Have I got the answer on my pension already?
Jan 10th 2010, 6:44 pm
#1
BE Enthusiast
Thread Starter
Joined: Jul 2007
Posts: 484
Have I got the answer on my pension already?
I have an NHS pension with only 7 years which I believe is a final salary pension but cannot be transfered to Queensland Government Qsuper pension as they are not on the QROPS list. (pretending I know what I am talking about 
)
So its best to transfer pensions within 6 months due to tax implications but after 6 months you only get taxed on the growth if you transfer. But I cant transfer into this fund anyway.
Will I be correct in saying in my situation my pension is staying in UK rather than pay for advice?
gary
)So its best to transfer pensions within 6 months due to tax implications but after 6 months you only get taxed on the growth if you transfer. But I cant transfer into this fund anyway.
Will I be correct in saying in my situation my pension is staying in UK rather than pay for advice?
gary
Jan 11th 2010, 12:57 pm
#2
Lost in BE Cyberspace
Joined: Jun 2007
Location: Tropical North QLD
Posts: 21,434
Re: Have I got the answer on my pension already?
Gary, I do not know what is wrong or right but, I am on final salary NHS pension. The advice from our UK IFA was to leave it alone & he said it would be a good guide as to who is a legit advisor here, who agreed!
We have yet to test the theory but he had nothing to gain by his advice & has been a good friend over the years, so am tending to vere his way!
We have yet to test the theory but he had nothing to gain by his advice & has been a good friend over the years, so am tending to vere his way!
Feb 1st 2010, 11:17 am
#3
Just Joined
Joined: Feb 2010
Posts: 8
Re: Have I got the answer on my pension already?
I have an NHS pension with only 7 years which I believe is a final salary pension but cannot be transfered to Queensland Government Qsuper pension as they are not on the QROPS list. (pretending I know what I am talking about )
So its best to transfer pensions within 6 months due to tax implications but after 6 months you only get taxed on the growth if you transfer. But I cant transfer into this fund anyway.
Will I be correct in saying in my situation my pension is staying in UK rather than pay for advice?
gary
)So its best to transfer pensions within 6 months due to tax implications but after 6 months you only get taxed on the growth if you transfer. But I cant transfer into this fund anyway.
Will I be correct in saying in my situation my pension is staying in UK rather than pay for advice?
gary
I am a financial advisor and all things being equal, if you have a final salary scheme, keep hold of it. That said, every case is different and I would suggest you ask a UK Pensions Options Speclialist for advice. Let me know if you need a contact.
Feb 2nd 2010, 5:38 am
#4
BE Forum Addict
Joined: Mar 2009
Posts: 1,289
Re: Have I got the answer on my pension already?
I have an NHS pension with only 7 years which I believe is a final salary pension but cannot be transfered to Queensland Government Qsuper pension as they are not on the QROPS list. (pretending I know what I am talking about )
So its best to transfer pensions within 6 months due to tax implications but after 6 months you only get taxed on the growth if you transfer. But I cant transfer into this fund anyway.
Will I be correct in saying in my situation my pension is staying in UK rather than pay for advice?
gary
)So its best to transfer pensions within 6 months due to tax implications but after 6 months you only get taxed on the growth if you transfer. But I cant transfer into this fund anyway.
Will I be correct in saying in my situation my pension is staying in UK rather than pay for advice?
gary
Whether it is a good idea or not to transfer it is another question. You should consider paying for advice on the pros and cons of leaving it where it is versus transfering it.
7 years is not much and if your final salary was not very high, then 7/60th or 7/80th of your final salary is (whatever the quotient is for you) may not be much. In which case you'll be better of transfering it to an Oz super fund where it has the chance to grow (if you are still a fair few years off retirement age).
