Australian superannuation
Oct 30th 2008, 7:38 am
#1
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Joined: Oct 2008
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Australian superannuation
I migrated from UK to Brisbane as a permanent resident in 2006, and am planning to return to the UK. Unfortunately I transferred my UK pension to an Australian superannuation fund. I've now found out that there is no legislation to allow transfer of superannuation funds out of Australia. This means I have a fund I'll have to pay fees on until I'm old enough to claim it, and then I'll have to stand whatever costs are associated with getting my payments from Australia to England when the time comes. I know this site is mainly used by people coming out to Australia (and I used it myself a few years ago) rather than returning to England, but is there any one out there who has encountered this problem, and may have any advice or tips about this? (other than think very very carefully about transferring your UK pension to a super fund)
Julie
Julie
Oct 30th 2008, 9:38 am
#2
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Joined: Jul 2008
Location: East Bay Area
Posts: 2,192
Re: Australian superannuation
I migrated from UK to Brisbane as a permanent resident in 2006, and am planning to return to the UK. Unfortunately I transferred my UK pension to an Australian superannuation fund. I've now found out that there is no legislation to allow transfer of superannuation funds out of Australia. This means I have a fund I'll have to pay fees on until I'm old enough to claim it, and then I'll have to stand whatever costs are associated with getting my payments from Australia to England when the time comes. I know this site is mainly used by people coming out to Australia (and I used it myself a few years ago) rather than returning to England, but is there any one out there who has encountered this problem, and may have any advice or tips about this? (other than think very very carefully about transferring your UK pension to a super fund)
Julie
Julie
I think, there is a provision where you write to the authorities and explain that you are leaving Australia for good. They release the payment after 15% tax. This was I think 2006 if I remember right.
Not an expert but a financial planner would surely tell you straight away. Walk into any bank branch and ask for a financial planner. I am sure they will tell you straight away......
Oct 30th 2008, 9:59 am
#4
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Re: Australian superannuation
Oct 31st 2008, 3:24 am
#6
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Posts: 34,649
Re: Australian superannuation
One of my friends was here. He was from Asia. Came as a student and worked for 1-2 years before he headed back.
I think, there is a provision where you write to the authorities and explain that you are leaving Australia for good. They release the payment after 15% tax. This was I think 2006 if I remember right.
I think, there is a provision where you write to the authorities and explain that you are leaving Australia for good. They release the payment after 15% tax. This was I think 2006 if I remember right.
