SMSF's
Sep 28th 2021, 11:56 pm
#1
Just Joined
Thread Starter
Joined: Sep 2021
Posts: 2
SMSF's
Hi All,
Its been a long time since i was a member on british expats and going through my immigaration 17 years ago, it was and still is a very good place to learn, people are roughly going through the same and talking about everything, which is so great.
Used to log on every day and wait for that yellow envelope coming through the letterbox, lol.
Now looking to plan for the future with the UK pension accesible at 55 to bring over.
I heard about one qrops super fund in AU, which seems not very good at all.
Anyones thoughts on SMSF"s, whose done it, who to run it and reporting back to uk tax department.
Your thoughts greatly appreciated
Its been a long time since i was a member on british expats and going through my immigaration 17 years ago, it was and still is a very good place to learn, people are roughly going through the same and talking about everything, which is so great.
Used to log on every day and wait for that yellow envelope coming through the letterbox, lol.
Now looking to plan for the future with the UK pension accesible at 55 to bring over.
I heard about one qrops super fund in AU, which seems not very good at all.
Anyones thoughts on SMSF"s, whose done it, who to run it and reporting back to uk tax department.
Your thoughts greatly appreciated
Sep 30th 2021, 11:04 pm
#2
BE Forum Addict
Joined: Sep 2005
Posts: 1,202
Re: SMSF's
Considering one as I can move other assets into it and have it jointly with husband. I can’t move my local gov pension from uk though as I am too close to retirement age. I am taking professional advice. So we will see.
Oct 1st 2021, 4:21 am
#3
Just Joined
Thread Starter
Joined: Sep 2021
Posts: 2
Re: SMSF's
Hi Rammygirl,
Thanks for the reply, my first in a lonnng time.
I knew about the state pension, but have a defined benefit work pension sitting, annuity worked out on when I left work in 2000, so it wont be staying in the UK!!
I guess its just a bit of unknown, gonna approach my bank for starters about smsf's and see what the score is.
I have talked to BDH Sterling about getting it over and the cost, but will be staying away from that only superannuation fund that is Qrops in Australia for definite and what I heard.
Cheers
Thanks for the reply, my first in a lonnng time.
I knew about the state pension, but have a defined benefit work pension sitting, annuity worked out on when I left work in 2000, so it wont be staying in the UK!!
I guess its just a bit of unknown, gonna approach my bank for starters about smsf's and see what the score is.
I have talked to BDH Sterling about getting it over and the cost, but will be staying away from that only superannuation fund that is Qrops in Australia for definite and what I heard.
Cheers
Oct 1st 2021, 7:45 am
#4
BE Forum Addict
Joined: Sep 2005
Posts: 1,202
Re: SMSF's
As I said I can’t move my final salary pension over so will just have it paid out into my uk bank account. I have to take a lump sum but the tax won’t be too bad as it hasn’t grown that much since I moved and you are only taxed on the growth since leaving uk. I may well defer it though. The annual pension will be taxed here but again you can mitigate some, get a good accountant to look at it.
It may or may not be worth transferring your pension to Aus it will depend on cost, amount, your other assets etc…….. but once in super here you will be able to draw it tax free later.
The uk state pension is also taxed as income here so do take that into account in your calculations down the line.
It may or may not be worth transferring your pension to Aus it will depend on cost, amount, your other assets etc…….. but once in super here you will be able to draw it tax free later.
The uk state pension is also taxed as income here so do take that into account in your calculations down the line.
