This includes tax advice and advice on pensions. If you are an expat currently living in Australia, Financial Framework can help you to transfer your pension to Australia. If you are an Australian citizen who is currently living or travelling overseas, we can advise you on how your Australian pension will be affected, and how you can claim while abroad.
If you are a UK expat living in Australia, and your UK pension has a value of at least £50,000, you are most likely eligible to transfer your UK pension to Australia. Getting your pension out of the UK will improve your tax position and give you greater options to grow your wealth.
Your Financial Framework adviser will explain QROPS (Qualifying Recognised Overseas Pension Scheme) and everything you need to know. The process of transferring a pension can be time-consuming and a little overwhelming. We can help you and guide you through the process. Every aspect will be explained to you – such as means testing and other requirements you will need to meet.
If you are living or travelling overseas (or are about to be) talk to us about your Australian pension. Your pension will be an important layer of your financial framework in retirement, so you will benefit from long-term planning – even if you are a long way from retirement. You'll be able to enjoy your time overseas knowing your future finances are secure.
How do you know if you qualify for transferring your pension? The Australian government Department of Human Services explains:
"Under an international social security agreement, each country generally contributes an amount to your retirement income. For most countries this is measured by the period for which you have contributed to that country's social security scheme. For Australia, it’s based on your residence in Australia and your income and assets.
Australia has social security agreements with many countries.