Ozbound7

If anyone has transferred or had their UK Personal pension transferred to an Australian Super scheme could you tell me which one?

I am planning to transfer my own and I know that some are much better than others in transfer - timescales and familiarity with the process.

Were there any particular problems encountered?

Many thanks. PMs welcome

Ozbound7

Going by the response so far nobody has done it.

Gibson

Just seen your post. Hubby transfered 2 pensions from UK, scottish life and prudential. We used Associated Planners in Perth, they're based on the east coast too. Contact Brendan Downes +61 8 93227029. Pensions transferred into Tower Fund which is a holding account till we set up our own pension fund. Hope this helps! Any more info needed let me know! Must be transferred though before your 6 months is up!........Jane.

markeh

Hiya Ozbound7
It's thsi one subject that wories me the most.

I've been poaying into the company final sallary scheme for 14 years and it's the thought of screwing up my pension that worries me.
When I look at the transfer value it alway's looks poor, but the ammount it will pay ou is very good.

anyone been in this situation / advice?

Bye
Mark

tweed

I think you're correct that not many people have transferred their pensions and few can have done it themselves rather than through an agent with costs of up to 5%.

thewoods

i am in process of transferring mine - i worked for local government and i was in west yorkshire supperannuation fund for 13 years - there are several firms here that do it but the west yorks fund are doing it for me and they havent mentioned charges so i hope its free - i am transferring it into westscheme - i choose westscheme because that was what my husband was automatically put in - westscheme is not restricted to perth it can be taken to all states - hope this helps

bondipom

It can be done yourself just be very patient and prepared for plenty of forms. My wife transferred hers from here employer scheme in the UK to the MLC here because that is who her current employer uses. Personally I find the MLC fees outrageous because of the entry and exit deductions.

HBgirl

Hi all,

Im just doing this at the moment for my husband and me, we prepared by transfering all our policuies in the UK in the last one we were using so its just one to move.

I may have a head start as in the UK i worked for a Finacial advisor and in Perth i am now working at a Superannuation company.

At work we have a couple of Girls who spacificly deal with incoming from the UK, but as i know what im doing I am not going through an advisor at this end.

For obvious reasons i cant give anyone advice (Its illigal!!!!) but if i can help anyone with logistics if you want to do it yourself I would be more than happy (PM me), Personaly i dont want the advisor to take a slice.

HBxx

dracupg

I transferred one personal pension, one executive pension plan, one final salary employer pension and one defined contribution employer pension, without the assistance or a 3rd party.

All within about 6 months of getting my own Super fixed up in Oz. You do have to be prepared to chase, but the amount of information you need to get the ball rolling is minimal; UK Pension details (address, employee no etc), Super details (address, employee no etc)

Bordy

Sounds like your about ready to Retire Gordon.

Don

I am in the same position and it is a very difficult decision to make. Why take a definite huge drop in payout now (on transfer to Aus you'll buy a much poorer pension scheme) just to get the tax advantages? Needs careful thought and I daresay professional advice (if the pension pot is worth something) from a reputable source who knows both sides of the argument.

If you have the slightest doubt about permanency in Aus or coming back to live in Europe in future, the answer is pretty clearcut: don't transfer, in your situation.

Eg my pension's transfer value was paltry last time I asked, something like GBP60K, but to buy the same benefits on the market worth something like 5-10 times as much (depending on what discount factor you apply).

dracupg

I wish. My career is best described as a series of catastrophes with some bad mistakes thrown in for good measure. Hence the collection of “bits and pieces pensions� funds.