FAQ

Can I transfer my UK pension to Australia?

Yes, bdhSterling can assist with almost all pension transfers from the UK to Australian superannuation funds, subject to that receiving fund being a Qualifying Recognised Overseas Pension Scheme (QROPS).

Can I transfer pensions from other countries?

Yes, pension funds from other countries can usually be transfers by an Australian superannuation fund. A simple, obligation-free consultation with bdhSterling will provide an answer to your global pension transfer enquiry.

How much can I transfer into Australia?

Currently, you may transfer up to $180,000 per annum as non-concessional contributions, or you can bring forward up to two years contributions and submit $540,000 over a period of three years. Once you turn 65 years or older, you may no longer bring forward contributions and your contributions are limited to $180,000 per annum, subject to your meeting a "work test”.  To find out more speak with one of the advisers from bdhSterling.

What are the fees for pension transfers?

All fees are calculated and presented in a schedule of fees following the initial complimentary consultation with your bdhSterling adviser. All of our client’s financial requirements are unique and we tailor a solution to suit your exact needs.

Is my money safe while being transferred internationally?

Yes, your money is safe during every step of the transaction process. Your pension funds are remitted directly from your current pension fund into your Australian superannuation fund. The process is entirely secure and safe for your convenience and piece of mind.

I’m under 55, over 65 or have excess pension funds that I can’t transfer yet?

If you can’t directly transfer your UK pension funds to Australia now, it's due to one of the below:
  • Being under 55
  • Having a pension balance in excess of the non-concessional contribution cap for superannuation
  • Being over age 65 and not meeting the Work Test
bdhSterling have licensed UK advisers so we can advise you on: 1. Where to invest these funds (either in the UK, offshore, or NZ), and 2. How to invest the proceeds (i.e. in a multi-currency portfolio that matches your attitude to risk and return). If/when these funds can be transferred to Australia, bdhSterling takes care of everything for you.  

Why can’t I just leave my UK pension funds in the UK where they are until I can transfer?

Leaving these funds unaddressed, especially if you’re under age 55, could have serious long-term consequences on the value of your retirement savings. This includes:
  • Decreasing value of Defined Benefit (DB) Schemes
  • Foreign Exchange (FX) Implications
  • Underperforming funds
  • Unnecessary Administration fees
  • Minimising future taxation liabilities

How do you advise me on my UK pension funds?

All UK pension transfer advice produced by bdhSterling is delivered within a written document called a Pension Transfer Analysis Report (PTAR). A bdhSterling licensed UK adviser, who is a specialist in UK Pension transfer advice, produces this detailed pension analysis report. Also, being licensed UK advisers, we are able to advise on any Defined Benefit (DB) schemes over £30,000 which were legislated by the UK Government from April 6th 2015. We do not outsource this UK advice, which would be the standard practice of all of our Australian-based competition. Once a bdhSterling adviser is engaged to prepare the PTAR, and make recommendations on your UK pension schemes, we need the most up to date information on all your UK investments to ensure its relevance. We request clients sign Letters of Authority (LOA’s) for each scheme so our UK administration team can contact them to get the information we require for our PTAR.  This gives us access to information only regarding your schemes. If a pension transfer is recommended, we prepare an Australian advice document (called a Statement of Advice or SOA), which integrates with the UK advice and outlines the Australian based recommendations. 

I would like more information on UK pension transfers; can you send me more info?

The first step is to download the UK pension transfer pack. Click here to download. If you would still want some more information on the changes relating to the changes that came into effect on 6 April 2015, please speak with one of our advisers who can assist by providing more information.

I am interested in your pension transfer services. What is the next step?

If you would like to be able to make an informed decision on your UK pension options, you can either:
  • Book a free initial meeting (in person, by phone or by Skype)
  • Engage bdhSterling for a UK Pension Transfer Analysis Report here

Can I establish a SMSF for a transfer and then shut it down afterwards?

We do not advise clients to establish a QROPs SMSF, and subsequently, shut it down after the transferred UK pension funds arrive. It is important that any advice relating to the establishment of an SMSF, whether it is QROPS or not, is an ongoing concern. Although it is not illegal to close down an SMSF soon after opening, it is not best practice and we do charge a fee to wind down any SMSF (which is outlined in our Australian Advice document).  

Are your advisers licensed in Australia and the UK?

Yes, we are licenced in Australia and the UK, our licence details are below: Australian License (outside WA) bdhSterling Pty Ltd (ABN 65 169 977 413) is a Corporate Authorised Representative (No 462704) of Wealthsure Financial Services Pty Ltd. Wealthsure Financial Services is the Australian Financial Services License, No. 326450.  The Wealthsure Financial Services AFSL applies to financial products only within Australia, however please note that Property Investment, Tax and Accounting, Mortgages and Finance, Foreign Exchange, Migration advice (including Visas) and UK Financial advice are not considered to be financial products. All of our Australian financial advisers (outside the state of Western Australia) are authorised representatives of Wealthsure Financial Services (AFSL 326450) and adhere to the Association of Financial Advisers (AFA) Code of Ethics and Rule of Professional Conduct.   Australian License (WA only) bdhSterling WA Pty Ltd (ABN 15 601 323 577) is a Corporate Authorised Representative (No 465560) of Oakwest Holdings Pty Ltd. Oakwest Holdings Pty Ltd is an Australian Financial Services Licensee, AFSL No. 222266.  Although the Oakwest Holdings AFSL applies to financial products throughout Australia, it will only be providing these services within Western Australia. Please note that Property Investment, Tax and Accounting, Mortgages and Finance, Foreign Exchange, Migration advice (including Visas) and UK Financial advice are not considered to be financial products. All of our Western Australian financial advisers are authorised representatives of Oakwest Holdings Pty Ltd (AFSL222266).   UK License bdhSterling is a trading name of Global QROPS Ltd which is a company registered in England and Wales. Company Registration Number:  6849498. All of our UK based Financial Advisers, are authorised and regulated by the Financial Conduct Authority. Registration Number: 499460.