paulry

That link may be out of date. See the section under the heading "What were the old rules around small pension funds?" about half way down the web page here: https://www.saga.co.uk/magazine/mone...on-funds-at-55

ianandhelena

ozzieeagle

I've worked out that mines a workplace pension, not a Sipp. Is that true about it getting taxed in Aus after retirement at the highest marginal rate? Do you know of the top of your head? I can't find concise information on this yet. It's taken me a while to get used to all the UK jargon in this....Pension pots etc, which I assume is the equivalent of our Superannuation payout.

ianandhelena

paulry

Agreed. Even the information provided in the link might not be the current position. Anyone have a more recent source?

ozzieeagle

Apparently, the ATO is linking up to UK systems, especially pension system right about now. September the 18th was quoted actually. Yes I'm wary about the defined benefit part, looking at that really closely, it is a defined benefit but so small less than 1000 quid per annum, that transfer fees may impact heavily, combine that with potential highest rate tax then it's almost worthless......Unless I can work out how to keep it all in the UK and using it as spending money every two or three years. Not likely with the new ATO higher level scruitiny, especially once they get my NI number upon my retirement here.

ianandhelena

ozzieeagle

Having difficulty finding my original source for that, but will keep looking. Here's a close enough pointer though.

https://www.legalwiseseminars.com.au...reign-incomes/

Besides that, I received a massive amount of paper work (25 A4 pages) from Willis today in the UK. A big surprise to me is I am above that trivial payment scheme, unfortunately. Can't believe that as I only worked for my final company for 7 year and 6 months in the 70's and was aged 24 when I left in 1980.

The paperwork I've got has triggered me to find a local well known and locally peer recommended Australian advisor that knows about UK overseas private pensions. It's Retirement/Investments Moonee Ponds Branch.

These guys are probably more suited to people that have lived in Australia for at least 10 years and have more Australian assets than UK ones.

https://www.riadvice.com.au/#

ianandhelena

This is it. https://www.ato.gov.au/General/Inter...ting-Standard/

Kiwipaul

I don't understand if it's only a small amount why you don't just leave it in the uk and take the pension in Oz. This saves any expenses on advisers and transfer costs.

I have a company pension from 1990 that pays about $12,000 per year, tax free in UK and I don't pay tax in Oz because it's below my tax threshold (about $32,000).

ozzieeagle

I didn't know you could do that. How do you get a UK bank account?

I was toying with the idea of putting into one of my brothers accounts. He's totally trustworthy. Not sure the pension people would allow me to though.

spouse of scouse

Hi Ozzie. Not sure how closely UK bank accounts are audited, but if you did something similar in Oz (had regular income paid into your brother's account), then the ATO may ask questions - also that income would affect your brother's entitlement to any social security benefits or pensions. Probably not relevant to you but just something to keep in mind.

Kiwipaul

You don't need a UK a/c give them your Oz one and let them transfer the money direct to your Oz a/c.
I use HSBC current a/c. I loose about 2-3% on each transfer which is about what I would loose transferring it myself and I just declare what I receive as my UK pension on my tax return.

Pollyana

Kiwipaul

I consider a 2-3% more than acceptable loss for the convenience of a regular monthly income. Even if I paid it into a UK a/c and only transferred once a year using say Ozforex I would still loose at least 1% (if I was lucky) and I've had no advisor costs or losses due to trying to transfer the pension into an Oz Super a/c.