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Old Sep 1st 2007, 11:03 am   #1
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Default NHS PENSION.

Anybody any advice regarding what to do with superann pension when moving to oz
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Old Sep 1st 2007, 11:13 am   #2
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Default Re: NHS PENSION.

Nope but thats something I'm interested in too as I have 20 years service in nhs pension scheme. Am going to spend some time next week on the nhs pension agency website see if I can find some info they also have a forum so it might be worth doing a post on there.
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Old Sep 1st 2007, 11:20 am   #3
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Default Re: NHS PENSION.

Cheers for that will do a check on the forum.
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Old Sep 1st 2007, 11:39 am   #4
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Default Re: NHS PENSION.

I'm in the same boat. 24 years service to transfer, what have other nurses done when they moved abroad?

Andy
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Old Sep 1st 2007, 12:27 pm   #5
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Default Re: NHS PENSION.

you can transfer your pension & it is supposed to be advisable from a tax point of view. i did speak to someone at an Expo last year & will try & dig out the info. Unfortunatel, house very chaotic due to decorating at the mo so may take a while!
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Old Sep 1st 2007, 12:29 pm   #6
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Default Re: NHS PENSION.

Me thinks this boat is going to be full soon,got that titanic feeling coming on
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Old Sep 1st 2007, 12:30 pm   #7
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Default Re: NHS PENSION.

Hi I had 28 years service with NHS prior to coming to Oz. Did some research before leaving Scotland and if transferring the scheme you are transferring into has to be QROPS registered. There is plenty of info on the forum re this , worth searching for it.

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Old Sep 2nd 2007, 10:17 am   #8
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Default Re: NHS PENSION.

All of the advice I was given was to leave it in the NHS...so I did.
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Old Sep 2nd 2007, 10:25 am   #9
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Default Re: NHS PENSION.

Thats certailny the option that I am drawn to Paul, as I understand so far, cash based pension products are the ones that are liable for tax, however, I am trying to find out if a final salary pension scheme like the NHS superannuation scheme has the same tax liability on retirement

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Old Sep 3rd 2007, 2:36 am   #10
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Default Re: NHS PENSION.

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Originally Posted by paulb View Post
All of the advice I was given was to leave it in the NHS...so I did.
I've left mine in the nhs too.
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Old Sep 3rd 2007, 6:18 am   #11
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Default Re: NHS PENSION.

PaulB and SME, Who gave you the advice to leave it, was it and IFA or someone at the NHS scheme? What are the tax implications on retiral, will you get taxed on your pension if you are still living in Aus?

Many thanks,

Andy
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Old Sep 3rd 2007, 10:11 am   #12
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Default Re: NHS PENSION.

Prob a stupid question but obviously the money is static while we are overseas,so how do you then get the money when you retire.Do you meet a dodgy character from the nhs in a carpark and handed a large cash filled envelope
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Old Sep 5th 2007, 2:37 am   #13
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Default Re: NHS PENSION.

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Originally Posted by Bernieboy View Post
Prob a stupid question but obviously the money is static while we are overseas,so how do you then get the money when you retire.Do you meet a dodgy character from the nhs in a carpark and handed a large cash filled envelope
Hi.
Your NHS pension is not static, it does grow but not at the same rate as if you were making contributions. Mine has grown by a 25% since I`ve been in oz. Am currently in the process of bringing over into a QROPS recognized super fund. (Not using a company as they charge approx 3% of the transfer value to complete this relatively simple excercise. Big bonus is that you do not on retirement have to purchase an anunity like you do in the UK. You can access the entire amount (lump sum) tax free!!! Think of the compounding growth when you move sterling amount into $AUD fund!!!! Cheers Mandy.
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Old Sep 5th 2007, 9:24 am   #14
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Default Re: NHS PENSION.

Mandy thats sounds great,now i just have to break it down a little to understand it all,how the **** did i ever make it as a nurse
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Old Sep 5th 2007, 2:35 pm   #15
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Default Re: NHS PENSION.

Quote:
Originally Posted by Mandy&Cliff View Post
Hi.
Your NHS pension is not static, it does grow but not at the same rate as if you were making contributions. Mine has grown by a 25% since I`ve been in oz. Am currently in the process of bringing over into a QROPS recognized super fund. (Not using a company as they charge approx 3% of the transfer value to complete this relatively simple excercise. Big bonus is that you do not on retirement have to purchase an anunity like you do in the UK. You can access the entire amount (lump sum) tax free!!! Think of the compounding growth when you move sterling amount into $AUD fund!!!! Cheers Mandy.
Brilliant, thanks.
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