Deadline looms for pension transfers to Oz

Andrew Tully, marketing technical manager at Standard Life, says at the moment most people moving to Australia are likely to benefit from transferring their pension funds, providing it’s not already in payment, to an Australian Superannuation scheme to avoid “fairly penal tax charges”. At the moment there is no limit to how much of a fund can be transferred from the UK into an Australian fund, but the Government’s introduction of the ‘Tax Laws Amendment (Simplified Superannuation) Bill 2006’ last December, means this will change at the beginning of July. Under the new rules designed to ...