Even after reading most of the topics, I still haven't a clue what the situation is on UK (company) pensions. i.e. when to leave them here, how to transfer them to Oz, tax implications etc. etc. etc.

Where can I get professional advice on what to do? Has anybody had professional guidance on pensions at all???

This is the only area I'm stuck on, so any help would be GREATLY appreciated.....

We're interested to know too Cruisey as our pensions adviser told us to leave everything where it is - he would tho' wouldn't he?

Please feel able to email me if you want some guidance in this area. In the meantime, you might want to request the factsheet on Investments Held Outside Australia (which also deals with the pension question) at this website:
http://www.collettandco.com/factsheet.cfm

Best regards.

I hope he knows about Aussie tax ... or has adequate profesional indemnity cover.

Best regards.

Thanks Alan, my wife and I have your overview documents and are currently scratching our heads reading them. So, is this right? We don't have to pay tax on the annual pension fund 'growth' if:

- Our combined pension values don't exceed $50,000
or
- They are company pensions

We've only had pensions for a couple of years so I can't believe they're worth much. They're 'final salary' pensions.

How on earth do you work out their 'worth' and what they grow by each year to inform the tax man???? Annual statements only state an estimated payment per year at retirement.

I take my hat off to you accountants.......

That's right ... almost. You need to look at all your Foreign Investment Funds (ie including any endowment policies, PEPs/ISAs, etc) in considering the A$50,000 exemption.

"Employer sponsored" pension funds are also exempt from the FIF Rules => if you have final salary schemes these may well be exempt from the FIF Rules on this basis.

But don't forget the beneficial treatment of pension income in retirement deriving from pension funds transferred into Australia (this can be tax free in Australia) - linked to which is the section 27CAA tax legislation which affects pension transfers more than 6 months after your becoming a tax resident of Australia and which doesn't have an exemption in terms of value.

As to the "value" of a pension fund ... yep, good point, and it often isn't easy to ascertain. Have a look at the ATO's FIF Guide if you are interested:
http://www.ato.gov.au/content/individuals/8887.htm

Best regards.

Sounds like we might be ok, although I will probably need to have a chat with an accountant once we're out there to ensure my first tax-return is up to scratch.

The 'employer sponsored' section makes interesting reading:

"This exemption is available to you if you are a natural person with an interest in a FIF that is an employer-sponsored superannuation fund. The FIF must be a superannuation fund maintained by your employer, or an associate of your employer, for the benefit of their employees. Also, you must be an employee or former employee of the employer. [SECTION 519]"

So, if someone had a 'personal' pension that an employer paid in to, they may not be exempt.

I suppose the best way to obtain the 'value' of a pension is to get a quote for transfering it out. Then I assume the 'growth' (on final salary pensions) will simply be annual inflation.

Thanks again.....