woogle

Hi,

Does anyone know if it's possible to transfer "protected rights" part of a pension to anywhere in Oz? Our advisor came last night & he wasn't sure. Both hubby & I contracted out of SERPS ages ago, & I wondered if it was worth persuing when we arrive. Obviously we will get some advice when we get there, I just wondered if anyone knows the score?

MartinLuther

Yes you can. You may need to sign an extra form.

markeh

Woogle,
could you explain what you are refring to?
I'm contracted out of serps in the UK, have been since day one of work.

Bye
Mark

woogle

On my statements it shows "protected rights & non-protected rights" as I understood it,the Government pays your SERPS bit,which is the "protected rights" & the advisor didn't think this could be moved to Oz,& would have to stay here til I retire.
However I spoke to my company Zurich today to get an updated statement,& I currently have about £xx in the fund,which she thought I might be able to add to a scheme in Oz.
So I'm a bit confused myself now!

MartinLuther

When you contract out of SERPS the portion of your NI that would have gone into SERPS goes into your own private pension. This contribution is known as protected rights because you can only access it when you get to pension age whereas other money you put into your private pension can be accessed earlier.

You can move your protected rights to an Australian pension; I've dont it.