Can anyone recommend a Financial Advisor for transferring pensions
Mar 6th 2014, 2:21 am
#16
Permanent Resident
Thread Starter
Joined: Aug 2007
Location: Geelong
Posts: 480
Re: Can anyone recommend a Financial Advisor for transferring pensions
Thanks everyone for your replies. We have been in Oz for 5 years now working towards getting PR on a Business Visa, we are sure we are staying. Will take everyones advice on board and will start educating myself.
Once again thankyou
Once again thankyou
Mar 26th 2014, 11:08 am
#17
BE Enthusiast
Joined: Feb 2014
Posts: 592
Re: Can anyone recommend a Financial Advisor for transferring pensions
Recent Update - UK Government has announced some important proposed changes to UK pensions. The main one is that from April 2015 once you reach aged 55 you will be allowed to access 100% of your pension fund as a lump sum with 25% tax free and the remaining 75% taxed.
More Importantly if you were thinking of transferring it to Australia before aged 55 then think again as the proposed rules state that Public Defined Benefit Schemes will not be allowed to be transferred before 55! There is also some debate as to whether they will apply this to private defined benefit schemes as well...
So if you are thinking of moving the funds over then you need to get a move along with it before the proposed rules become law.
I hope this helps cheers John
More Importantly if you were thinking of transferring it to Australia before aged 55 then think again as the proposed rules state that Public Defined Benefit Schemes will not be allowed to be transferred before 55! There is also some debate as to whether they will apply this to private defined benefit schemes as well...
So if you are thinking of moving the funds over then you need to get a move along with it before the proposed rules become law.
I hope this helps cheers John
Mar 27th 2014, 6:13 pm
#18
Banned
Joined: Aug 2008
Posts: 22,348
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
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
