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Does transferring a UK pension abroad, transfer the amount I've contributed and my employers?
Comments
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Simple bank transfer every month. Only issue is that the amount is subject to the exchange rate on the day of payment, so will fluctuate from month to month.0
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It's not possible to transfer out of the NHS to any defined contribution scheme, including a QROPS. You could transfer to another defined benefit (DB) scheme, including a QROPS DB scheme. This has been the case since April 2015 when transfers from public sector DB schemes to schemes offering flexible benefits were prohibited.
See:
https://www.nhsbsa.nhs.uk/sites/default/files/2024-05/Overseas%20Transfer%20Out%20Guide%20and%20application%20pack-20240426-%28V15%29_0.pdf2 -
As in the UK, it is highly likely that OPs Australian occupational pension will only be DB if it's a public sector job. If OP is joining a private company with a DC scheme, then that rules out a transfer.
However, OP won't lose out as their NHS pension can be paid to an Australian bank account when the time comes.1
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