Ossie Permanent Resident transferring super back to U.K
 

Ossie Permanent Resident transferring super back to U.K

O.K, I've asked this question before, however I've not had a definitive answer. I lived in ozz for around 5 years, I become a permanent resident after about 3 then decided my life belonged back in the U.K. I'm a British national.

Can someone who has knowledge in this field advise me if I can consolidate all my super funds in ozz (which will be around 3 or 4) and move the money to a U.K fund.

Simple question, however I doubt if the answer will be as simple.

Re: Ossie Permanent Resident transferring super back to U.K
 

Not according to the ATO. They say you can move it if you are a temporary resident but not if you are permanent or citizen.

However, some people who have returned insist that they have been able to retrieve their super - whether they had to prove the destruction of their permanent visa or whether they cried poor I have no idea as no one seems to have been crystal clear on how it was done.

Good luck and do let us know if you have been able to manage it and what proof was required as there will be quite a few returnees who would be interested.

Re: Ossie Permanent Resident transferring super back to U.K
 

Yes you can. But it wouldn't be legal. :lol:

Re: Ossie Permanent Resident transferring super back to U.K
 

For the people who insist they have retrieved their super, either they did it a long time ago when the rules allowed this or their super company made a mistake. :)

Re: Ossie Permanent Resident transferring super back to U.K
 

Not really what I wanted to hear but appreciate your feedback thus far.

I'm sure its possible going the other way, i.e moving pensions from U.K to Australia, I remember there being adverts on T.V while I was over there.

Does this mean I would need to wait until I'm 65, or older (who knows when retiring age will be by then) before I can actually withdraw this money?

Re: Ossie Permanent Resident transferring super back to U.K
 

55

Re: Ossie Permanent Resident transferring super back to U.K
 

Transfers out of the UK are controlled by rules called QROPS. The purpose of these is to stop people accessing their pension money before retirement age. Australia just has a different way of doing the same thing.

The age for accessing super is between 55 and 60 depending on how old you are now.

There are ways of accessing super early but these normally involve hardship or ill health. Although I think anyone can access their super money if they transfer it to a non-transferable annuity (although this would probably have to be in Aus).

Re: Ossie Permanent Resident transferring super back to U.K
 

Oh yes, you can definitely bring them into Aus and there are tax penalties for not doing so. I reckon it's just another ruse to trap you here actually!

Re: Ossie Permanent Resident transferring super back to U.K
 

It's more to do with the way pensions are taxed in the 2 countries. Aus taxes on the way in. UK taxes on the way out.

Re: Ossie Permanent Resident transferring super back to U.K
 

You can bring your pension here - within various rules. But I was advised that I needed to be really sure I was staying here as it would not be possible to take it back to the uk again (as well as being vv expensive).
As said there is different tax treatments that are the problem. You can normally take your super in Oz early if you are ill or in serious financial difficulty and about to lose your house. When you reach retirement age, even if you are in the uk, you can then withdraw your super in one lump if you want and convert it to pounds.
Good luck

Re: Ossie Permanent Resident transferring super back to U.K
 

Check out the 'new reply' button on the bottom left. :thumbup:

Re: Ossie Permanent Resident transferring super back to U.K
 

You can transfer it back when qualify to access super ? 60 ish ?

Re: Ossie Permanent Resident transferring super back to U.K
 

Can you transfer if your PR has lapsed?

Never heard if this has been done but thought it may be a consideration!

Re: Ossie Permanent Resident transferring super back to U.K
 

wouldnt it be luuuvvvvly

Re: Ossie Permanent Resident transferring super back to U.K
 

No, sadly not. You can withdraw if you are were the holder of a temporary visa. As PR is not temporary you can't do it.

The only time it gets done is when the super company cocks up.