Resources
Delve into our Knowledge Base, explore our FAQs and by all means drop us a line if there’s something you’d like to ask.
FAQs
- Eligibility: Is my pension eligible to be transferred?
- Pension Responsibility: Who is responsible for my pension throughout the process?
- Taxation: What are the tax implications of transferring my pension?
- Timing: How long does the process take and how quickly do I need to start?
- Transfer Limits: Is there a limit to how much I can transfer?
- Death Benefits: What happens to my pension upon my death?
- Outsourcing Pension Transfers: I am a Financial Advisor but transferring pensions is not my area of expertise - can I outsource the process to your company, Pension-Transfers?
Helpful Links
In order to transfer your funds here to Australia or abroad, we suggest you consider OzForex, a foreign exchange specialist (also known as UKForex, NZForex & CanadianForex). They offer extremely competitive rates of exchange and lower fees than you would see with banks and other providers, so your money goes significantly further. They can also provide you with advice & hedging tools in order to assist you in managing the volatility of the foreign exchange markets. We have recently partnered with LiveinAustralia who provide a great service for all your Australian visa needs. The Australian Federal Government Department of Immigration and Citizenship. For all you Brits (or as the website suggests 'Poms') PomsinOz has useful information and forums.
Glossary
Account Based Pension
An Account Based Pension is similar to an annuity but more flexible. There is no specified term, it keeps going until all capital has been paid out to you (or a beneficiary upon your death). Key features include:- you select how often and how much the payments are
- flexibility to select your investment options
- provided you receive at least the minimum pension amount each year (based on age), you can access your capital at any time
- can be commuted at any time
- upon death, the balance may be paid as a lump sum to a designated beneficiary or used to buy a further pension for a reversionary beneficiary.
Annuity
Upon retirement, the investment in your personal pension plan reaches maturity. You may wish to transfer its accumulated value into a regular income for the remainder of your retirement. This can be achieved through the purchase of an annuity which exchanges the final value of the pension fund into which you have been paying, into a regular income stream for the remainder of your life. Payment amounts depend on the accumulated value of your pension, expected future investment return, frequency of payments and life expectancy of the purchaser.Concessional Contributions
Concessional Contributions are funds that are contributed into the superannuation environment before you have paid income tax on them. They are taxed at a 15% contributions tax rate as they enter the superannuation environment. These include:- employer contributions (including contributions made under a salary sacrifice arrangement)
- personal contributions claimed as a tax deduction by a self-employed person
