Reincarnation

We spent over 6 years in Australia and left after losing my job during the Qld floods this time last year.

We have about $42k in super still in Australia and were hoping to access this money for a new kitchen and bathroom on our house here in the UK but it seems impossible to get the money.

Has anyone got a payout from their fund in Oz?

Bermudashorts

If you were on a permanent visa, the legislation does not permit cashing in super.

Emma_Par

If you have permenant visa and have moved back to uk, do you get it when you retired, just like pension in u k?

Bermudashorts

Of course.

jothefw

Is it correct too that if you provide a geniune UK pension fund - they will let you transfer your funds across to the UK?

I hadn't realised it was a case of permanent v temp on the ruling. I do know that a lot of our backpacker workforce have successfully gained approx 70% of their superannuation back as a cash lump when leaving Australia.

Reincarnation

Yes I was permanent and also took Oz citizenship in 2006. Is there anyway to transfer it to my british fund? If not what is the best strategy to avoid the fees and losses from eating away at the capital as obviously there will be no more monthly paymants in to the fund.

JAJ

No. Your funds remain in Australia until you are entitled by reason of age or other circumstances to access them. The only flexibility you might have is if you were originally temporary and later became PR - there might be a way to access the superannuation you earned while temporary.

I see nothing in the legislation that gives a work around. Of course, to be sure, you should take your own legal advice.

JAJ

Choose a provider (and funds) with low costs. Otherwise, you can't do very much. But do understand that there should be investment growth over the long term.

Also watch out for deductions for things like life insurance. You can consider cancelling these if you no longer need them, but bear in mind that you should have new cover in place first. And preferably have your new cover in place for 1-2 years before cancelling the old, as that gets you past the contestability period on new policies (which varies by jurisdiction).

DC10

Just to be clear: renouncing Aus citizenship is not a way around?

Reincarnation

That's unaustralian m8

alexswift

Dont forget us 457's also