NHS Pension, transfer it or leave it
#16
Forum Regular
Joined: Jun 2007
Location: Redcliffe, QLD.
Posts: 212
Re: NHS Pension, transfer it or leave it
mmm... could be! I suppose if I move it straight away I at least save on the tax.
We are trying to hedge our bets a bit and Les is keeping his here.
Its a hard decision either way given that the economy seems so uncertain.
Good point though.
Lou
We are trying to hedge our bets a bit and Les is keeping his here.
Its a hard decision either way given that the economy seems so uncertain.
Good point though.
Lou
#17
Just Joined
Thread Starter
Joined: Sep 2009
Posts: 6
Re: NHS Pension, transfer it or leave it
Finding out my options is going to take some time it seems as there are many issues to consider as highlighted in this thread, thank you everyone for taking the time to comment.
#18
Re: NHS Pension, transfer it or leave it
I still don't understand how the ATO will know about your UK pension?
Yes probably but I still need to ascertain what my options are as I only have 6 months from the date my PR is grated to transfer my pension (if i choose to do so) without getting stung by the ATO on tax.
Finding out my options is going to take some time it seems as there are many issues to consider as highlighted in this thread, thank you everyone for taking the time to comment.
Finding out my options is going to take some time it seems as there are many issues to consider as highlighted in this thread, thank you everyone for taking the time to comment.
#19
Re: NHS Pension, transfer it or leave it
They will know because you declare it on your tax return.
If you're brave enough to not declare it (and be able to live with the sleepless nights wondering when they'll audit you) then quite possibly they won't know.
If you're brave enough to not declare it (and be able to live with the sleepless nights wondering when they'll audit you) then quite possibly they won't know.
#20
Just Joined
Thread Starter
Joined: Sep 2009
Posts: 6
Re: NHS Pension, transfer it or leave it
The ATO will know when or if I transfer my UK pension into my Australian superfund - my original question running this entire thread relates to my asking whether or not I should transfer my pension over.
#21
Forum Regular
Joined: May 2006
Location: melbourne
Posts: 128
Re: NHS Pension, transfer it or leave it
Is this the same 'specialist advisors' that will recieve a payment with your transfer?
#22
Forum Regular
Joined: Apr 2008
Location: where the day begins
Posts: 79
Re: NHS Pension, transfer it or leave it
We left ours in the UK. I have 20 years in mine and my wife about 10. At the time we were looking the advice we received was to leave mine where it was, and transfer my wife's, but only if we were certain that we were going to stay in Oz. That was when three years ago when the ex rate was 2.5.
It's a tough call, have you been on the NHS pensions website to look at what you might get. It's probably not going to be a great deal if you've not paid in much, and weren't earning much when you left. But if you return to the Uk to work in the NHS it will have been worth leaving there.
It's a tough call, have you been on the NHS pensions website to look at what you might get. It's probably not going to be a great deal if you've not paid in much, and weren't earning much when you left. But if you return to the Uk to work in the NHS it will have been worth leaving there.
#23
Re: NHS Pension, transfer it or leave it
When you become a PR you have 6 months to move your pension or you are taxed on it when you do move it. So you need to decide if you gain on the currency movements more than the tax bill
#24
Re: NHS Pension, transfer it or leave it
But having weighed up the risks and benefits, as well as my view of what is likely to happen to public sector pensions over the next ten years, I have decided to move it. My hubby however has not moved his.
Everyone has to make their own decision - I wanted to make mine on the basis of some detailed evidence and calculations from a firm that understands both tax and public sector pensions, and so far I am happy with what they have done.
I don't expect good advice on a complex issue that is pretty individual for free!
#25
Forum Regular
Joined: Jun 2007
Location: Redcliffe, QLD.
Posts: 212
Re: NHS Pension, transfer it or leave it
We cheated a bit really. Went for the free consultation and gleaned all the info we could and then didn't commit - would have done but yet another house sale fell through and we were delayed.
We used all the info to do a bit of research ourselves. At first you see we thought there was no question - most people think the NHS pension is better saved here and my friends who have emmigrated were all advised to keep it here. But the advice seems to be changing.
I agree that the costs involved are to be considered when using consultants but think the actuaries (yeah - probably spelt wrong ) are independant and therefore your advice should be genuine and not biased.
Lou
We used all the info to do a bit of research ourselves. At first you see we thought there was no question - most people think the NHS pension is better saved here and my friends who have emmigrated were all advised to keep it here. But the advice seems to be changing.
I agree that the costs involved are to be considered when using consultants but think the actuaries (yeah - probably spelt wrong ) are independant and therefore your advice should be genuine and not biased.
Lou
#26
BE Enthusiast
Joined: Nov 2005
Location: Whinging Aussie
Posts: 523
Re: NHS Pension, transfer it or leave it
You're not taxed on the whole amount, only the increase in value since you arrived in Oz.