One such financial feature is the doctor’s pension you can earn while working in Australia. Paid to at least 9.25% of your salary, your superannuation while working in Australia is being quietly stashed away until such time that you leave – at which stage you can take it with you.
But what if you decide to stay here, and you have superannuation saved at home in the UK? How do you go about transferring a UK pension to Australia? How do you move your NHS pension while living and working overseas?
How long do I have to transfer my UK pension to Australia?
If you choose to work in Australia, you have six months to transfer your UK pension to Australia before you risk having to pay extra tax when you eventually do transfer it (if you retire, or attempt to access your superannuation either as a pension or by transferring the fund across and the six-month period has passed, you’ll have to pay extra tax).
Where do i transfer my UK pension to?
You can move your pension to a complying Australian Superannuation Fund, and add any super earned in Australia to it. This can be done through paid employment (with your employer adding that 9.25% of your salary), through self-employment (but beware of restrictions on the tax deductible amount of your contributions) or self-funding (contributing to your own superannuation).
What do i tell my UK superannuation fund?
It’s recommended you obtain a current statement from your superannuation fund before you move from the UK, and let them know you’ll be moving (be sure to give them your new address). It’s also best to begin the process as soon as you move to Australia, just in case there are any delays.
Of course, the entire process can be lengthy and time-consuming, not to mention draining, if you’re not aware of your responsibilities and requirements. It could be a good idea to engage a business that deals with this kind of thing every day, and knows the Australian superannuation system. Here at HealthStaff Recruitment we have professional and friendly staff who can assist you with transferring your UK pension to Australia, and find an appropriate superannuation fund for you to save your NHS pension to. Speak with us today. If you’re currently looking for employment opportunities in Australia, please feel free to browse our medical jobs.