1 September, 2014

Pension Transfers into Australia

Pension Transfers to Australia from the UK and Overseas - The Fixed Price Alternative

If you are an Australian expatriate returning to Australia, or a migrant to Australia, you are likely to have built up foreign pensions in one or more countries – with common examples being the UK, US, Canada, South Africa and Europe. These private or corporate pensions can often be transferred tax effectively into Australian superannuation - although this not possible with Government or State pensions.

Until now, the transfer process into Australia from the UK, the major source of transfers, has been dominated by firms charging a percentage of total funds transferred  – sometimes as high as 5% of funds. We offer a real alternative - with access to professional actuarial advice and management of the entire transfer process on a fixed fee basis as provided in the Table below for UK pension transfers. Compare our fees to those firms who charge between 2.5% and 5% of the fund balance - their fees can equate to between $5000 and $10,000 on a transfer value of $200,000. 

(inclusive of GST)

Actuarial Report

Preparation by a professional Actuary of a Report which considers in detail whether it is desirable for you to transfer an overseas pension into Australian superannuation.



Pension Transfer

Complete administration of the pension transfer process, including obtaining a Current Estimated Transfer Value, completing all transfer documentation as required by UK and Australian pension funds, and advising on the clearance of any money transfers.



Combined Actuarial Report & Pension Transfer

Combined cost of a process involving both the provision of an Actuarial Report and the successful transfer of pension funds.



With our approach you have absolute flexibility. After the purchase of an Actuarial Report you are not obliged to undertake a transfer with Exfin, but if you do then the entire process will cost you $1800. Similarly, you may decide not to request a Actuarial Report before starting a transfer - in which case the transfer process alone will cost $1200. Payment for the Actuarial Report is only required on your receipt of the Report, and similarly you are only required to pay for the transfer process when all of your funds have successfully been transferred to your nominated Australian Superannuation Fund (s).

What is Not Included

The service does not include advice on either the selection of a superannuation fund or investment advice.  We can arrange for this to be provided by experienced, independent advisors who are paid on a fee for service basis and have no vested interest in the selection of particular products or services except their suitability for your individual requirements. You would receive a quote in advance for any work or advice required and you would not be subject to any commitment. Note that, unlike some other providers, you may transfer your pension fund into any superannuation fund you nominate.

Transfers from Other Countries

The fees attaching to the transfer of funds out of countries other than the UK, and into countries other than Australia, will be very dependent on individual circumstances and individual quotations will be provided on request. We have however prepared some notes on the issues surrounding the transfer of 401(k)'s and IRA's from the United States. Also note that in the right circumstances (early) withdrawals can be made from both IRA's, 401(k)'s and Canadian RRSP's on concessional terms - with withdrawals available for deposit into Australian superannuation or for other purposes. Transfers may also be arranged from countries such as Ireland and South Africa.  In terms of Ireland, recent restrictions have however impacted on how pensions can be transferred - with the result that only relatively large balances can be economically transferred.

An Overview

We operate on the basis that individuals should have a working knowledge of the pension transfer process so that they can have an intelligent dialogue with advisers regarding both the merits of any transfer and the process itself.  Within this section of the website, we have attempted to address many of the issues involved in a transfer, and provide an overview in the following pages:

IMPORTANT: The material contained in this website and other associated communications is only intended as general, background information and must not be relied upon. No warranty is provided in relation to any material or to the services that may be contracted through exfin.com. It is recommended that individuals seek the advice of qualified professionals before taking any action.