pensions -> supers transfer from UK to Oz
#1
Happy Camper
Thread Starter
Joined: Jun 2008
Posts: 10
pensions -> supers transfer from UK to Oz
Hi All
As part of the process of emigrating I have been looking at whether to transfer my pension into a super.
As I understand it the most (tax) efficient way is to transfer it in the first 6 months (and I have been told it has to be completed in the first 6 months). Is this true?
I have looked around and found that most UK based helpers want a cut (~5% - omg and how do they justify it - to me it's like a waiter putting the tip on the bill before you have been served the starter) as well as a fixed fee and what made me laugh is that they then told me I had to take Oz based financial advice to chose a super (more fees). Not sure exactly what they, the uk helper, do for this money but I suspect just forms and paperwork. Anybody got recommendations? Has anyone done this themselves?
The actuary cost also amused me; has anyone used these services and has the actuary actually challenged the pension provider over the value and won (significantly to cover the actuary's fees?).
I have scanned the forums and come across various comparison sites of supers; my current pension is spread across markets (shares/money/bonds etc etc) so looking for a similar super (one will assume they exist for now). Do members have particular favourites? How did you choose yours?
I also read that if we decide that Oz is not for us after all, say in a few years time, then moving the pension back is probably a no-no. But I assume it is still a pension (which you can draw when you retire) and that the advantage of when you die that the remaining monies in the pot goes to your estate still stands. Thoughts/Experiences? (exclude near death ones )
Well this is a bit of a lengthy post.
Shaun
As part of the process of emigrating I have been looking at whether to transfer my pension into a super.
As I understand it the most (tax) efficient way is to transfer it in the first 6 months (and I have been told it has to be completed in the first 6 months). Is this true?
I have looked around and found that most UK based helpers want a cut (~5% - omg and how do they justify it - to me it's like a waiter putting the tip on the bill before you have been served the starter) as well as a fixed fee and what made me laugh is that they then told me I had to take Oz based financial advice to chose a super (more fees). Not sure exactly what they, the uk helper, do for this money but I suspect just forms and paperwork. Anybody got recommendations? Has anyone done this themselves?
The actuary cost also amused me; has anyone used these services and has the actuary actually challenged the pension provider over the value and won (significantly to cover the actuary's fees?).
I have scanned the forums and come across various comparison sites of supers; my current pension is spread across markets (shares/money/bonds etc etc) so looking for a similar super (one will assume they exist for now). Do members have particular favourites? How did you choose yours?
I also read that if we decide that Oz is not for us after all, say in a few years time, then moving the pension back is probably a no-no. But I assume it is still a pension (which you can draw when you retire) and that the advantage of when you die that the remaining monies in the pot goes to your estate still stands. Thoughts/Experiences? (exclude near death ones )
Well this is a bit of a lengthy post.
Shaun
Last edited by CodeMonkey; May 16th 2009 at 4:55 am. Reason: spelling
#2
Forum Regular
Joined: Sep 2007
Posts: 98
Re: pensions -> supers transfer from UK to Oz
[QUOTE=CodeMonkey;7576355]Hi All
I have scanned the forums and come across various comparison sites of supers; my current pension is spread across markets (shares/money/bonds etc etc) so looking for a similar super (one will assume they exist for now). Do members have particular favourites? How did you choose yours?
If you have a sipp you can transfer to your own Australian SMSF so keeping all the investments intact. No fees involved except setting up the SMSF.
I have scanned the forums and come across various comparison sites of supers; my current pension is spread across markets (shares/money/bonds etc etc) so looking for a similar super (one will assume they exist for now). Do members have particular favourites? How did you choose yours?
If you have a sipp you can transfer to your own Australian SMSF so keeping all the investments intact. No fees involved except setting up the SMSF.