Welcome to British Expats Abroad
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    1. #1

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      Darren Barr is on a distinguished road

      Transferring UK Pensions

      My dad and I have recently moved to Australia, he is looking to transfer his UK as he plans to retire here. Someone in his work advised him on transferring it into an international pension scheme as HMRC have closed down the majority of schemes going into Australia. He was advised to use a company called the deVere Group as they specialise with expatriates in transferring UK pensions. Is anyone in a similar situation that can give a bit of advice or have they heard of this company before?

      Thanks

    2. Moneycorp - Commercial foreign exchange since 1979
    3. #2

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      UKpensionadvice is on a distinguished road
      Yes most Australian superannuation schemes no longer have QROPS (Qualifying Recognised Overseas Pensions Scheme) status from HMRC. Thus moving a pension into a non-QROPS would cost 55% in tax. You can move it into an international HMRC recognised scheme, convert it into AUD (at the time of your choosing the peak exchange rate) and enjoy other tax benefits, which would essentially give you an Australian pension just held elsewhere.

      I can provide more advice if you would like.

    4. #3

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      kris1985 is on a distinguished road
      Ifyou want to transfer your money abroad and pay no fees then Irecommend uing First rATE fx- www.firstratefx.com