Pension Transfer: Has anyone transferred it themselves ?
#1
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Joined: Nov 2011
Posts: 20
Pension Transfer: Has anyone transferred it themselves ?
Would be grateful if someone could ping me a private message if you have transferred your pension across from UK to Australia, WITHOUT paying anyone else to do it ?
I've been researching this topic for a few years, taking all the free advice I could. It is only in the past couple of months, that I have realised that I may just have enough knowledge to do it myself, and avoid paying someone some of my hard earned pension ?
I've been researching this topic for a few years, taking all the free advice I could. It is only in the past couple of months, that I have realised that I may just have enough knowledge to do it myself, and avoid paying someone some of my hard earned pension ?
#2
Re: Pension Transfer: Has anyone transferred it themselves ?
Would be grateful if someone could ping me a private message if you have transferred your pension across from UK to Australia, WITHOUT paying anyone else to do it ?
I've been researching this topic for a few years, taking all the free advice I could. It is only in the past couple of months, that I have realised that I may just have enough knowledge to do it myself, and avoid paying someone some of my hard earned pension ?
I've been researching this topic for a few years, taking all the free advice I could. It is only in the past couple of months, that I have realised that I may just have enough knowledge to do it myself, and avoid paying someone some of my hard earned pension ?
#3
Re: Pension Transfer: Has anyone transferred it themselves ?
I could be wrong, but I feel that the OP actually meant transferring from a UK based scheme into an Aus scheme, as opposed to setting up a regular pension income transfer.
OP - I'm very interested in this - I have a small amount of money in the Teachers Pension scheme - too little to pay somebody to transfer for me, so a DIY approach would be great. The alternative is to just take a refund of my contributions, but then I lose all of the local authority contributions.
S
#4
Re: Pension Transfer: Has anyone transferred it themselves ?
Yes it's easy!
Contact your Aus fund and tell them what you want to do.
Didn't cost me anything except waiting time for it all to go through.
Contact your Aus fund and tell them what you want to do.
Didn't cost me anything except waiting time for it all to go through.
#5
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Joined: Mar 2004
Location: Sydney
Posts: 1,628
Re: Pension Transfer: Has anyone transferred it themselves ?
Exactly what I did, filled in the form from my QROPS allowed super provider in Aus and they did the rest, money arrived in my super a few weeks later
#6
Re: Pension Transfer: Has anyone transferred it themselves ?
Yes, but they want rather more than the transfer value is worth in fees. Allowing the Super provider to do it kills much of the value in the transfer.
S
#7
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Joined: Jan 2006
Location: Perth, WA
Posts: 1,376
Re: Pension Transfer: Has anyone transferred it themselves ?
I did mine myself - just filled in some paperwork. The Aussie super provider was falling over themselves to help but I don't remember being charged any fees for it ?
#8
Re: Pension Transfer: Has anyone transferred it themselves ?
Virgin certainly want money to do it for me - and more money than the actual transfer value is worth, so completely useless to me.
I am thinking of just taking a refund of contributions and sticking it into Premium Bonds...
S
#9
Forum Regular
Joined: Jan 2009
Posts: 35
Re: Pension Transfer: Has anyone transferred it themselves ?
Would be grateful if someone could ping me a private message if you have transferred your pension across from UK to Australia, WITHOUT paying anyone else to do it ?
I've been researching this topic for a few years, taking all the free advice I could. It is only in the past couple of months, that I have realised that I may just have enough knowledge to do it myself, and avoid paying someone some of my hard earned pension ?
I've been researching this topic for a few years, taking all the free advice I could. It is only in the past couple of months, that I have realised that I may just have enough knowledge to do it myself, and avoid paying someone some of my hard earned pension ?
#10
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Joined: Mar 2004
Location: Sydney
Posts: 1,628
Re: Pension Transfer: Has anyone transferred it themselves ?
Same for me with ING, amount I got was what I expected based on the last statement I had from the UK.
#11
Re: Pension Transfer: Has anyone transferred it themselves ?
Your UK pension will have an administrator or insurer - just phone them and ask them for a transfer value and the relevant forms to transfer overseas(take care if UK pension is final salary (such as Teachers) - TV will only be guaranteed for 3 months so check before asking for the TV as you'd probably run out of time if you don't set everything else up first and they could charge you hundreds of £ for another one).
Your Aussie pension needs to be a Qualifying Recognised Overseas Pension Scheme (QROPS) - the list can be obtained from the HMRC website and if its not already on it they can apply quite easily to HMRC if they want to. Some schemes in Aus will also have an administrator - if it's a company scheme of some kind they will likely help you out with the forms for free (an IFA or whatever the Aussie equivalent is would charge you)
You'll have some forms to fill in and your Aussie pension will need to fill some in too - if they're from a 3rd party admin they'll probably be really straightforward - usually more frustrating if they're insurer forms cos they're idiots.
Trick is to be organised - my suggestion would always be to get the forms and read them really carefully and make sure you have everything you need/know what they want. If they say they can't give them to you without the TV ask them to send you blank ones so you can review - there's no way they couldn't give you them (though some might try - would depend how much of a jobsworth you get!) - and if it's a GPP or money purchase scheme you can get the TV straight off - they're not guaranteed so if you go ahead you'd get whatever it was worth on that day anyway.
(I've got 14 yrs experience in pensions so if you want any help with the forms or want me to explain the above better just drop me a message)
Good luck
Your Aussie pension needs to be a Qualifying Recognised Overseas Pension Scheme (QROPS) - the list can be obtained from the HMRC website and if its not already on it they can apply quite easily to HMRC if they want to. Some schemes in Aus will also have an administrator - if it's a company scheme of some kind they will likely help you out with the forms for free (an IFA or whatever the Aussie equivalent is would charge you)
You'll have some forms to fill in and your Aussie pension will need to fill some in too - if they're from a 3rd party admin they'll probably be really straightforward - usually more frustrating if they're insurer forms cos they're idiots.
Trick is to be organised - my suggestion would always be to get the forms and read them really carefully and make sure you have everything you need/know what they want. If they say they can't give them to you without the TV ask them to send you blank ones so you can review - there's no way they couldn't give you them (though some might try - would depend how much of a jobsworth you get!) - and if it's a GPP or money purchase scheme you can get the TV straight off - they're not guaranteed so if you go ahead you'd get whatever it was worth on that day anyway.
(I've got 14 yrs experience in pensions so if you want any help with the forms or want me to explain the above better just drop me a message)
Good luck
#13
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Joined: Jan 2003
Location: Brisbane
Posts: 1,576
Re: Pension Transfer: Has anyone transferred it themselves ?
I've looked into this and it does seem rather straight forward. Just make sure your destination Super fund is QROPS registered.
Also if you have been here more than 6 months you become liable for CGT on the increase in value of the fund since you arrived in Oz. So you need to obtain the value of the fund in Oz $ on the date you arrived (I'd say the value of the fund anytime in that year woould be good enough).
If the value has gone up significantly in Oz$ you can claim a consessional contribution for this CG to reduce your tax liability (if eligable). Max allowed if under 50 $25,000 or over 50 $50,000 but looks like this is going to change next finicial year
Also if you have been here more than 6 months you become liable for CGT on the increase in value of the fund since you arrived in Oz. So you need to obtain the value of the fund in Oz $ on the date you arrived (I'd say the value of the fund anytime in that year woould be good enough).
If the value has gone up significantly in Oz$ you can claim a consessional contribution for this CG to reduce your tax liability (if eligable). Max allowed if under 50 $25,000 or over 50 $50,000 but looks like this is going to change next finicial year
#14
Re: Pension Transfer: Has anyone transferred it themselves ?
Your UK pension will have an administrator or insurer - just phone them and ask them for a transfer value and the relevant forms to transfer overseas(take care if UK pension is final salary (such as Teachers) - TV will only be guaranteed for 3 months so check before asking for the TV as you'd probably run out of time if you don't set everything else up first and they could charge you hundreds of £ for another one).
Your Aussie pension needs to be a Qualifying Recognised Overseas Pension Scheme (QROPS) - the list can be obtained from the HMRC website and if its not already on it they can apply quite easily to HMRC if they want to. Some schemes in Aus will also have an administrator - if it's a company scheme of some kind they will likely help you out with the forms for free (an IFA or whatever the Aussie equivalent is would charge you)
You'll have some forms to fill in and your Aussie pension will need to fill some in too - if they're from a 3rd party admin they'll probably be really straightforward - usually more frustrating if they're insurer forms cos they're idiots.
Trick is to be organised - my suggestion would always be to get the forms and read them really carefully and make sure you have everything you need/know what they want. If they say they can't give them to you without the TV ask them to send you blank ones so you can review - there's no way they couldn't give you them (though some might try - would depend how much of a jobsworth you get!) - and if it's a GPP or money purchase scheme you can get the TV straight off - they're not guaranteed so if you go ahead you'd get whatever it was worth on that day anyway.
(I've got 14 yrs experience in pensions so if you want any help with the forms or want me to explain the above better just drop me a message)
Good luck
Your Aussie pension needs to be a Qualifying Recognised Overseas Pension Scheme (QROPS) - the list can be obtained from the HMRC website and if its not already on it they can apply quite easily to HMRC if they want to. Some schemes in Aus will also have an administrator - if it's a company scheme of some kind they will likely help you out with the forms for free (an IFA or whatever the Aussie equivalent is would charge you)
You'll have some forms to fill in and your Aussie pension will need to fill some in too - if they're from a 3rd party admin they'll probably be really straightforward - usually more frustrating if they're insurer forms cos they're idiots.
Trick is to be organised - my suggestion would always be to get the forms and read them really carefully and make sure you have everything you need/know what they want. If they say they can't give them to you without the TV ask them to send you blank ones so you can review - there's no way they couldn't give you them (though some might try - would depend how much of a jobsworth you get!) - and if it's a GPP or money purchase scheme you can get the TV straight off - they're not guaranteed so if you go ahead you'd get whatever it was worth on that day anyway.
(I've got 14 yrs experience in pensions so if you want any help with the forms or want me to explain the above better just drop me a message)
Good luck
I'm having real problems with the Teachers Pension Scheme - they are insisting on a letter from Virgin Super before they will provide me with my TV. And of course Virgin then say, well, we will handle the whole thing for you, for about $1000, which would probably wipe out any value in the transfer.
I also have the option of requesting a refund of contributions - I am wondering if this may be the better course of action in the long run, though of course there will be tax to pay, and I will lose all of the local authority co-contributions.
Without a reliable TV, it's difficult to make an assessment, and it seems that I can't get one of those until I am firmly decided on taking that route. It's all rather annoying.
S
#15
BE Forum Addict
Joined: Jan 2003
Location: Brisbane
Posts: 1,576
Re: Pension Transfer: Has anyone transferred it themselves ?
Once money is here you can then transfer to another Super fund for a minor fee. If you've been away from UK for 5 years this didn't have to be QROPS registered but I believe the UK budget this year changed that.
Just been looking at the new rules for QROPS
see http://www.hmrc.gov.uk/pensionscheme...fers-qrops.htm
Download
QROPS - New guidance effective from 6 April 2012 (PDF 129K)
It seems it is now 10 years from the time of the transfer (changed from away from uk for 5 years)
"After that date whether a payment needs to be reported will depend on whether 10 years have elapsed since the transfer was made and whether the member is resident in the UK or has been UK resident at any time in the five full tax years immediately before the payment is made."
That catches me again as I've still not transferred after 20 years away.
Last edited by Kiwipaul; Apr 21st 2012 at 7:58 am. Reason: Changes to QROPS