How to move pensions etc oz ?
#1
Just Joined
Thread Starter
Joined: Apr 2008
Posts: 15
How to move pensions etc oz ?
Hi,
Is moving your money etc, as difficult as so companies are telling us ?
or are they just in it to get hold of our hard earned cash ?
Can anyone help with some advice, on how you did it your self.....Please.
Is moving your money etc, as difficult as so companies are telling us ?
or are they just in it to get hold of our hard earned cash ?
Can anyone help with some advice, on how you did it your self.....Please.
#2
Re: How to move pensions etc oz ?
If its good value to move depending on your pension type, or which Oz fund is where the value is.
Moving the fund takes a couple of letters, and costs next to nothing.
Moving the fund takes a couple of letters, and costs next to nothing.
#3
Joined: Jun 2006
Posts: 229
Re: How to move pensions etc oz ?
The fund will need to be QROPS registered but if it isn't then it's no problem. The receiving scheme (Australian fund) will be able to register themselves by completing a form downloaded from the HMRC website. Can't remember the name of the form but you just do a search for QROPS on the HM Revenue and Customs site.
If you ever have any trouble then just send a formal complaint in (justified or not) and they'll do anything to please you !
#4
Just Joined
Thread Starter
Joined: Apr 2008
Posts: 15
Re: How to move pensions etc oz ?
I used to send these pensions over all the time - I worked for one of the big providers in the UK. Just call up your pension provider and they'll send you the forms along with the details they require. Find a fund in Australia that you want to send your money to and get the appropriate forms off of them too.
The fund will need to be QROPS registered but if it isn't then it's no problem. The receiving scheme (Australian fund) will be able to register themselves by completing a form downloaded from the HMRC website. Can't remember the name of the form but you just do a search for QROPS on the HM Revenue and Customs site.
If you ever have any trouble then just send a formal complaint in (justified or not) and they'll do anything to please you !
The fund will need to be QROPS registered but if it isn't then it's no problem. The receiving scheme (Australian fund) will be able to register themselves by completing a form downloaded from the HMRC website. Can't remember the name of the form but you just do a search for QROPS on the HM Revenue and Customs site.
If you ever have any trouble then just send a formal complaint in (justified or not) and they'll do anything to please you !
#5
Re: How to move pensions etc oz ?
I used to send these pensions over all the time - I worked for one of the big providers in the UK. Just call up your pension provider and they'll send you the forms along with the details they require. Find a fund in Australia that you want to send your money to and get the appropriate forms off of them too.
The fund will need to be QROPS registered but if it isn't then it's no problem. The receiving scheme (Australian fund) will be able to register themselves by completing a form downloaded from the HMRC website. Can't remember the name of the form but you just do a search for QROPS on the HM Revenue and Customs site.
If you ever have any trouble then just send a formal complaint in (justified or not) and they'll do anything to please you !
The fund will need to be QROPS registered but if it isn't then it's no problem. The receiving scheme (Australian fund) will be able to register themselves by completing a form downloaded from the HMRC website. Can't remember the name of the form but you just do a search for QROPS on the HM Revenue and Customs site.
If you ever have any trouble then just send a formal complaint in (justified or not) and they'll do anything to please you !
#7
Joined: Jun 2006
Posts: 229
Re: How to move pensions etc oz ?
True ! I was talking about Group Money Purchase / Group Personal Pension plans. Final salary/defined benefit schemes are good whilst the 'normal' ones are a pile of crap, that's why you're lucky to be offered a defined benefit scheme nowadays.
#8
Just Joined
Joined: Jan 2008
Posts: 4
Re: How to move pensions etc oz ?
UK pensions will be taxed at min 20%; Aust super tax free.
Leave it in the UK, when you die, spouse gets 50%; Death of spouse, nothing to children. Aust super, 100% tax free to spouse and / or dependents.
Careful with a defined benefit. Very difficult to calculate Aust tax that has to be paid on growth. The NHS cannot calculate it as it is an Aust tax.
#9
Re: How to move pensions etc oz ?
The NHS will grow your pension in line with UK inflation. You can earn alot more than that in a cash account in Australia super. If you are young and you compound this for some years, it will make alot of difference.
UK pensions will be taxed at min 20%; Aust super tax free.
Leave it in the UK, when you die, spouse gets 50%; Death of spouse, nothing to children. Aust super, 100% tax free to spouse and / or dependents.
Careful with a defined benefit. Very difficult to calculate Aust tax that has to be paid on growth. The NHS cannot calculate it as it is an Aust tax.
UK pensions will be taxed at min 20%; Aust super tax free.
Leave it in the UK, when you die, spouse gets 50%; Death of spouse, nothing to children. Aust super, 100% tax free to spouse and / or dependents.
Careful with a defined benefit. Very difficult to calculate Aust tax that has to be paid on growth. The NHS cannot calculate it as it is an Aust tax.
#10
Devil's Advocate
Joined: Feb 2008
Location: Mandurah
Posts: 2,269
Re: How to move pensions etc oz ?
The NHS will grow your pension in line with UK inflation. You can earn alot more than that in a cash account in Australia super. If you are young and you compound this for some years, it will make alot of difference.
UK pensions will be taxed at min 20%; Aust super tax free.
Leave it in the UK, when you die, spouse gets 50%; Death of spouse, nothing to children. Aust super, 100% tax free to spouse and / or dependents.
Careful with a defined benefit. Very difficult to calculate Aust tax that has to be paid on growth. The NHS cannot calculate it as it is an Aust tax.
UK pensions will be taxed at min 20%; Aust super tax free.
Leave it in the UK, when you die, spouse gets 50%; Death of spouse, nothing to children. Aust super, 100% tax free to spouse and / or dependents.
Careful with a defined benefit. Very difficult to calculate Aust tax that has to be paid on growth. The NHS cannot calculate it as it is an Aust tax.
It depends on many factors, mine was determined better value in the UK, nephew told to move both of his. So everyone is different.
#11
Migration Agent
Joined: May 2002
Location: Offices in Melbourne, Brisbane, Perth, Geelong (Australia), and Southampton (UK)
Posts: 6,459
#12
Re: How to move pensions etc oz ?
Alan... venturing over to the Aus forum... must be dead in immigration
#13
Migration Agent
Joined: May 2002
Location: Offices in Melbourne, Brisbane, Perth, Geelong (Australia), and Southampton (UK)
Posts: 6,459
Re: How to move pensions etc oz ?
Venturing into the dark side ...
Hope all well with you and yours.
Best regards.
Hope all well with you and yours.
Best regards.