Perthforme

I just spoke to my pension provider and they gave me a current value and said that when i get to australia and sort out my pension there they can just transfer it the whole amount to the new aussie one , sounds to easy to me .
Anyone else done this ok?

Wendy

Not done it, as I'm still here!

But I've been told the same thing if that helps

Wendy

CadburysFingers

a few helpful comments in ths link: http://britishexpats.com/forum/showt...hreadid=216725

Perthforme

Thanks for the replys guess its just a case of transferring it to my new one , i'm sure there will be some forms etc but will save loads DIY ing it .

worzel

The good news is it is that easy. The bad news is it isn't straight forward whether you should.

Perthforme

Its not huge any way so might as well shift it over , why do you think i sholudn't?

worzel

This could be a very long conversation and I am just off to bed. One reason is you may have fixed benefits in the Uk but be susceptible to the markets in an Aus pension.

Do what I did - read loads of posts on here, talk to the bank and still not have a clue

Perthforme

thanks mate sleep well

woody1974

well seems as clear as mud lmao, but thinking what to do with our pensions when we get over there in feb, currently got three myself so don't want the hassle of sorting it from Aus.

ATB

andy

kevinl

I've got three as well, had out IFA over last week and he is going to put them all into one.
Then in theory I find a provider in Oz ,they contact him, do the transfer all sorted.
The IFA says he's not bothered about making anything himself as his company has been looking after us for years, so should be just about finding a provider with minimum set up costs.

Probably not quite that simple, I'm sure someone more knowledgeable will point out the problems,I'll update how it works out.

Kevin

andrew63

We had 5 pensions between my wife and I which we started to transfer over into our own Superfund almost immediatley upon arrival.
There sure is plenty of forms to fill in and it takes absolutely months to complete. Ironically one of the hardest things to prove is that you no longer live in England for the British Tax man!
Anyway, 2 pensions came through within 6 months and 3 more than 6 months but less than 9.
Once you are over the 6 month deadline, you will have to pay tax on the interest made on your pension during the total period from when you arrived to when the pension is transferred. Pretty unfair when the delay is 100% due to the slowness of which these Companies operate.
Anyway, all quite easy really. Just slow and lots of forms.

Andrew

donna

My advise would be to start the ball rolling whilst in the UK.
We used an agent Prism Xpat,dont know how good they were but they did the job.
good luck.
donna

worzel

After a good night's sleep let me have another go. I am an accountant so I probably know more than most about this sort of thing but it is still as clear as mud. From what I have gathered:

-Defined benefit (most company schemes until a couple of years ago)pensions in the UK guarantee a GBP income but risk exchange rate fluctuations. If you transfer them to Aus you eliminate FX risk but take on risk of stocks and shares or whatever your pension is invested in.

-I have yet to hear an argument for not transferring personal (money purchase) schemes such as opting-out of the state second pension

-You can't move your state pension. You will receive it out here from the UK at 65 (unless that changes) but at present it will not be index-linked so be worth less over time.

You can pay voluntary contributions into your UK state pension to make it pay more (but who is to say there will still be such a pension in 30 years time?) May as well use that money to pay into an Aussie scheme.

-You have tax benefits here on funds transferred from the UK that you won't have on new Aussie funds

-Aussie schemes are more flexible in terms of taking lump sums etc

-UK rules are due to change on 6 April 2006 meaning you either have to invest in an Aussie scheme which promises to apply UK rules (like %age you can take as a lump sum) or else you suffer UK tax penalties

If you don't transfer within 6 months you risk being taxed on gains of any UK scheme value (but no relief on losses)

Your employer out here has to pay 9% or so of your salary (on top) to a pension scheme, either of your choice or their default one.

I have no doubt that I will get several responses contradicting all of this too just proving that it is a minefield.

The main criteria for me at the moment is that having been here 8 weeks tomorrow I want to be certain I am going to stay before I move it across in case I have to move it back again.

Clear as mud? Yep, me too

joeyballantyne

just going thro process now of transfering uk pension to oz unisuper and just had this advice from potential oz fund:
The money rolled over from the Uk will come as a lump sum payment.
This lump sum is invested in your account and increases with interest
until you are able to withdraw it at retirement. Also at retirement you will be able to elect this benefit as a lump sum
payment or purchase a pension with it.

JAJ

I think this is confused:

- there are certain benefits in Australia if you transfer within 6 months;
- the tax on gains you mention (Foreign Investment Funds) does not apply to employer pension schemes, certainly not final-salary schemes. Also, losses can be carried forward against future gains from the same source.

One further point: if you do transfer your pension, it's then usually stuck in Australia even if you subsequently return to the UK or move to another country.

Those with more than one pension scheme may want to consider a mixed approach, transfer some, leave others.

Jeremy