Written by Tracey Scotchbrook, Policy Manager, SMSF Association
For people who have previously lived and worked overseas they will likely have a foreign pension fund. It is understandable that there is a desire to consider transferring the proceeds of these pension funds into Australia.
The reasons for doing so are varied but are often about certainty, control, ease of access and management, navigating exchange rate risk and taxation laws, or the political environment. The COVID-19 global pandemic has also caused concerns for some on how readily they will be able to access their foreign pension funds.
Pre-pandemic, for those with pension funds in the United Kingdom, BREXIT was a commonly held concern. As the world evolves to living with coronavirus, many are again casting their minds to what BREXIT will mean for their UK pension funds.
The transfer of foreign pension funds is often misunderstood. There is an expectation that because the funds are currently held in a pension fund that was established to provide for their retirement, that these funds can be simply rolled over or transferred into an Australian superannuation fund account.
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