UK Pension Transfer - Assessable amount calculation
Mar 16th 2015, 8:05 am
#1
Forum Regular
Thread Starter
Joined: Nov 2007
Location: Forfar, Scotland
Posts: 138
UK Pension Transfer - Assessable amount calculation
Hi
I emigrated to Oz Oct 08. Unfortunately at this time I didn't obtain a transfer value from my deferred final salary pension scheme.
I had previously obtained a transfer value at the beg of 2007 which was approx £25k and another value in Aug 2012 which was approx £47k. When requesting the 2012 value I asked if they could supply me with a value for Oct 2008 but was advised that they can only supply current values and not historical ones. How can I calculate the transfer value? Could I estimate it given I have the transfer value for 2007.
Any help would be appreciated. Thanks
I emigrated to Oz Oct 08. Unfortunately at this time I didn't obtain a transfer value from my deferred final salary pension scheme.
I had previously obtained a transfer value at the beg of 2007 which was approx £25k and another value in Aug 2012 which was approx £47k. When requesting the 2012 value I asked if they could supply me with a value for Oct 2008 but was advised that they can only supply current values and not historical ones. How can I calculate the transfer value? Could I estimate it given I have the transfer value for 2007.
Any help would be appreciated. Thanks
Mar 23rd 2015, 6:25 am
#2
BE Enthusiast
Joined: Feb 2014
Posts: 592
Re: UK Pension Transfer - Assessable amount calculation
It will depend on your fund and how they increase the values each year - some funds use cpi and thus you can work it out backwards.
You can also employ an actuary which can be costly
You can choice in worse case scenarios a set growth rate which needs to be acceptable to the ATO.
Or in your case simply use the 2007 value as it is a known set value - Yes you may have more growth to declare but it is a set point that can not be argued by anyone including the ATO and yes you will probably pay a little extra in tax but this may be cheaper than paying tax on the entire amount or paying for someone to work it all out for you etc.
If you get stuck pm or email me.
You can also employ an actuary which can be costly
You can choice in worse case scenarios a set growth rate which needs to be acceptable to the ATO.
Or in your case simply use the 2007 value as it is a known set value - Yes you may have more growth to declare but it is a set point that can not be argued by anyone including the ATO and yes you will probably pay a little extra in tax but this may be cheaper than paying tax on the entire amount or paying for someone to work it all out for you etc.
If you get stuck pm or email me.
