Go Back  British Expats > Living & Moving Abroad > Australia
Reload this Page >

Can anyone recommend a Financial Advisor for transferring pensions

Can anyone recommend a Financial Advisor for transferring pensions

Old Feb 23rd 2014, 4:18 am
  #1  
Permanent Resident
Thread Starter
 
Laights's Avatar
 
Joined: Aug 2007
Location: Geelong
Posts: 480
Laights is a glorious beacon of lightLaights is a glorious beacon of lightLaights is a glorious beacon of lightLaights is a glorious beacon of lightLaights is a glorious beacon of lightLaights is a glorious beacon of lightLaights is a glorious beacon of lightLaights is a glorious beacon of lightLaights is a glorious beacon of lightLaights is a glorious beacon of lightLaights is a glorious beacon of light
Default Can anyone recommend a Financial Advisor for transferring pensions

Hi, we are looking to transfer our pension from the UK to Australia, can anyone recommend a good financial advisor based in Australia.

Many thanks
Laights is offline  
Old Feb 23rd 2014, 11:12 am
  #2  
BE Enthusiast
 
Jacqui's Avatar
 
Joined: Nov 2001
Location: Mandurah, WA
Posts: 886
Jacqui has a reputation beyond reputeJacqui has a reputation beyond reputeJacqui has a reputation beyond reputeJacqui has a reputation beyond reputeJacqui has a reputation beyond reputeJacqui has a reputation beyond reputeJacqui has a reputation beyond reputeJacqui has a reputation beyond reputeJacqui has a reputation beyond reputeJacqui has a reputation beyond reputeJacqui has a reputation beyond repute
Default Re: Can anyone recommend a Financial Advisor for transferring pensions

After looking at the exorbitant fees that these firms charge, we ended up opening a Virgin Super account (which has QROPS status of course) and doing it ourselves. Only one form to fill in to get the ball rolling and it was all done online (well apart from signing the form and posting it off). All correspondence done by email. Fees are capped at a sensible rate. Worth a look? http://virginmoney.com.au/superannua...r-super/#first
Jacqui is offline  
Old Feb 24th 2014, 6:45 am
  #3  
Forum Regular
 
Joined: Sep 2007
Posts: 98
Reasonable will become famous soon enoughReasonable will become famous soon enough
Default Re: Can anyone recommend a Financial Advisor for transferring pensions

Originally Posted by Laights View Post
Hi, we are looking to transfer our pension from the UK to Australia, can anyone recommend a good financial advisor based in Australia.

Many thanks
It is very straightforward to do it yourself.
Reasonable is offline  
Old Feb 24th 2014, 7:18 am
  #4  
BE Enthusiast
 
Joined: Jun 2003
Location: Melbourne, Victoria
Posts: 523
ossigeno has a brilliant futureossigeno has a brilliant futureossigeno has a brilliant futureossigeno has a brilliant futureossigeno has a brilliant futureossigeno has a brilliant future
Default Re: Can anyone recommend a Financial Advisor for transferring pensions

Originally Posted by Reasonable View Post
It is very straightforward to do it yourself.
Most the big super providers have their own dept who handle such transfers.
ossigeno is offline  
Old Feb 24th 2014, 11:32 am
  #5  
BE Enthusiast
 
Joined: Feb 2014
Posts: 592
john in oz has a reputation beyond reputejohn in oz has a reputation beyond reputejohn in oz has a reputation beyond reputejohn in oz has a reputation beyond reputejohn in oz has a reputation beyond reputejohn in oz has a reputation beyond reputejohn in oz has a reputation beyond reputejohn in oz has a reputation beyond reputejohn in oz has a reputation beyond reputejohn in oz has a reputation beyond reputejohn in oz has a reputation beyond repute
Default Re: Can anyone recommend a Financial Advisor for transferring pensions

yes super funds have departments who can process your paper work to transfer your funds over however they do not provide advice or work out your tax payable on such transfers - they simply just process the paper work.

You transfer involves much more than simply the physical transfer. You have taxation issues as well when you can access the funds and move the funds without triggering a penalty tax from the UK government.


PM sent to you

John
john in oz is offline  
Old Feb 24th 2014, 11:41 am
  #6  
Newlywed
 
Dorothy's Avatar
 
Joined: Jan 2006
Posts: 28,934
Dorothy has a reputation beyond reputeDorothy has a reputation beyond reputeDorothy has a reputation beyond reputeDorothy has a reputation beyond reputeDorothy has a reputation beyond reputeDorothy has a reputation beyond reputeDorothy has a reputation beyond reputeDorothy has a reputation beyond reputeDorothy has a reputation beyond reputeDorothy has a reputation beyond reputeDorothy has a reputation beyond repute
Default Re: Can anyone recommend a Financial Advisor for transferring pensions

Originally Posted by john in oz View Post
yes super funds have departments who can process your paper work to transfer your funds over however they do not provide advice or work out your tax payable on such transfers - they simply just process the paper work.

You transfer involves much more than simply the physical transfer. You have taxation issues as well when you can access the funds and move the funds without triggering a penalty tax from the UK government.


PM sent to you

John
I'm pretty sure that advertising via pm is frowned upon too
Dorothy is offline  
Old Feb 24th 2014, 11:47 am
  #7  
Sue
BE Co-Founder
 
Sue's Avatar
 
Joined: Feb 2000
Location: Florida
Posts: 25,928
Sue has a reputation beyond reputeSue has a reputation beyond reputeSue has a reputation beyond reputeSue has a reputation beyond reputeSue has a reputation beyond reputeSue has a reputation beyond reputeSue has a reputation beyond reputeSue has a reputation beyond reputeSue has a reputation beyond reputeSue has a reputation beyond reputeSue has a reputation beyond repute
Default Re: Can anyone recommend a Financial Advisor for transferring pensions

Originally Posted by john in oz View Post
yes super funds have departments who can process your paper work to transfer your funds over however they do not provide advice or work out your tax payable on such transfers - they simply just process the paper work.

You transfer involves much more than simply the physical transfer. You have taxation issues as well when you can access the funds and move the funds without triggering a penalty tax from the UK government.


PM sent to you

John
Please do not send unsolicited PM's to other members regarding your services. This is a discussion forum for members to share experiences, it is NOT to be used as a platform for you to tout for business.

Thank you!
Sue is offline  
Old Feb 24th 2014, 12:15 pm
  #8  
BE Enthusiast
 
Joined: Feb 2014
Posts: 592
john in oz has a reputation beyond reputejohn in oz has a reputation beyond reputejohn in oz has a reputation beyond reputejohn in oz has a reputation beyond reputejohn in oz has a reputation beyond reputejohn in oz has a reputation beyond reputejohn in oz has a reputation beyond reputejohn in oz has a reputation beyond reputejohn in oz has a reputation beyond reputejohn in oz has a reputation beyond reputejohn in oz has a reputation beyond repute
Default Re: Can anyone recommend a Financial Advisor for transferring pensions

Thanks for the info - new to site and have addressed the issue on PM with the relevant parties concerned. many thanks John
john in oz is offline  
Old Mar 3rd 2014, 2:56 am
  #9  
Permanent Resident
Thread Starter
 
Laights's Avatar
 
Joined: Aug 2007
Location: Geelong
Posts: 480
Laights is a glorious beacon of lightLaights is a glorious beacon of lightLaights is a glorious beacon of lightLaights is a glorious beacon of lightLaights is a glorious beacon of lightLaights is a glorious beacon of lightLaights is a glorious beacon of lightLaights is a glorious beacon of lightLaights is a glorious beacon of lightLaights is a glorious beacon of lightLaights is a glorious beacon of light
Default Re: Can anyone recommend a Financial Advisor for transferring pensions

Thanks guys, will have a look
Laights is offline  
Old Mar 3rd 2014, 3:11 am
  #10  
Lost in BE Cyberspace
 
ozzieeagle's Avatar
 
Joined: Feb 2005
Posts: 15,526
ozzieeagle has a reputation beyond reputeozzieeagle has a reputation beyond reputeozzieeagle has a reputation beyond reputeozzieeagle has a reputation beyond reputeozzieeagle has a reputation beyond reputeozzieeagle has a reputation beyond reputeozzieeagle has a reputation beyond reputeozzieeagle has a reputation beyond reputeozzieeagle has a reputation beyond reputeozzieeagle has a reputation beyond reputeozzieeagle has a reputation beyond repute
Default Re: Can anyone recommend a Financial Advisor for transferring pensions

Damn there goes my home happy ending massage service.
ozzieeagle is offline  
Old Mar 3rd 2014, 6:32 am
  #11  
BE Enthusiast
 
Joined: Feb 2014
Posts: 592
john in oz has a reputation beyond reputejohn in oz has a reputation beyond reputejohn in oz has a reputation beyond reputejohn in oz has a reputation beyond reputejohn in oz has a reputation beyond reputejohn in oz has a reputation beyond reputejohn in oz has a reputation beyond reputejohn in oz has a reputation beyond reputejohn in oz has a reputation beyond reputejohn in oz has a reputation beyond reputejohn in oz has a reputation beyond repute
Default Re: Can anyone recommend a Financial Advisor for transferring pensions

For those looking at transfers of their UK pensions the Aust Government this week confirmed that the amount allowable to be transferred per year will increase from $ 150,000 to $ 180,000 as of 01 July 2014.

This simply means whether or not you use a professional or do it yourself, you will be able to bring more funds across. Please note that the $ 150,000 limit per year remains in force until 30 June 2014!

cheers John
john in oz is offline  
Old Mar 3rd 2014, 10:44 pm
  #12  
BE Enthusiast
 
NigelWaring's Avatar
 
Joined: Mar 2008
Location: 60 Kms north of Sydney
Posts: 553
NigelWaring has a reputation beyond reputeNigelWaring has a reputation beyond reputeNigelWaring has a reputation beyond reputeNigelWaring has a reputation beyond reputeNigelWaring has a reputation beyond reputeNigelWaring has a reputation beyond reputeNigelWaring has a reputation beyond reputeNigelWaring has a reputation beyond reputeNigelWaring has a reputation beyond reputeNigelWaring has a reputation beyond reputeNigelWaring has a reputation beyond repute
Default Re: Can anyone recommend a Financial Advisor for transferring pensions

Best to look at Industry Superannuation Funds, http://industrysuper.com.au/choose-i...superfund.aspx, their profits go to the members, just a small annual fee not the exorbitant ones charged by some others.

During our last 20 years of work we attended 2 or 3 retirement seminars every year, learning all about it and keeping in touch with the legislation is very worthwhile, you do not have to be the innocent trusting someone else.
NigelWaring is offline  
Old Mar 4th 2014, 3:57 am
  #13  
BE Enthusiast
 
Joined: Feb 2014
Posts: 592
john in oz has a reputation beyond reputejohn in oz has a reputation beyond reputejohn in oz has a reputation beyond reputejohn in oz has a reputation beyond reputejohn in oz has a reputation beyond reputejohn in oz has a reputation beyond reputejohn in oz has a reputation beyond reputejohn in oz has a reputation beyond reputejohn in oz has a reputation beyond reputejohn in oz has a reputation beyond reputejohn in oz has a reputation beyond repute
Default Re: Can anyone recommend a Financial Advisor for transferring pensions

I agree with Nigel, the more you can educate yourself the better you will be generally. Centrelink run regular retirement seminars free of charge and these are helpful in preparing yourself for retirement especially if you will be relying on social security payments or part payments.

http://www.humanservices.gov.au/cust...rvice-seminars

Things have change over the past 2 years with super funds. Recent My Super reforms have come in which means default employer funds are required to be low cost funds. Additionally many retail funds now also offer low cost super funds which are on par with the running cost of an Industry fund if not cheaper in some cases.

https://www.moneysmart.gov.au/supera...r-fund/mysuper

It really now an even playing field and the type of fund you chose will be dependent on many individual requirements.

cheers john
john in oz is offline  
Old Mar 4th 2014, 6:37 am
  #14  
BE Forum Addict
 
Joined: May 2007
Location: England
Posts: 3,932
brits1 has a reputation beyond reputebrits1 has a reputation beyond reputebrits1 has a reputation beyond reputebrits1 has a reputation beyond reputebrits1 has a reputation beyond reputebrits1 has a reputation beyond reputebrits1 has a reputation beyond reputebrits1 has a reputation beyond reputebrits1 has a reputation beyond reputebrits1 has a reputation beyond reputebrits1 has a reputation beyond repute
Default Re: Can anyone recommend a Financial Advisor for transferring pensions

Originally Posted by Laights View Post
Hi, we are looking to transfer our pension from the UK to Australia, can anyone recommend a good financial advisor based in Australia.

Many thanks
It might of all changed now but we transferred ours while we were in Aus for a few years then we just rolled it into our Aus Super and did not pay any fee's at that time. I would wait until your as sure as you can be that your staying in Aus. Good luck
brits1 is offline  
Old Mar 4th 2014, 6:51 am
  #15  
BE Enthusiast
 
Joined: Feb 2014
Posts: 592
john in oz has a reputation beyond reputejohn in oz has a reputation beyond reputejohn in oz has a reputation beyond reputejohn in oz has a reputation beyond reputejohn in oz has a reputation beyond reputejohn in oz has a reputation beyond reputejohn in oz has a reputation beyond reputejohn in oz has a reputation beyond reputejohn in oz has a reputation beyond reputejohn in oz has a reputation beyond reputejohn in oz has a reputation beyond repute
Default Re: Can anyone recommend a Financial Advisor for transferring pensions

Concur with Brits statement - whilst you have a 6 month tax free period to affect the transfer from date of arrival, you should only do so if you are absolutely sure that you are staying!!

:-)

cheers john
john in oz is offline  

Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Do Not Sell My Personal Information -

Copyright © 2021 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.