RobAndEwa

As the title says: has anyone done it themselves and if so how hard was it?

Just been quoted an eye-watering amount (£500+vat) for what must just be a form-filling exercise.

Rob

Jambo

Sorry can't answer this query but would be interested if anyone knows how to do it. Are you talking about a private pension?
If so, I have a private pension with Prudential and would be looking to transfer to Aussie equivalent when settled

tasmas

I can't answer either but I'm curious as to the replies. I have a company pension. I've seen the adverts for those that'll transfer it for you but like hell am i paying £500+ if its simple enough to do yourself, fingers crossed.

DownUnderPaddy

It is a very straightforward process. I completed it with no issues when I moved mine a couple of years ago. Once you have had the Aussie company confirm they will accept a transfer from an overseas fund, it just requires a bit of over and back form filling to get the job done. Certainly don't pay someone to do it !

tasmas

Well thank you downunderpaddy!!! Well, i'll do it myself then

Tracy

seaangel

I also transferred mine last year. A very easy process and no need to pay anyone any fees! Good luck!

quoll

You dont have to do it immediately you have a short breathing space (6 months?) and you do know that if for some reason you need to return to UK you cant transfer it back again if you have PR dont you? Once it's here it stays here until you reach retirement age. Also, if it is a final salary indexed pension you would be wise to get financial advice about whether to transfer it or not.

CDM

Great to hear that the process is easy. Can someone explain exactly what the process is?

- CDM

datamile

Most Oz funds will give you the letters to do it ( Oz super do ). One asks your uk fund the value of the fund when you entered Oz, and the other is a request to transfer it.. Easy as.

You pay 15% tax any increase in value after 6 months.... currently bugger all.

leggy53

Hi

If its a final salary scheme, then as mentioned tread carefully. Generally speaking I'd leave it here as the benefits built up within them cannot be compared with much else. Only issue to consider is the financial strength of the company who owns it. Many final salary schemes if you have been a member for a good fews years are worth there weight in gold!

To transfer your existing pension to Oz, not sure what the receiving scheme there will require, however all your existing provider here will need is a discharge form signing by you giving details of where they are to send the money to (which provider / scheme)

This form is simply you giving them permission to transfer the benefits. Only thing to check, if transfers like this are done here (UK) then the discharge papers are usually sent with the application form from the receiving scheme which youre applying to join, so easiest way is get the discharge papers now, take with you and chat to someone in Oz within the new pension scheme and send to your UK provider, along with any required applications.

Hope this makes sense

Cheers

Pete

carlap

We were wondering when you get the valuation for when you entered Oz.

Been here 3 months and not done it yet, so not sure if they can value it historically. I was wondering this as it is very likely going to be a big loss this year, so might be worth keeping in the UK then I understand you can offset the loss against Oz tax (just as a gain will cost you).

I know I should contact the UK company, just wondered how other people have had their valuations done .

lonndongeek

When I transferred my pension over late last year, I just asked Prudential for a historical value of my funds on the date I landed in Oz. It took a few weeks, but came through eventually.

Cheers

Steve

Reasonable

I transferred my own and wife's personal pensions and SIPPs. Some were before QROPS and some after. It was more straightforward after QROPS.

All were transferred to our self managed super fund and no trouble in doing so at all. Simply had to request QROPS for our super fund.

Don't be mislead by the companies who charge huge fees for doing this.

Regards

CDM

What are all these acronyms?

- CDM

datamile

SIPP - Self invest personal pension
QROPS - Qualifying Recognised Overseas Pension Scheme, http://www.hmrc.gov.uk/pensionschemes/qrops-list.htm