Pensions advice
Dec 18th 2005 | 7:21 am
#1
Thread Starter
Forum Regular
Joined: Feb 2005
Posts: 157
From: Wakerley, Bayside, Brisbane QLD
Pensions advice
Has anyone got any good recomendations for someone to give me advice on moving my pensions down under and what happens with my state pension.
cheers
Greggsy
cheers
Greggsy
Dec 18th 2005 | 8:39 am
#2
Forum Regular
Joined: Jun 2005
Posts: 178
From: halstead, essex now Cleveland, Brisbane!
Re: Pensions advice
Hi Greggsy
Do a search on this forum and you will find who to avoid.
It will make interesting reading, just chose wisely.
My hubby is arranging to combine all of our pots into one scheme each and then transfer them once we are in Oz.
As for the state pension, you can continue to pay Class 2 contributions (I think!) and this will continue your entitlement up until you are old enough to draw the pension, but it will not be indexed linked at that point and will remain frozen.
However depending on your age you might prefer to spend that money on additional Oz pension!
Good luck.
AnitaB
Do a search on this forum and you will find who to avoid.
It will make interesting reading, just chose wisely.
My hubby is arranging to combine all of our pots into one scheme each and then transfer them once we are in Oz.
As for the state pension, you can continue to pay Class 2 contributions (I think!) and this will continue your entitlement up until you are old enough to draw the pension, but it will not be indexed linked at that point and will remain frozen.
However depending on your age you might prefer to spend that money on additional Oz pension!
Good luck.
AnitaB
Dec 18th 2005 | 9:02 am
#3
Karma earned, not whored
Joined: Apr 2004
Posts: 1,001
From: Perth
Re: Pensions advice
This thread may be of some help;
http://britishexpats.com/forum/showt...hreadid=216725
http://britishexpats.com/forum/showt...hreadid=216725
Dec 18th 2005 | 9:25 am
#4
Joined: Nov 2005
Posts: 80
Re: Pensions advice
Originally Posted by greggsy
Has anyone got any good recomendations for someone to give me advice on moving my pensions down under and what happens with my state pension.
cheers
Greggsy
cheers
Greggsy
I do not know much about transferring occupational or private pensions, but I know as far as your state pension goes, you will not be able to transfer this, you will have the option to pay class 3 contributions, these are voluntary contributions, they are at todays rate £7.35 per week, this will ensure you keep your state pension at 100%, if you don't want to do this, then however many qualifying years you have providing it is over 11, you will get that as a percentageeg: if you have 22 out of the full 44, this will mean you will get 50% of the full rate. It will not be index linked, it will stay at the rate it is when you get it. You could call pension forecasting and request a forecast over the phone, this will tell you how what percentage you have earned to date. The number is 08453000168. I hope this helps.
Cheers
Julie
Dec 20th 2005 | 2:17 pm
#5
Forum Regular
Joined: Jun 2005
Posts: 118
From: North Lakes (Originally Newcastle, UK)
Re: Pensions advice
Originally Posted by greggsy
Has anyone got any good recomendations for someone to give me advice on moving my pensions down under and what happens with my state pension.
cheers
Greggsy
cheers
Greggsy
I've been in Brisbane a few weeks now and have started working for an accountancy firm who have offices all over Australia. I work more on the tax returns and accountancy side (both UK and Oz) but we have a department which deals with pension transfers from the UK etc.
If you are interested I could ask them to send you some information. Drop me a PM if you want any further help with this.
Thanks
Shell
PS - Merry Christmas!
