at https://bdhsterling.com/webinars/how-to-get-the-most-out-of-your-australian-super-if-you-now-live-in-the-uk/#:~:text=The%20short%20answer%20is%20yes,a%20proportion%20as%20overseas%20income.

Manc2025

Good find @Marcon. Thanks