Pensions advice needed ...
 

Hi
We have company pensions and UK State Pensions,
i opted out of the state pension many years ago but sam is still involved.
What should we do about these ?
and when ?

Can we leave it till we get to Oz and contact someone to deal with them, if so any good recommendations ?

Any help would be greatly rewarded.

Thanks

Stephen

Re: Pensions advice needed ...
 

Hi Stephen are you heading to perth?

Re: Pensions advice needed ...
 

Yes we take off Feb 4th ...

???

Re: Pensions advice needed ...
 

As a first step its worth finding out what state pension you have accrued so far. Get a forecast from here

http://www.thepensionservice.gov.uk/...rpforecast.asp

Jim

Re: Pensions advice needed ...
 

Stephen have sent you a pm
Joanne

Re: Pensions advice needed ...
 

If you are drawing the pensions you can do nothing. Also there is nothing to do about the state pension. If not transfer of personal pensions to Oz is usually a good idea but most company pensions are best left in the UK if defined benefits and you are near retirement.

Re: Pensions advice needed ...
 

nope we are not drawing on them
just wanted to know what i should do about them ...

i suppose i should notify them of a change of address ...

Re: Pensions advice needed ...
 

We were informed by a pension specialist over here (Suncorp) that bringing your old company/personal pension was not an option. Whatever benefit you have, will be taxed at 40% by the Aus government ! UK gov pension will be paid at retirement age as normal, however it will be frozen from increments from the date you leave the UK.

Re: Pensions advice needed ...
 

Nonsense - two errors at least in that advice!

a. You should be able to transfer a pension fund from the UK into an Australia super fund so long as you have permanently departed the UK and have earned income in Australia.

b. A pension that is left behind in the UK will generate annuity income at retirement age. That income will be assessable in Australia (not the UK) under the terms of the UK-Australia Tax Treaty if you are tax resident in Australia at the time you receive the pension, with a tax deduction likely to be available for what is called the Undeducted Purchase Price.

Were you also advised about the Foreign Investment Fund Rules and section 27CAA of the Income Tax Assessment Act 1936?

I recommend you might speak with my colleague Peter Ranson on 07 3226 1800 about these taxation and pension transfer issues.

Best regards.