news just in re transferring uk pensions
#1
bradford 2 brissy at last
Thread Starter
Joined: Nov 2004
Posts: 575
news just in re transferring uk pensions
my agent sent me this snippet of info recently - thought i would share with all those who are planning to transfer their UK pension to oz!
" You need to be aware about a new rule affecting UK pensions transferred to a Aussie pension provider. From April 1st this year the Aus government will tax the 'transfer value' of any occupational or private scheme 'fund' transferred into Aus at a rate of 40% !!! So leave any pensions you have where they are, here in the UK!!
hope it makes sense and helps you folk!
regards
vb2
" You need to be aware about a new rule affecting UK pensions transferred to a Aussie pension provider. From April 1st this year the Aus government will tax the 'transfer value' of any occupational or private scheme 'fund' transferred into Aus at a rate of 40% !!! So leave any pensions you have where they are, here in the UK!!
hope it makes sense and helps you folk!
regards
vb2
#2
BE Forum Addict
Joined: Aug 2004
Location: in a place near the river and the sea where the sun always shines
Posts: 3,155
Re: news just in re transferring uk pensions
Originally Posted by vb2
my agent sent me this snippet of info recently - thought i would share with all those who are planning to transfer their UK pension to oz!
" You need to be aware about a new rule affecting UK pensions transferred to a Aussie pension provider. From April 1st this year the Aus government will tax the 'transfer value' of any occupational or private scheme 'fund' transferred into Aus at a rate of 40% !!! So leave any pensions you have where they are, here in the UK!!
hope it makes sense and helps you folk!
regards
vb2
" You need to be aware about a new rule affecting UK pensions transferred to a Aussie pension provider. From April 1st this year the Aus government will tax the 'transfer value' of any occupational or private scheme 'fund' transferred into Aus at a rate of 40% !!! So leave any pensions you have where they are, here in the UK!!
hope it makes sense and helps you folk!
regards
vb2
ta,
deb
#3
Re: news just in re transferring uk pensions
Would that percentage also apply to my parents pensions that they are currently receiving?
Should they just continue to get their pensions paid into a UK account and then get it transfered to an account in Oz??
Any info would be a great help to me.
Cheers
Jane
Should they just continue to get their pensions paid into a UK account and then get it transfered to an account in Oz??
Any info would be a great help to me.
Cheers
Jane
#4
Bitter and twisted
Joined: Dec 2003
Location: Upmarket
Posts: 17,503
Re: news just in re transferring uk pensions
Originally Posted by Auzziebound
Would that percentage also apply to my parents pensions that they are currently receiving?
Should they just continue to get their pensions paid into a UK account and then get it transfered to an account in Oz??
Any info would be a great help to me.
Cheers
Jane
Should they just continue to get their pensions paid into a UK account and then get it transfered to an account in Oz??
Any info would be a great help to me.
Cheers
Jane
G
#5
Re: news just in re transferring uk pensions
Originally Posted by vb2
my agent sent me this snippet of info recently - thought i would share with all those who are planning to transfer their UK pension to oz!
" You need to be aware about a new rule affecting UK pensions transferred to a Aussie pension provider. From April 1st this year the Aus government will tax the 'transfer value' of any occupational or private scheme 'fund' transferred into Aus at a rate of 40% !!! So leave any pensions you have where they are, here in the UK!!
hope it makes sense and helps you folk!
regards
vb2
" You need to be aware about a new rule affecting UK pensions transferred to a Aussie pension provider. From April 1st this year the Aus government will tax the 'transfer value' of any occupational or private scheme 'fund' transferred into Aus at a rate of 40% !!! So leave any pensions you have where they are, here in the UK!!
hope it makes sense and helps you folk!
regards
vb2
#6
Re: news just in re transferring uk pensions
Hi
If that is the case, then pensions might as well just stay in the UK and then pay tax once income is received in x number of years.
Was this information from your agent or a financial adviser?
Cheers
AnitaB
If that is the case, then pensions might as well just stay in the UK and then pay tax once income is received in x number of years.
Was this information from your agent or a financial adviser?
Cheers
AnitaB
#7
Re: news just in re transferring uk pensions
Originally Posted by AnitaB
Was this information from your agent or a financial adviser?
Jeremy
#8
Victorian Evangelist
Joined: Sep 2005
Location: Melbourne, by the beach, living the dream.
Posts: 7,704
Re: news just in re transferring uk pensions
Originally Posted by JAJ
Either way, a reference to the ATO website would be helpful.
Jeremy
Jeremy
Cheers
Buzzy
#9
Re: news just in re transferring uk pensions
I heard this also through my adviser as I am currently transferring mine. I believe it will only apply if you start the transfer after the April date. Anything that is in progress now should be exempt......hopefully.
#10
Re: news just in re transferring uk pensions
Originally Posted by Tom Sawyer
I heard this also through my adviser as I am currently transferring mine. I believe it will only apply if you start the transfer after the April date. Anything that is in progress now should be exempt......hopefully.
#12
Re: news just in re transferring uk pensions
Originally Posted by Wol
Let's have an official reference please!
Why would the ATO want to put people off bringing their pensions to Aus ?
Makes no sense at all.
BTW...is that you Rog ?
#13
Re: news just in re transferring uk pensions
The seminar Commonwealth Bank ran before Xmas explained why you SHOULD move your money before April for the same reason. (Don't ask me to explain it though!)
Anyway, you have to complete the transfer by then so it is quite unlikely you would push it through in time.
Anyway, you have to complete the transfer by then so it is quite unlikely you would push it through in time.
#14
bradford 2 brissy at last
Thread Starter
Joined: Nov 2004
Posts: 575
Re: news just in re transferring uk pensions
from my agent - he recommends leaving uk pensions where they are, we dont have any anyway so it doesnt really apply to us, but i would devastated if i did - just another way for government to con money out of people
regards
vb2
regards
vb2
#15
BE Enthusiast
Joined: Jan 2006
Posts: 413
Re: news just in re transferring uk pensions
Originally Posted by vb2
my agent sent me this snippet of info recently - thought i would share with all those who are planning to transfer their UK pension to oz!
" You need to be aware about a new rule affecting UK pensions transferred to a Aussie pension provider. From April 1st this year the Aus government will tax the 'transfer value' of any occupational or private scheme 'fund' transferred into Aus at a rate of 40% !!! So leave any pensions you have where they are, here in the UK!!
hope it makes sense and helps you folk!
regards
vb2
" You need to be aware about a new rule affecting UK pensions transferred to a Aussie pension provider. From April 1st this year the Aus government will tax the 'transfer value' of any occupational or private scheme 'fund' transferred into Aus at a rate of 40% !!! So leave any pensions you have where they are, here in the UK!!
hope it makes sense and helps you folk!
regards
vb2