Lose 15% of your pension
Mar 5th 2007, 7:49 am
#1
Forum Regular
Thread Starter
Joined: Jan 2006
Location: Tamborine Mountain, QLD
Posts: 219
Lose 15% of your pension
Hi all,
I was told last week, that if you do not transfer your UK pension(s) to Oz within 6 months of arrival that you can 'lose' 15% of their value. I don't know what the 15% is. Tax I assume.
Is there any truth in this or complete rubbish?
Cheers
Scott
I was told last week, that if you do not transfer your UK pension(s) to Oz within 6 months of arrival that you can 'lose' 15% of their value. I don't know what the 15% is. Tax I assume.
Is there any truth in this or complete rubbish?
Cheers
Scott
Mar 5th 2007, 8:36 am
#2
da Bonehead
Joined: Jan 2004
Location: Lion in da jungle
Posts: 22,767
Re: Lose 15% of your pension
Yes there is some truth.....but not the whole truth.
It is 15% Aus tax which is calculated on the growth element of the pension from the time you become tax resident to the time you transfer it.
So to say you lose 15% of your pension value is very wide of the mark.
