losing half of your pension
Jul 15th 2004, 7:51 pm
#1
Forum Regular
Thread Starter
Joined: Jun 2004
Posts: 98
losing half of your pension
hello all,
i have just been reading a magazine about migrating and one of the adverts in there states
"putting off your pension tax planning until you arrive down under is decidedly risky.under current rules,half the growth in your potential fund could be grabbed by the goverment from when you land.it is vital to take advice,in the uk,or at the earliest possible moment to protect your pension or other assets."
this isn't one of my strong points and i don't know if it's bullshit or if there is any truth in it,can anyone confirm this either way.
for those of you that are worried about it, here are the company's details.
monfort international plc
0800 018 3571
[email protected]
www.miplc.co.uk
i have just been reading a magazine about migrating and one of the adverts in there states
"putting off your pension tax planning until you arrive down under is decidedly risky.under current rules,half the growth in your potential fund could be grabbed by the goverment from when you land.it is vital to take advice,in the uk,or at the earliest possible moment to protect your pension or other assets."
this isn't one of my strong points and i don't know if it's bullshit or if there is any truth in it,can anyone confirm this either way.
for those of you that are worried about it, here are the company's details.
monfort international plc
0800 018 3571
[email protected]
www.miplc.co.uk
Jul 15th 2004, 8:11 pm
#2
Bitter and twisted
Joined: Dec 2003
Location: Upmarket
Posts: 17,503
Re: losing half of your pension
Originally posted by malpjc
hello all,
i have just been reading a magazine about migrating and one of the adverts in there states
"putting off your pension tax planning until you arrive down under is decidedly risky.under current rules,half the growth in your potential fund could be grabbed by the goverment from when you land.it is vital to take advice,in the uk,or at the earliest possible moment to protect your pension or other assets."
this isn't one of my strong points and i don't know if it's bullshit or if there is any truth in it,can anyone confirm this either way.
for those of you that are worried about it, here are the company's details.
monfort international plc
0800 018 3571
[email protected]
www.miplc.co.uk
hello all,
i have just been reading a magazine about migrating and one of the adverts in there states
"putting off your pension tax planning until you arrive down under is decidedly risky.under current rules,half the growth in your potential fund could be grabbed by the goverment from when you land.it is vital to take advice,in the uk,or at the earliest possible moment to protect your pension or other assets."
this isn't one of my strong points and i don't know if it's bullshit or if there is any truth in it,can anyone confirm this either way.
for those of you that are worried about it, here are the company's details.
monfort international plc
0800 018 3571
[email protected]
www.miplc.co.uk
The tax can be applied at the hghest rate ie 49% (I think)
This is one area you need expert advice. The same applies to Endowments, ISAs etc.
Don't get caught out
G
Jul 15th 2004, 8:29 pm
#3
Joined: Aug 2003
Posts: 11,149
It is scaremongering to get business but leaving your pension in the UK for more than 6 months after you get here can have tax implications.
Jul 15th 2004, 8:44 pm
#4
Bloody Nice Bloke
Joined: Nov 2003
Location: Living the good life in sunny St Kilda
Posts: 386
There can be very big tax implications in leaving your pension in the UK but it could be worth while as well.
I have had my armed forces pension analysed by one of these companies and I am transferring mine across to an Oz super fund. This is the recommendation that has been given after an in depth analysis of my preserved pension. It has been an involved process by my chosen specialist company which has meant getting relevant info from the RAF, transfer value, mechanics of the scheme etc.
The company I have used are members of all the relevant UK governing bodies and are all Aus actuaries as well so I feel confident in the advice I have been given.
One thing I would say though is that Montfort haven't had the best press on this forum. I was approached by them and didnt like the way the guy tried to give me the hard sell. I said no to him as I had gone elsewhere and he gave me more pressure. Personally, Montfort could whistle and that is the view of others on here. I am sure some people have used them and were happy but know of many others who weren't.
I have had my armed forces pension analysed by one of these companies and I am transferring mine across to an Oz super fund. This is the recommendation that has been given after an in depth analysis of my preserved pension. It has been an involved process by my chosen specialist company which has meant getting relevant info from the RAF, transfer value, mechanics of the scheme etc.
The company I have used are members of all the relevant UK governing bodies and are all Aus actuaries as well so I feel confident in the advice I have been given.
One thing I would say though is that Montfort haven't had the best press on this forum. I was approached by them and didnt like the way the guy tried to give me the hard sell. I said no to him as I had gone elsewhere and he gave me more pressure. Personally, Montfort could whistle and that is the view of others on here. I am sure some people have used them and were happy but know of many others who weren't.
Jul 15th 2004, 9:13 pm
#5
Forum Regular
Thread Starter
Joined: Jun 2004
Posts: 98
Originally posted by ianj
There can be very big tax implications in leaving your pension in the UK but it could be worth while as well.
I have had my armed forces pension analysed by one of these companies and I am transferring mine across to an Oz super fund. This is the recommendation that has been given after an in depth analysis of my preserved pension. It has been an involved process by my chosen specialist company which has meant getting relevant info from the RAF, transfer value, mechanics of the scheme etc.
The company I have used are members of all the relevant UK governing bodies and are all Aus actuaries as well so I feel confident in the advice I have been given.
One thing I would say though is that Montfort haven't had the best press on this forum. I was approached by them and didnt like the way the guy tried to give me the hard sell. I said no to him as I had gone elsewhere and he gave me more pressure. Personally, Montfort could whistle and that is the view of others on here. I am sure some people have used them and were happy but know of many others who weren't.
There can be very big tax implications in leaving your pension in the UK but it could be worth while as well.
I have had my armed forces pension analysed by one of these companies and I am transferring mine across to an Oz super fund. This is the recommendation that has been given after an in depth analysis of my preserved pension. It has been an involved process by my chosen specialist company which has meant getting relevant info from the RAF, transfer value, mechanics of the scheme etc.
The company I have used are members of all the relevant UK governing bodies and are all Aus actuaries as well so I feel confident in the advice I have been given.
One thing I would say though is that Montfort haven't had the best press on this forum. I was approached by them and didnt like the way the guy tried to give me the hard sell. I said no to him as I had gone elsewhere and he gave me more pressure. Personally, Montfort could whistle and that is the view of others on here. I am sure some people have used them and were happy but know of many others who weren't.
Jul 15th 2004, 9:20 pm
#6
Bloody Nice Bloke
Joined: Nov 2003
Location: Living the good life in sunny St Kilda
Posts: 386
I used Prism Xpat Financial Planning.
Darion Pohl is the name of the consultant I have used and have found him and the rest of the company very good (I must have otherwise I wouldnt have paid my money to them).
www.xpatconsulting.com is their URL.
There are other companies out there as well but not many as it is a bit of a specialised field. You can do the transfer yourself easy enough but it is finding out whether it is the right thing to do that is the hard part.
Personally for me I feel it is money well spent to get professionals to do it.
Darion Pohl is the name of the consultant I have used and have found him and the rest of the company very good (I must have otherwise I wouldnt have paid my money to them).
www.xpatconsulting.com is their URL.
There are other companies out there as well but not many as it is a bit of a specialised field. You can do the transfer yourself easy enough but it is finding out whether it is the right thing to do that is the hard part.
Personally for me I feel it is money well spent to get professionals to do it.
Jul 19th 2004, 7:56 am
#7
Just Joined
Joined: Jun 2003
Posts: 19
Often see bad press about this subject - happy to have our service audited
Jul 19th 2004, 8:45 am
#9
Home and Happy
Joined: Dec 2002
Location: Keep true friends and puppets close, trust no-one else...
Posts: 93,810
Re: losing half of your pension
Originally posted by malpjc
hello all,
i have just been reading a magazine about migrating and one of the adverts in there states
"putting off your pension tax planning until you arrive down under is decidedly risky.under current rules,half the growth in your potential fund could be grabbed by the goverment from when you land.it is vital to take advice,in the uk,or at the earliest possible moment to protect your pension or other assets."
this isn't one of my strong points and i don't know if it's bullshit or if there is any truth in it,can anyone confirm this either way.
for those of you that are worried about it, here are the company's details.
monfort international plc
0800 018 3571
[email protected]
www.miplc.co.uk
hello all,
i have just been reading a magazine about migrating and one of the adverts in there states
"putting off your pension tax planning until you arrive down under is decidedly risky.under current rules,half the growth in your potential fund could be grabbed by the goverment from when you land.it is vital to take advice,in the uk,or at the earliest possible moment to protect your pension or other assets."
this isn't one of my strong points and i don't know if it's bullshit or if there is any truth in it,can anyone confirm this either way.
for those of you that are worried about it, here are the company's details.
monfort international plc
0800 018 3571
[email protected]
www.miplc.co.uk
Jul 19th 2004, 10:22 am
#10
Migration Agent
Joined: May 2002
Location: Offices in Melbourne, Brisbane, Perth, Geelong (Australia), and Southampton (UK)
Posts: 6,459
Re: losing half of your pension
Yep ... have a look back at the postings over the Xmas and New Year period by gld
Best regards.
Best regards.
Originally posted by Pollyana
Anyone else on here think that name rings a bell? wasn't there someone from there touting for business on here last year? Bit long-winded from what I remember.....
Anyone else on here think that name rings a bell? wasn't there someone from there touting for business on here last year? Bit long-winded from what I remember.....
Jul 19th 2004, 12:45 pm
#11
Forum Regular
Joined: May 2003
Posts: 240
Originally posted by ianj
There can be very big tax implications in leaving your pension in the UK but it could be worth while as well.
I have had my armed forces pension analysed by one of these companies and I am transferring mine across to an Oz super fund. This is the recommendation that has been given after an in depth analysis of my preserved pension. It has been an involved process by my chosen specialist company which has meant getting relevant info from the RAF, transfer value, mechanics of the scheme etc.
There can be very big tax implications in leaving your pension in the UK but it could be worth while as well.
I have had my armed forces pension analysed by one of these companies and I am transferring mine across to an Oz super fund. This is the recommendation that has been given after an in depth analysis of my preserved pension. It has been an involved process by my chosen specialist company which has meant getting relevant info from the RAF, transfer value, mechanics of the scheme etc.
How many years was you in the RAF?
I was in the Army for 7.5 years, but i dont think the transfer value was much at all..
Jul 19th 2004, 1:44 pm
#12
Bloody Nice Bloke
Joined: Nov 2003
Location: Living the good life in sunny St Kilda
Posts: 386
I did 12 yrs in the RAF and they were gracious enough to put £25K into my preserved pension.
Better than a poke in the eye with a sharp stick and its a basis for some serious pension investment in my Super so I can retire at 31.
Bugger, I am already 31..........alright maybe 32
Better than a poke in the eye with a sharp stick and its a basis for some serious pension investment in my Super so I can retire at 31.
Bugger, I am already 31..........alright maybe 32
