Sunshine7

We are trying to get independent advice on whether to transfer UK final salary pensions to Australia. Just wondering if anybody on here has used an adviser that they would recommend? Thought I would just ask before starting to go through the IFA's listed in the phonebook

We are in Perth, thanks.

JAJ

Everyone's situation is different, but the general consensus is that usually it is better not to transfer a final salary pension.

Very few financial planners know both Australian and UK issues and you could be looking at paying a lot of money for decent advice. How significant are the amounts involved?

Two real disadvantages of transfer are that a. you swap a defined pension amount for an investment risk, and b. if you later on leave Australia (if you are PR/citizen) your pension is stuck.

Sunshine7

I know there are risks and also some benefits to moving it and just don't want to make the wrong decision. The sums involved are probably quite high I would say (although that's subjective I guess) but I'm think that other factors probably come into play such as how many years left until retirement etc.

It's a tricky one, and we are already past the 6 month deadline for tax on growth so that's not a big issue.

It's hard to know who to go to for advice as most independent advisers aren't truly independent are they, if they stand to gain from any transfer.

bingobob777

have you tried the sums yourself?

You'll know what the final salary pension would pay you on retirement, you can also find what the transfer value would be. Should be possible to get an estimate on what annuity that pot would pay. Compare the two and see if it's a starter.

I've done it in the past and it usually works out that the transfer pot would need to be twice as big to pay the same pension.

Scotty1

I used Prism Expat and had a positive experience. I had a final salary pension and initially was not planning on transferring but wanted to see what the issues were.
Darion was very good and yes they did get a fee for the advice but it given the complexity of my situation, I'm pretty sure I got the best deal! I got a detailed strategy outlining pros and cons of my position along with actuarial calculations of tax. Would not recommend trying to do this yourself unless you are pretty whizzy on the maths front!
The final decision for me was just over borderline to go for it and it was my decision to transfer and pursue a transfer when we hit a major snag.

http://www.prismxpat.co.uk/

Their partners here are also very good.

Pm me if you want any more info

EvannTel

me too

Sunshine7

Thanks for the replies, this is something we definitely feel we should take professional advice about. Two votes for Prism then - anybody else have a recommendation?

Much appreciated

Petals

Make sure that you find an "independent financial adviser" one who charges fee for service as others may just be selling product. We went to lots and lots and gave them all the flick.