PENSIONS...PLEASE HELP!!!!
 

Can anyone recommend a company that can deal with overseas pension transfers. We have our visa and hoping to be in Oz April/May but need to sort out hubbies pension. Worried that if we go with some one from net we'll get shafted!!!!:(

Re: PENSIONS...PLEASE HELP!!!!
 

Hi, I went to an emigrate show in Edinburgh at the weekend and picked up a leaflet for siddalls who specialise in pension transfers.

www.siddals.net or tel 01329 239111

I don't know what their like though.

Re: PENSIONS...PLEASE HELP!!!!
 

Hi - from what I understand (and we haven't done it yet!) - it's fairly straight-forward to actually transfer the pension. You need to select the Super fund that you are transferring to (make sure its a QROPS one), contact them and they will send out some forms to be completed. They will then contact your UK provider and arrange the transfer.

Normally, people are looking for advice on whether to transfer, etc. If you are looking for this type of advice, I'd recommend speaking to Alan Collett (posts on here). Very helpful, and definitely not in the shafting business.

Re: PENSIONS...PLEASE HELP!!!!
 

Da rules...

If you transfer within 6months you pay no tax.

If you transfer after 6 months, you pay 15% of the increase in value of the fund since you arrived ( 15% of nowt is nowt if you arrived last year)

Most funds will give you the paperwork to the send to the UK pension fund and do all the work for you. Basically the letters are a request for valuation, and a transfer request. The fund does it all for free.

Picking the OZ fund is where you might need advice as they are general funds, work funds and industry funds. They have to be on the UK QORPS approved list in order to use.

Re: PENSIONS...PLEASE HELP!!!!
 

And.....

DON'T rush
Don't pay someone a percentage of you fund. Get it done for a flat fee or do it yourself.

Re: PENSIONS...PLEASE HELP!!!!
 

Pretty much agree with what all have said here. But..... its not simple and some funds at the UK do struggle with the paperwork and government departments involved. Its often hard to do within the 6 months but 15% of nothing is ........

If they are "significant" pensions get advice on whther to move or not. This is mainy relevant to defined benefit schemes. All are different and there are no hard and fast rules. I have been advised not to move, my nephew completely independant to me has been advised to move both of his.

I used Prism Xpat. The do charge and if they do transfer for you charge a %age of the fund (not relevant for me). The advice was excellent and not juts on pension but other money matters.

Re: PENSIONS...PLEASE HELP!!!!
 

Do it yourself, or basically authorise your Australian fund to do it for you, I did mine through Mercer as my company super is with them, its pretty much a waiting game once you have filled out a couple of forms.
Paying someone to transfer it for you is basically a scam in my eyes, pay someone for advice on where/how to invest it once you've moved the money, but dont pay someone to fill a few forms out and make a couple of calls. I can see it blowing up in years to come and there being some sort of investigation into it. I bet a lot of the companies doing the transfers now have suddenly dissapeared in a few year time.

Re: PENSIONS...PLEASE HELP!!!!
 

I have just seen a guy at the Commonwealth Bank in Perth, (PM me if you want the details?) He was very experienced with UK pensions.

Only private pensions can be transferred over, not the state scheme (I had heard you could bring the state scheme over.
You can only bring the pension over into a recognised fund where it must remain for a period of time, after which you can transfer it to your super fund.

He told me of the advantages of bringing over a private pension from the UK to Oz.... please step in and correct me anyone if I've got it wrong!

If you pay into a private pension scheme in the UK and die in the UK on the 1st day into retirement, you will loose all the fund to the pension company and all those years of saving will be lost.
If the same happens in Oz, and you die..... 50% of the pension fund will go to your spouse and when/if they pass away, the money goes to your estate. Makes more sense to die in Oz!! :D

There is an advantage (mentioned above) to bring the pension over within 6 months. They will look at the figures before advising to bring the fund over as factors will vary as to whether it is advantages or not.

I was told a FINAL SALARY scheme will 'probably' be better left in the UK. Also your age will be a factor when deciding if bringing the pension over is the right thing to do.

Hope this helps.

Neil.

Re: PENSIONS...PLEASE HELP!!!!
 

I thought all of it went to your spouse and then if they die it all goes to your estate. Where did you hear the 50% figure?

Mike.

Re: PENSIONS...PLEASE HELP!!!!
 

does anyone know how transfers from Irish pension schemes work?