Can Australian citizens withdraw super if they move overseas permanently?
Tuesday 27 April, 2010 | SuperLiving
Q: I'm an Australian resident and citizen. I'm 35 years old. My wife is a British citizen but has lived here in Australia with me for the past 12 years as a permanent resident. We have two children and are moving permanently to the United Kingdom in March 2010. I would like to know if I can have access to my super, and what my options are.
Do I have to leave it here and access it when I reach retirement age or do I have to become a British citizen first? I have about $85,000 and want it to work for me and not be eaten away by fees and charges. If you could provide some assistance I'd very much appreciate it. Thank you.Our expert is Greg Meyers, certified financial planner and principal of Royal Cornell Financial Services.
Unfortunately for you, an Australian resident and citizen cannot gain early access to their superannuation even if leaving our sunny shores permanently. Your super is still subject to the same preservation rules as if you were a resident. Only temporary residents with certain visas can gain early access to their super when leaving the country.
The good news is that there are many different super funds available to you. With a bit of research you should be able to find a fund that provides a suitable choice of investments without charging excessive fees – this will give your super potential to grow even if you are no longer contributing. Your financial planner should be able to assist in this regard.
Where to find out more
Contact Royal Cornell Financial Services at www.royalcornell.com.au.
