Ann Dougall

I am Australian by birth (1963) and have been living and working in the UK since 1996 (dual nationality from 2006). I had worked in Australia for approx 16 yrs before coming to the UK and my super funds were rolled over. My super fund is now worth approx £100K and as I meet the ATO requirements, I am looking to close this account and have the lump sum funds wired to the UK (no ATO tax would be due because it is under AUD$250K). I have a UK pension plan worth approx £270K. I've been told that it is not possible to transfer the super fund direct to my UK pension (shame!). Instead, I believe that once the super funds arrive in my bank account, I could complete a lump sum deposit to my UK pension plan. However, I need to understand whether there are any tax implications with HMRC with the Australian super amount and if so, what the calculations would be. If it is possible to deposit the super lump sum, then I plan on purchasing an annuity which will be taxable by HMRC. (if the super lump sum is taxable, then this could me that a portion of this money would be taxed again in the annuity). I've not been able to find any information that can explain the tax implications and how to process these transactions. Nor have I had much luck with securing the services of a financial advisor to assist me. I would be grateful if you could provide guidance and/or advice on how best to proceed or where to locate the information needed. Would it be best to secure the services of a tax accountant rather than a financial advisor? Thank you.