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Pension transfer

Pension transfer

Old Aug 9th 2007, 2:40 pm
  #1  
redlion
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Default Pension transfer

Hiya guys, just wondering if anybody already in Perth like ourselves have used any firms on here for their pension transfers from the UK and if so who did you use and how where they? or any other advice you good peeps could offer would be greatfully appreciated, Thanks in advance.

Nev
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Old Aug 9th 2007, 7:18 pm
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Default Re: Pension transfer

Originally Posted by redlion
Hiya guys, just wondering if anybody already in Perth like ourselves have used any firms on here for their pension transfers from the UK and if so who did you use and how where they? or any other advice you good peeps could offer would be greatfully appreciated, Thanks in advance.

Nev
nev, not quite a direct answer to your question, but we are going to be having a chat with westpac as they have a qrops specialist. will let you know how it goes, will be having a chat over the next week with him/her.
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Old Aug 9th 2007, 9:47 pm
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Default Re: Pension transfer

Originally Posted by redlion
Hiya guys, just wondering if anybody already in Perth like ourselves have used any firms on here for their pension transfers from the UK and if so who did you use and how where they? or any other advice you good peeps could offer would be greatfully appreciated, Thanks in advance.

Nev
Have heard quiet a few speak highly of Go Matilda on such matters?
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Old Aug 10th 2007, 2:16 am
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Default Re: Pension transfer

Originally Posted by CathnPaul
nev, not quite a direct answer to your question, but we are going to be having a chat with westpac as they have a qrops specialist. will let you know how it goes, will be having a chat over the next week with him/her.
Try to engage someone independent if possible ... someone who can access a range of investment products for your super, not just Westpac owned products ...

Best regards.
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Old Aug 10th 2007, 2:16 am
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Default Re: Pension transfer

Originally Posted by redlion
Hiya guys, just wondering if anybody already in Perth like ourselves have used any firms on here for their pension transfers from the UK and if so who did you use and how where they? or any other advice you good peeps could offer would be greatfully appreciated, Thanks in advance.

Nev
Not all Supers can accept UK transfers over here. I work in the industry and know that ING are able to. if you'd like to PM me I can give you more details.
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Old Aug 10th 2007, 2:58 am
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Default Re: Pension transfer

Originally Posted by Alan Collett
Try to engage someone independent if possible ... someone who can access a range of investment products for your super, not just Westpac owned products ...

Best regards.
hmm cheers alan will do.
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Old Aug 10th 2007, 3:15 am
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Default Re: Pension transfer

Originally Posted by Alan Collett
Try to engage someone independent if possible ... someone who can access a range of investment products for your super, not just Westpac owned products ...

Best regards.
Thanks Alan thats exactly what i am looking for, i was just hoping there was someone on here who has already had experience of someone here in Perth as i know that pensions can be a minefield.

Nev.
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Old Aug 10th 2007, 3:16 am
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Default Re: Pension transfer

Originally Posted by lucy.summers
Not all Supers can accept UK transfers over here. I work in the industry and know that ING are able to. if you'd like to PM me I can give you more details.
Thanks Lucy i have sent you a PM.

Nev.
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Old Sep 25th 2007, 12:15 am
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Default Re: Pension transfer - Who did you use?

Anyone already transferred their UK pension over here? I am looking for recommendations of good companies to use?

Cheers
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Old Sep 25th 2007, 2:54 am
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Default Re: Pension transfer

Originally Posted by redlion
Hiya guys, just wondering if anybody already in Perth like ourselves have used any firms on here for their pension transfers from the UK and if so who did you use and how where they? or any other advice you good peeps could offer would be greatfully appreciated, Thanks in advance.

Nev
do it yourself, dont pay someone to move, instead pay someone in Oz for their advice on where to invest it when you get it over here.

We went and had a free chat to a specialist accountancy firm who wanted to do all the leg work for us in bringing the pensions over, cost was going to be between $4-5K to bring about 5 pensions over (not that its relevant but they we're relatively small in $'s)
We'd then have a seperate charge to an advisor on what to do with the money.
The $4-5K was supposedly for them to do all the running around, which ive since done myself, all up it probably took me about an hour. 5 phone calls to the UK to each provider to get a transfer balance. One call to the IR to confirm date ceased to be a tax resident in the UK, 1 call to my current OZ super provider to check the fund was QROPS (it wasnt but I can open a different one they have which is and providing ive been out of the UK for 5 years (non tax resident) I can role into my current corporate one) I downloaded 5 forms from the internet filled them out with the UK details and sent them back to the OZ fund, they will pretty much do the rest....
I'll beleive it when I see it but so far I cant see what $5K would of got me....
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Old Sep 25th 2007, 3:00 am
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Default Re: Pension transfer

Agreed. Once you have established that a transfer of your pension benefits is the way to go I would usually suggest you contact the pension scheme administrators to establish what they would require to effect a transfer of the UK scheme benefits.

If what is required looks challenging you might then consult a pension transfer specialist.

The value add (in my opinion) arises from the financial planning once your monies have arrived in Australia - I defer to the financial planners but in my experience the UK scheme benefits are usually transferred to a cash management account at first instance before being allocated to various funds depending on your attitude to risk, etc.

Remember that the Australian super fund that receives the UK scheme benefits must be a QROPS:
http://www.gomatilda.com/news/article.cfm?articleid=400

Best regards.
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Old Sep 25th 2007, 5:51 am
  #12  
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Default Re: Pension transfer

[QUOTE]Agreed. Agreed. Once you have established that a transfer of your pension benefits is the way to go I would usually suggest you contact the pension scheme administrators to establish what they would require to effect a transfer of the UK scheme benefits.

If what is required looks challenging you might then consult a pension transfer specialist.

The value add (in my opinion) arises from the financial planning once your monies have arrived in Australia - I defer to the financial planners but in my experience the UK scheme benefits are usually transferred to a cash management account at first instance before being allocated to various funds depending on your attitude to risk, etc.

Remember that the Australian super fund that receives the UK scheme benefits must be a QROPS:
http://www.gomatilda.com/news/article.cfm?articleid=400
QUOTE]

You are making it sound so simple. Are there no tax implications to be concerned about now? Or minimum time period to move the pension?
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Old Sep 25th 2007, 5:53 am
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Default Re: Pension transfer

Yes there are. That's why I said, "Once you have established that a transfer of your pension benefits is the way to go ...".

If you require tax advice pertaining to the potential transfer of pension benefits you should consider engaging a competent tax professional.

Best regards.
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Old Sep 25th 2007, 5:53 am
  #14  
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Default Re: Pension transfer

Originally Posted by redlion
Hiya guys, just wondering if anybody already in Perth like ourselves have used any firms on here for their pension transfers from the UK and if so who did you use and how where they? or any other advice you good peeps could offer would be greatfully appreciated, Thanks in advance.

Nev
Only thing that put me off transferring my pension was that once you have moved it, you can never take it back (incase you wanted to go back to UK).
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Old Sep 25th 2007, 11:31 am
  #15  
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Default Re: Pension transfer

A lot of the pension transfer "specialists" worry me and here are all the reasons:

1) The fees - one mentions that it is the lowest cost provider (it isn't by a long way .. where is Consumer Affairs?) and then charges a fee of 3.5%, thoughtfully capped at only $8750!!
2) Many put clients - by default - into retail schemes (eg. BT) which pay them a trail.
3) Many advertise that you don't pay the fees and that it is deducted from your transfer. This worries me .. my transfer was paid directly to the fund and I paid fees separately; do they have access to your money or do they have an arrangement with the fund?
4) A couple promise free reports ... nothing's free in this world, especially if the next bit costs you $8750.

I think the moral of the story is to first get an Actuarial report done to establish that you are doing the right thing - don't trust a financial planner to do it, most wouldn't have a clue in this area. Thereafter, it depends on what you want to do with your money - this is where an independent planner can really help in terms of the choice of fund and investments. You may even be able to get the fund to transfer the pension for you! Don't trust them to get the tax calculation right though
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