pensions,bloody pensions
#1
BE Forum Addict
Thread Starter
Joined: Apr 2002
Location: brisbane
Posts: 1,020
pensions,bloody pensions
Hi ,bit of a technical question,
We were advised not to bring over one of our pensions when we came over as to transfer it we would lose out by 35% of its value.Now two years on the company has made up this shortfall and it would now be beneficial to move it over,however i am aware that we have to pay 15% tax on any monies made since we left.Does this mean we would have to pay this on the 35% shortfall that has now been rectified.If so it seems a bit harsh due the companys cock up in the first place.
Anyone Know????
donna
We were advised not to bring over one of our pensions when we came over as to transfer it we would lose out by 35% of its value.Now two years on the company has made up this shortfall and it would now be beneficial to move it over,however i am aware that we have to pay 15% tax on any monies made since we left.Does this mean we would have to pay this on the 35% shortfall that has now been rectified.If so it seems a bit harsh due the companys cock up in the first place.
Anyone Know????
donna
#2
Re: pensions,bloody pensions
Have you thought about the pros and cons of leaving the pension where it is?
#3
Re: pensions,bloody pensions
Hi ,bit of a technical question,
We were advised not to bring over one of our pensions when we came over as to transfer it we would lose out by 35% of its value.Now two years on the company has made up this shortfall and it would now be beneficial to move it over,however i am aware that we have to pay 15% tax on any monies made since we left.Does this mean we would have to pay this on the 35% shortfall that has now been rectified.If so it seems a bit harsh due the companys cock up in the first place.
Anyone Know????
donna
We were advised not to bring over one of our pensions when we came over as to transfer it we would lose out by 35% of its value.Now two years on the company has made up this shortfall and it would now be beneficial to move it over,however i am aware that we have to pay 15% tax on any monies made since we left.Does this mean we would have to pay this on the 35% shortfall that has now been rectified.If so it seems a bit harsh due the companys cock up in the first place.
Anyone Know????
donna
#4
Re: pensions,bloody pensions
Final salary pensions left overseas are not taxed on accrued changes in value.
#6
BE Forum Addict
Thread Starter
Joined: Apr 2002
Location: brisbane
Posts: 1,020
Re: pensions,bloody pensions
We have had advice to move our other pensions over and as suggested on here to save the 5% commission charged to bring it over ,which will be a hefty sum,we were going to do it ourselves but it looks like we are struggling at the first hurdle.
Where r u Alan Collet???
Donna
Where r u Alan Collet???
Donna