Civil Service Pension
Feb 22nd 2019, 9:24 am
#1
Just Joined
Thread Starter
Joined: Nov 2003
Posts: 10
Civil Service Pension
I am moving shortly to Australia on a return resident visa. I have a UK civil service pension which I hope to start claiming in about 4 years time. I know I can claim this and get it paid into an Australian bank account from the UK but does anyone have any advice on whether it is worth looking into transferring the pension into an approved Australian fund and if that is possible anyway.
Thanks
Thanks
Feb 22nd 2019, 7:06 pm
#2
BE Forum Addict
Joined: Aug 2005
Location: Kingston, Tas
Posts: 2,264
Re: Civil Service Pension
Google is your friend.
Here is something to get you started: https://www.canstar.com.au/superannu...ransfer-super/
See section 04D: https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&ved=2ahUK EwinxpShktDgAhXMfn0KHU02BfQQFjAAegQIChAC&url=https %3A%2F%2Fwww.civilservicepensionscheme.org.uk%2Fme dia%2F95350%2Falpha_schemeguides4_colour_v3.pdf&us g=AOvVaw2Sl7IzFWyS3El_k7qmBKsw
Here is something to get you started: https://www.canstar.com.au/superannu...ransfer-super/
See section 04D: https://www.google.com/url?sa=t&rct=j&q=&esrc=s&source=web&cd=1&ved=2ahUK EwinxpShktDgAhXMfn0KHU02BfQQFjAAegQIChAC&url=https %3A%2F%2Fwww.civilservicepensionscheme.org.uk%2Fme dia%2F95350%2Falpha_schemeguides4_colour_v3.pdf&us g=AOvVaw2Sl7IzFWyS3El_k7qmBKsw
Last edited by ianandhelena; Feb 22nd 2019 at 7:12 pm.
Feb 23rd 2019, 10:55 am
#3
Just Joined
Thread Starter
Joined: Nov 2003
Posts: 10
Re: Civil Service Pension
Thanks for your reply ianandhelena - very useful
Feb 23rd 2019, 9:28 pm
#4
BE Forum Addict
Joined: Sep 2005
Posts: 1,200
Re: Civil Service Pension
Just to say some of the above info is old and rules have changed. I seem to recall it is no longer possible to transfer a Civil Service, police or NHS pension.
I would strongly suggest keeping a UK bank account open so you can have any benefits transferred into that and you can pick your own method of transfer with no fees and better rates and timings.
Also the pension benefits will will be taxed in Australia as income, even if the money remains in the UK. Make sure you get a valuation when you leave the UK as this can affect any tax payable on a lump sum payable. Best to get an accountant here to make sure you maximise any payout.
I would strongly suggest keeping a UK bank account open so you can have any benefits transferred into that and you can pick your own method of transfer with no fees and better rates and timings.
Also the pension benefits will will be taxed in Australia as income, even if the money remains in the UK. Make sure you get a valuation when you leave the UK as this can affect any tax payable on a lump sum payable. Best to get an accountant here to make sure you maximise any payout.
