Pension help!
 

Hey guys

Any body got any advise about pensions over in oz........

I've got the option to have a works pension in the UK but when speaking to the advisers they've informed me that transferring any pension to oz can be very difficult and in some cases cannot be done.

Has anyone had any dealings with this that could give me some advise....

I don't want to be putting money in a pot each month if I can't transfer it to oz....

Although I was told that we can have acess to the uk state pension in oz, but not sure how that works......im not at that age were i need it but want to make sure i'm doing the right thing in waiting until i get to Oz to start a private pension....

Help would be much appreciated! :thumbsup:

Re: Pension help!
 

In some cases, transferring a pension is a good decision. In others, a bad decision.

There are about 10 factors underlying this assessment.

Re: Pension help!
 

Once you transfer a pension you cannot transfer it back at any time. Provided you will have paid for 30 years you will get a UK State Pension if not you can make voluntery contributions - Class 2 for any remaining years.

Re: Pension help!
 

I should imagine your age might influence such a decision. I know a guy in his 50s who was paying into a private pension in the UK currency fluctuations were a nightmare.

Re: Pension help!
 

I thought you couldn't continue to pay into a pension other than the State one once you had left the country. Or at least you could make payments up to the maximum allowed for the previous 3 years I think.

Re: Pension help!
 

I'm no expert but my assumption would be that continuing to pay into a UK private pension whilst you are in Australia would create taxation issues or certainly be unfavourable from a taxation perspective certainly if you went perm residence but I think there are a lot of people who take UK incomes from pensions into Australian bank accounts and dont declare them. I guess if you are 30 you are better freezing all uk pensions and taking pension advice and if you go perm residence in Oz start an Australian pension. As i say i aint overly well informed so take this with a pinch of salt but i'm sure australians dont pay income tax on Australian pensions whereas a Uk pension paid here to a uk citizen is taxable. Someone please correct me if i'm wrong.

Re: Pension help!
 

I only worked for 18 years and am recieving the UK OAP. I believe the min number is 7 years but you can add to that by contributing yearly

Re: Pension help!
 

Thanks for all the replys......

I think I may look into this further and try and research it a bit more.
I'm only 25 so have a few years in me to start a private pension but shame its not easy to take it from one counrty to the one you'll be moving to. If I find out any info about it i'll post it on here!

All this stuff is so confusing! They should do a book on everything you need to know when moving to Oz! lol :thumbup:

x

Re: Pension help!
 

strange this post came up but we've just been to see about pensions today.It is a case of filling form in with some one to do all work for you and they get all details on your UK pensions( as far as i am aware this only applies to private pensions, not UK OAP pension),give you information as to whether it is worth transferring or not and it is then up to you to transfer or not and inot which super fund you want.
The idea being that if all is ok, you transfer money over to invest in a Aus. super fund then the UK gov. will only allow you to transfer money into 'proper' superfunds.
If you don't transfer and die,your spouse is only entitled to half the death benefit and your children none of it (if you have no spouse), money just goes back into UK fund.If you transfer to Aus. you get the full benefit and your children as well (if you have no spouse).
If you keep the pension money in UK, it becomes an income and you will be taxed on it in UK at 22% and then again in Aus as a poss. second income if you are working.
You really have to look at your own individual circumstances and decide what is best for you. We've taken first steps by getting evaluation of all pensions worth and then are free to decide from there what we want to do with no committment.
Hope this helps?:blink:

Re: Pension help!
 

just remembered- no pension plan has right to stop you taking your money where you want, they just don't like it and can drag their heels:eek:

Re: Pension help!
 

Not correct

There is a 'double taxation' agreement between the UK and Australia which, effectively, means you are only taxed in one country.....Australia if you are a resident there.

Get professional competent advice.

G