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Pensions advice needed ...

Pensions advice needed ...

Old Nov 1st 2004, 8:26 am
  #1  
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Default 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
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Old Nov 1st 2004, 8:36 am
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Default Re: Pensions advice needed ...

Hi Stephen are you heading to perth?
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Old Nov 1st 2004, 8:37 am
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Default Re: Pensions advice needed ...

Originally Posted by jopaulss
Hi Stephen are you heading to perth?
Yes we take off Feb 4th ...

???
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Old Nov 1st 2004, 8:45 am
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Default Re: Pensions advice needed ...

Originally Posted by stephenwhite68
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
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
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Old Nov 1st 2004, 8:46 am
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Default Re: Pensions advice needed ...

Stephen have sent you a pm
Joanne
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Old Nov 1st 2004, 8:57 am
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Default Re: Pensions advice needed ...

Originally Posted by stephenwhite68
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
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.
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Old Nov 1st 2004, 9:24 am
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Default Re: Pensions advice needed ...

Originally Posted by Ozbound7
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.
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 ...
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Old Nov 2nd 2004, 2:38 am
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Default Re: Pensions advice needed ...

Originally Posted by stephenwhite68
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 ...

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.
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Old Nov 2nd 2004, 4:44 am
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Default 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.



Originally Posted by surfdude
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.

Last edited by Alan Collett; Nov 2nd 2004 at 4:47 am.
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