PominOz1

Alan Collett

I suggest it might be good to speak with a company that deals with the transfer of pension benefits to Australia from the UK.

Feel able to ping a PM to me if you would like a recommendation.

Best regards.

PominOz1

Alan Collett

I suggest such a conversation might shed some light on your options.

Best regards.

PominOz1

Alan Collett

No idea - sorry.

I'm coming at this from the tax planning perspective.

Best regards.

ozzieeagle

I"m not sure if this is relevant, but I've a private pension provided by my employer in the 70's back in the UK. It's now with the Willis group in Norwich. They've given me the option of cashing that in. In fact I've just realised that that is the best thing to do as any income after I turn 66 in Australia will just come of my Government pension anyway. Hence rendering it worthless after government pension age in Australia. Thats assuming one, thats including a couple, has more than 350K worth of liquid assetts on top of ones own house. Including superannuation, Which most people in the workfoce for more than 20 years in Australia would have. It reduces the Government pension at the rate of 50 cents in the dollar received.

So come next holidays here, when I've got time, I'm sending of for forms. Not sure why your one would be different Pominoz1..... Only factor I can think of is I'm over 60 and your under.

PominOz1

Alan Collett

As you appear minded to take the confrontational approach and are disdainful of professional advice I'll leave you to it.

Best regards.

ianandhelena

ozzieeagle

My pension just got a whole lot more complicated, I qualify for something like 63 quid per week from the UK Government, which automatically just comes of off my Aus Pension, I also have a private pension which if cashed in is worth less than 30K GBP. I Cannot believe that the UK powers that be don't consider the Australian governments Australia post pension scheme is QROPS worthy. I believe my wife's First State Super Scheme is, Also the Australia post scheme is affiliated with First state super plus.

I'm trying to get around this, without opening up a bloody 3rd Super Scheme just to satisfy the UK's powers that be. It's also opened up the possibility of being those UK pensions better off if I handle my retirement totally differently sell up and go over to cash. Got a lot of decisions to make.

Bugger me dead!! Small piddling amounts are causing me grief in as much as they need a lot of attention.

ianandhelena

ozzieeagle

Thanks, that really is useful information. It's exactly where I sit. Not sure why Willis didn't send me that information.

I aim to retire after June 30th next year and have it cashed in as income of less than the 18K taxable income pa allowed before retirement by the Aus government. Getting somewhere thanks

ozzieeagle

I've been reading quite a lot, the Australian approved QROPS approvals are quite farical IMO as they are mostly private peoples personal self managed super schemes, none of the Australian MYGOV ones are there. No Australian Super, No First State super, none of the big Australian government approved ones.,

In fact there is only one retail qrops fund, non smsf, Tidswell master Trust..... This is bloody ridiculous. In an effort to afford security for UK private pensions, they've opened the door to all manner of 3rd party intervention from people "Advisors" to take a slice of their pie. "Not f...ing happy Jan"

One question I do have, it says the UK government pension can be transferred into an Australian bank account, is that a feeless transfer, if so could the private pension payment also be feeless?


I'm going to phone a few of these qrops advisors and see what inforation I can get out of them gratis..... I bet its frigging nout....

ozzieeagle

OK looks like the fee just to talk to QROPS advisers and get them to action thing is circa 880 bucks and then an ongoing fee of 264 dollars per annum if they handle your pension. Besides this There is a do it yourself kit costing 145 bucks. Which could be an option if i get my own long-term Australian tax accountant to handle for me... He's a centerlink expert so that helps.

I will wade through this crap and beat it at present if I don't manage to get this trivial lump sum payment actioned as advised by Ian and Helena then I could be up for tax at the highest marginal rate. I bet my own long-term Aussie tax accountant can get round that one.... not sure how, but he's never failed me yet.

Got appointments with my own superannuation people at First state super....They handle face to face Australia post employees. I'm going to hope they'll take this stuff on board as a challenge. Will let you know after I've seen them in November. Takes a while to get a free face to face appointment.