fa kin su pa

I can find a lot of threads on pensions but not much information on NHS pensions. The little information I can find appears to say keep it in the UK as you will get more return, however, it then says that if I die I loose loads in tax Does that mean if I do transfer it to oz and I die my wife and kids get it all. If this is the case please don't tell my wife or kids

Any help, advise or info on NHS pensions would be great thanks

oliver1982

I'd say keep it in the UK. BUT at the end of the day, it's illegal to offer advice when you're not appropriately qualified. Because financial advice is a similar to politics, in the sense that lots of people think they know what they're on about but at the end of the day they don't, as there's too much to take in to account !!! Best off speaking to a pro (I'm only partly qualified).

EvannTel

Its a very complex question and each case is different. Simple answer is get professional advice. It will probably cost but small fry compared with whats at stake.

Defined benefit pensions cannot simply be compared her and there. Mine was not worth moving (prof advice) however my nephews were. Different age, pensions scheme etc

fa kin su pa

I know this might sound stupid but where do you get advice from is it any old finical adviser or are the specialists?

EvannTel

There are specialists. They must know UK and Aus law reagrding tax and pensions. I used PrismExpat who I was more than happy with. Another search might reveal others people have used.

mindblower

http://www.siddalls.net/Ourlocations...5/Default.aspx

fa kin su pa

Thanks very much any idea what it roughly cost?

EvannTel

I think it was GBP150 for initial consult (covering background stuff but still useful) then another GBP450 for full actuarial evaluation and pension advice.

JAJ

Consider what will happen (to the pension) if you transfer it and later on decide to return to the U.K. or live in a third country.

doje6863

Hi, Ive just transferred mine over as we have no intention of returning to the UK. I have recieved excellant advicefrom my advisor, but be prepared for the huge deductions the NHS take off you. PM if you want more info.

Good luck,

donna

onceinalifetime

We both have NHS pensions (20 yearsish), but have left them in the UK, at the moment mainly because we're still undecided on whether to stay or not. I have mental health officer status, and am not prepared to give that up just yet. The NHS pension is obviously a very good scheme, but looking at the figures the amount we would have been able to invest here (when the rate was 2.5) looked very tempting, and would have given a good return. That also depends on where you invest of course. Trouble is with having the choice of where to invest, is that you are then at the mercy of the person advising you. Bad advice could seriously mess things up when it comes to retirement time, whereas the NHS pension seems (and I may be being naive here) a safe bet.

As far as I understand it, if you transfer your pension over and then die your spouse gets the whole lot.

we got a pensions report from Montfort, and it was expensive (about 800quid for the two of us), but the conclusion it came to was don't transfer it until we were absolutely certain we were going to stay as once it's here there is no way of transferring it back.

fa kin su pa

Thanks for your open reply. It's just so hard to know I understand tho that you need to transfer it within 6 months of moving into Oz or you loose loads I think what I want is a way of not loosing any what so ever and enjoying life when I retire

ray2gill

Am I correct in thinking that once you transfer any pension it cannot be transfered back again at any time for any reason?

aus2be_OH

Good place to start looking for advice is Unbiased. Make sure you get an IFA who fully explains the Fees/Commissions option and enquire if your advisor is G60 qualified as this means they have the proper qualification to deal with pension transfers.

Darren

Alan Collett

As a general rule you don't "lose loads" if you transfer more than 6 months after moving to Australia. Only the increase in the value of the fund is taxable, and that sum is usually taxed as income of the Australian superannuation fund that receives the pension benefits from the UK. This is taxed at 15%.

Remember that transferred benefits can be accessed tax free in Australia at age 60.

By contrast pension income from the UK would most probably be taxable in Australia if you are tax resident there at the time.

Best regards.