Pension Transfers
#1
Pension Transfers
We have been in Melbourne for approximately 18 months and are in the process of transfering our UK pensions across. Ideally we want to release one of the funds to buy property. We have been advided that under Australian pension regulations this is not possible. Has anyone been faced with the same problem and found a solution ? or can anyone recomend a good advisor ?
#2
Re: Pension Transfers
We have been in Melbourne for approximately 18 months and are in the process of transfering our UK pensions across. Ideally we want to release one of the funds to buy property. We have been advided that under Australian pension regulations this is not possible. Has anyone been faced with the same problem and found a solution ? or can anyone recomend a good advisor ?
Even if you transfer it, then move it to a non-QROPS fund in Australia they will find out and send you a lovely bill for breaking the pension rules (ie all the tax you should have paid on the pension benefit to that date!).
One plus I believe is that as per normal Australian super - you arent mandated to take out an annuity as required in the UK on maturity.
Suggest you talk to someone like Alan Collette for financial planning - hes on the immigration forum or look up his details as a member.
#3
Re: Pension Transfers
We have been in Melbourne for approximately 18 months and are in the process of transfering our UK pensions across. Ideally we want to release one of the funds to buy property. We have been advided that under Australian pension regulations this is not possible. Has anyone been faced with the same problem and found a solution ? or can anyone recomend a good advisor ?
The pension from UK can be transferred but there is a time limit which is 5 years from the date of your arrival.
I would recommend ours but she is not taking anymore clients.
When researching remember self managed funds and property is relatively new to some professionals and make sure they have attended recent updates on the lending and trust requirements.
PS we are in Melbourne as well.