pensions
 

how easy is it to transfer your pension from the UK to Oz?

Re: pensions
 

Have you tried doing a search on this subject? :)

Pretty much everything you can think of has been covered:)

If you have, try and be a little more specific in the post ie. NHS pension, Forces ect...

:)

Re: pensions
 

No I haven't done a search so what's the answer dick for brains ?
:mad: :D

Re: pensions
 

It is a pain in the arse but you can do it. Wait till you set up a fund with your employer in Oz and then get the ball rolling. The Mrs had a painful time because neither side knew what they were doing but eventually it worked out.

It is true that a lot of Mickey Mouse pension schemes won’t have a clue what you are asking them to do. A little bit of hand holding and prompting on your part may be required.

Bear in mind that once you have formally requested the overseas transfer they are legally obliged to carry out your instructions. If they don’t know how, or fail to do it in a timely manner, you have grounds to complain to the company, to NAPF, or the Financial Services ombudsman.

Sometimes, you have to remind them who’s money it is.

It was a pension scheme for a worldwide publishing company and it was moved to MLC who were just as incompetent. You have to have a lot of patience and persistence.

And bear in mind, if the company is useless the best financial adviser on the planet isn’t going to make a toss of a difference to the transfer.

I'm confused, but I'm beginning to think what UK calls a pension is what Aus calls superannuation.

As well as superannuation, Aus also has pensions of the invalid and old age variety.

Is this a case of what you think a word means is different to what I think the word means?

All I know is I pay 9% of my salary into a fund which is invested into the stock market. This fund is the superannuation fund. On retirement this fund will provide my upkeep. It is a pension fund but under a different name. There is also talk about the government changing the laws on how the superannuation maybe withdrawn at retirement.

By law your employer must pay 9% of your salary into a superannuation fund. There are other types of pension funds but I have never had one. These include defined benefits schemes which are similiar to final slary schemes in the UK.