Overseas transfers.

If you’ve made the big call that Australia is now home, we provide a way for you to bring your superannuation or pension money over to Australia and make it work hard for your retirement.

What’s an overseas transfer?

If you have a pension or superannuation fund in another part of the world, you may be able to move that money to an Australian super account, like Virgin Super.

Not all Australian super funds can help you. It’s a bit of an organisational nightmare. That's why we’d thought we’d step in and help.

Why you'd do it.

• We do all the work for you! It’s a quick and easy service with no upfront costs and low transfer fees once it hits your Virgin Super account.
• If you have more than one super or pension account, you’re most likely paying multiple fees. Virgin Super has low fees that will give you the chance to have more in your back pocket when you retire.
• Plus it’s easier to have it all in one place, especially if you’re here for the long haul.
• You receive jargon-free account snapshots, quarterly market reports and you have online access to your account 24/7.

What to do.

Download this Overseas Transfer Form (PDF - 533kb), fill it in (which won’t take a moment), and return it to us (our contact details are on the form). The form gives us the authority to act on your behalf with your overseas fund.

We’ll contact you as soon as your overseas fund has completed the transfer.

The fee.

We charge either 1% of the amount transferred or $1,000 – whichever amount is smaller. This fee is deducted from your account balance once we receive the transfer.

How long it takes.

The whole thing should take around 4 to 8 weeks to complete. In our experience we’ve seen some holds ups from overseas funds which could mean it takes a little longer. To avoid this, make sure you complete all the required details on the Overseas Transfer Form (PDF - 533kb).

Something from our legal guys.

• Before you decide to transfer you should seek professional advice to ensure that it is in your best interest.
• You may have to pay costs charged by the overseas fund when transferring such as exit fees or buy/sell spreads, and your overseas savings will need to be converted into Australian dollars (which may involve currency exchange related costs).
• Not all overseas funds allow benefits to be transferred to Australian super accounts.

A note about tax.

You may be taxed when you exit an overseas fund. You won’t necessarily be taxed on the way into Australia, however there are a few things you need to consider regarding Australian tax law, the following is a quick summary. If you need further info, seek professional advice or call us on 1300 652 770.

• How you’re taxed depends on how long you’ve lived here and how long it’s been since you stopped work in the old country.
• Your transfer will be considered a non-concessional contribution, and will go towards your non-concessional cap.

For more information please contact our Customer Care Team on 1300 652 770 between 8am and 6pm EST Monday to Friday (apart from public holidays).

A note about UK pensions.

We’re what’s known as a Qualified Registered Overseas Pension Scheme for UK residents. Put simply, it means that Virgin Super can accept your UK pension, but your money will become subject to Australian super and tax laws.

We can do this for you if you’ve been a non-UK resident for five or more years, and plan to continue your ex-pat status for a bit. To find out if we can help you and the benefits to you, call our Customer Care Team on 1300 652 770.

You should consider our Product Disclosure Statement which can be found on our website. Please note this information does not constitute personal financial product advice, and you may wish to consult your financial advisor before making a decision about whether Virgin Super fits your objectives, financial situation and needs.