With more than 1,120 pension schemes for expats and international workers with UK pension rights, Australia is home to nearly a third of all Qualifying Recognised Overseas Pension Schemes (QROPS) worldwide.
The booming industry is helping to create a huge demand for expats with fund management experience, especially those looking to flee Europe’s bruised financial sector.
However, those expats will have to negotiate a few obstacles before taking up employment offers since they will need visas and will be facing stiff competition from skilled Australians returning home from overseas.
There is also growing competition from expats based in Asia looking for a move to Australia from financial centres such as Hong Kong.
One reason for the rapid growth in the value of funds under management is not only down to the popularity of British expats bringing their pension pots under QROPS to the country but also down to Australia’s compulsory superannuation pension scheme.
It was also reported the Malta QROPS have seen a huge increase aiding in the small islands financial image.
Finance jobs for expats
The superannuation scheme forces employers and employees to save for their pension which in turn has created a massive pensions industry.
Australia is now the world’s fourth largest centre for fund management with funds now exceeding £1.3 trillion.
As money pours into the funds, the opportunities for people in the financial sector are growing at a fast rate too.
Australian employers are particularly looking for researchers, product specialists and portfolio managers.
New tax laws and money laundering regulations have also created a big demand for regulation and compliance professionals.
Before applying for positions, potential expats are being urged to obtain a skilled independent visa giving them permission to work in Australia which means an employer does not have to directly sponsor their work visa.
Visa advice for expats
Andrew Hanson, a director at Sydney-based recruitment firm Robert Walters said: “Australian employers have a pool of candidates available and there are more professionals arriving all the time who are already eligible to work in Australia.
“Anyone without a work visa will find it difficult and applicants should check their eligibility for the visa and get their application as quickly as possible.”
He adds that those wanting to join the Australian financial services industry should commit to a job start date to encourage potential employers.
There are lots of opportunities for expats and Matt McGilton, a director of Melbourne-based Kaizen Recruitment, said: “Most of the inquiries we see are from UK and Singapore applicants.
“There are also a large number of Australians who are returning home after working abroad for several years.”
