The process for transferring your UK Pension into an HMRC approved Superannuation QROPS Fund in Australia can be relatively straightforward. You must:
Confirm that you are aware of your existing UK pension fund benefits and what you would be sacrificing by moving it into a QROPS.
Confirm that you will be living outside of the UK for more than 10 years.
Confirm the benefits of the new, HMRC approved QROPS scheme and confirm that the jurisdiction is the most advantageous for you.
Complete the new QROPS scheme which will be held in a Australian Superannuation Fund or other offshore pension scheme
Complete these for your existing pension scheme.
Once these steps are complete your UK pension fund will be wired directly into the new QROPS scheme. You should expect the whole process to take between 2-3 months to put everything in place. If you decide to return back to the UK and transfer your QROPS back into a UK Pension fund you could be liable to pay a tax charge of up to 30%.
To speak to one of our Australian pension transfer specialists on how to QROPS transfer to Australia please contact us here.