How do I bring a UK pension back to Australia?
Dear Ms Wise, I returned to Australia in May 2023 after three years working in London and need to work out what to do with my UK pension. I am in my late 30s and have two funds in the UK with about £20,000 ($41,000) total. I read previously that to move the money from the UK, I would need to transfer it to a super fund that has QROPS [Qualifying Recognised Overseas Pension Scheme] status, but I understand this isn't possible until I turn 55. If that's correct, what should I do with my pension in the meantime? I also paid national insurance while I worked in the UK. Will I be eligible for a state pension? Amanda
The wisdom: You're correct regarding no access until 55 but note this is increasing to 57 from April 6, 2028, says Brigitta Nadya, a financial adviser with Independent Wealth Partners.
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How do I bring a UK pension back to Australia?
Dear Ms Wise, I returned to Australia in May 2023 after three years working in London and need to work out what to do with my UK pension. I am in my late 30s and have two funds in the UK with about £20,000 ($41,000) total. I read previously that to move the money from the UK, I would need to transfer it to a super fund that has QROPS [Qualifying Recognised Overseas Pension Scheme] status, but I understand this isn't possible until I turn 55. If that's correct, what should I do with my pension in the meantime? I also paid national insurance while I worked in the UK. Will I be eligible for a state pension? Amanda The wisdom: You're correct regarding no access until 55 but note this is increasing to 57 from April 6, 2028, says Brigitta Nadya, a financial adviser with Independent Wealth Partners.
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