deci

Hi all, Can anyone help with this please,

My OH has a service pension, to get the best exchange rate should he opt for Paymaster to make the payments to Aus, or is it better to go through some one like Money Corps.
Sorry if this has been asked before but we cannot find any threads.

Thanks for your help.

Linda

connollys.home

Hi I also have MOD pension so I would be very interested in any responses to your post

I was thinking of just leaving the money here in the UK and get access to it via internet banking

loz

Hi Linda

My father-in-law has an RAF pension (and a couple of others from Asda and whatever) and has gone into this in great detail. The result being on advice from all parties to have them paid directly into his Aus account (something to do with the tax he would have to pay etc)
Hope this helps a bit.....................

Loz x

geordie mandy

My oh will be in the same situation when we got to oz we have been advised to take half with us and leave half in the uk.
Mandy

ian&vicky

Hiya Linda,

We are moving across to Melbourne at the end of July and intend to keep having my Army pension paid into my UK account and just use for flights home etc. If I do need to use it I will just pay with my UK credit card that way I will not have to pay any charges for bringing money into the country.

Ian

Nicstids

My hubby is ex RN and I must say we weren't aware that he could have his pension paid direct into an Aus account.... We haven't been here long and at the moment the pension is just going into his UK account (he has an internet account) and we are using it to pay our life insurance and our UK credit card bills. (As we don't yet have an Aus credit card, we are still using our UK ones and it has been very handy to have the money available to pay the bills in the UK.) It's also useful to pay for UK rellies' birthday pressies etc

Once things have settled down a bit we will probably transfer over to Aus the lump sum accrued in his UK account every 3 months or so. We intend to use Tranzfers who charge seven pounds a time.

We have applied to the IR to have the pension paid gross and it then has to be declared to the ATO as part of hubby's worldwide income so you can't avoid paying tax unfortunately......

Jimclevs

Hi

I am also ex Royal Navy (25 years) and have been here since June 2005.

I currently have my Naval pension paid into a UK bank account and transfer it over when I reckon the exchange rate to be right.

I will be looking in the future, however, to negotiate a deal with one of the exchange dealers for a forward 12 month contract so that I can have the pension paid into my Australian bank account at a set rate of exchange for those 12 months. This, of course, avoids all the monthly variations in the rate and allows you to plan some sort of budget!

Yes...... there is no way of being able to avoid the dreaded Australian tax, unfortunately, but last night's Budget here has at least pushed up the thresholds which can only be good news.

Regards

Jim