Wol

Not saying <g>

Bix

Okay, I'm happy now I haven't resolved that one then

debbiemc

i work for the NHS and spoke with pensions department last week, she told me that the change that was supposed to take place in april isnt happening and at the earlest it will be october!

i dont know if this applies just to the nhs though so it might be worth getting updated advice maybe!

debs

vb2

sorry i dont the ins and outs about the whole thing i just thought i would share the information as others may understand and advise

thanks

vb2

debbiemc

yeah, absolutely VB and i for one was grateful for the info, it prompted me to look into it.

it would be good though if it is correct wont it and applies to everyone!!!!

marco121068

My understanding is that this is a charge by the UK revenue not Oz - and only applies if you transfer your pension into a Non Complying Superannuation fund.

Need to do more digging.

Anne4Terry

http://www.immigrate-to-a-new-life-i...ransfer.html#1

is this any good to anyone?

debbiemc

cheers anne, will have a peek later when i've finished the cleaning!

selina

has anyone found any info on this? i have been searching and can't find anything about this change! i have an NHS pension and hubby has a private pension which he has had for a long time so these changes have a major impact on whether we transfer or not. anyone found anything????
selina xxx

p63500sv8

Hi

Thanks for that link.
It is probably the best information on transferring pensions I have read.

I might be able to make a decision about mine now!

Cheers

MichaelB

NedKelly

It's a wind up. It won't happen. April 1st, get it!

worzel

It should have been 6th April (UK tax year start) and it IS coming. I'll be buggered if I understand it though and I am an accountant.

My current belief is you CAN'T transfer state pension
Probably SHOULDN'T transfer defined benefit schemes
Probably SHOULD transfer private pensions.

But like many I am doing nothing as it is too complicated.

This doesn't constitute legal advice blah blah blah

jensteve

Dunno if you have also heard this one, father in law as he is in the middle of his cont visa to come here goes to his pension company and asks what sort of pension he will recieve, they said well you get £x amount, he said how the hell do you work that out, I've been paying it for years and the reply was that he was going to be taxed think it was 40% on his pension even if he stayed in the Uk, he blew a fuse and rung up another pension company he also had a pension running with asked the same and also was told he would be taxed to hell, and the reply was its because of 9/11 and somebody has to pay for it!!! But and this was the interesting bit as from April this year he can get all of his contributions back, not taxed in a lump sum, guess what he is now doing? He had to ask for a form to be sent out and in April gets a lovely big cheque which he can then invest and not get taxed as much on.

So I am wondering how many people will go to retire and their pension won't even pay the weekly shopping let alone anything else.

jenny

JAJ

What a lot of nonsense!

Pension income is taxed like any other income (always has been), both in the UK and Australia. If you are resident in Australia and paid a pension from the UK, double tax agreements ensure you don't get taxed twice.

The only thing to look out for is that the tax free lump sum on retirement from a UK pension may not be tax free if you are resident in Australia, that said it's not obligatory to take the lump sum and you can settle for a higher pension instead.


Jeremy

Olibeneli

I am an accountant too..........and doing same as you !

I'll be dead with the stress of the immigration before I can enjoy any pension...