We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Does transferring a UK pension abroad, transfer the amount I've contributed and my employers?
Comments
-
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
-
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
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 352.5K Banking & Borrowing
- 253.7K Reduce Debt & Boost Income
- 454.5K Spending & Discounts
- 245.5K Work, Benefits & Business
- 601.5K Mortgages, Homes & Bills
- 177.6K Life & Family
- 259.5K Travel & Transport
- 1.5M Hobbies & Leisure
- 16K Discuss & Feedback
- 37.7K Read-Only Boards
