Transferring Pensions to Australia
May 19th 2003, 3:29 pm
#1
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Joined: May 2003
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Transferring Pensions to Australia
I have a Company pension that I intend on transferring to Australia... However, I have had a quote off an International Financial Advisor of £600 to do so. I have been led to beleive it`s a very complicated process, can anybody give me advice on this, someones opinion who`s been through this, would be much appreciated.
May 19th 2003, 3:34 pm
#2
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Richard and Lisa,
I find this figure very hard to believe. If you go to an independent financial advisor in Australia surely they will arrange transfers without fee if you are adding to a pension fund you set up with them. Also not taxable in the first instance, the only thing you need to take into account is how much the transfer value of the poilcy is vs. the expected payout value should you leave it where it is. There's been a number of posts on the sire about pensions, have a look through using the search function.
I find this figure very hard to believe. If you go to an independent financial advisor in Australia surely they will arrange transfers without fee if you are adding to a pension fund you set up with them. Also not taxable in the first instance, the only thing you need to take into account is how much the transfer value of the poilcy is vs. the expected payout value should you leave it where it is. There's been a number of posts on the sire about pensions, have a look through using the search function.
May 19th 2003, 4:07 pm
#3
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Re: Transferring Pensions to Australia
Originally posted by Richard & Lisa
I have a Company pension that I intend on transferring to Australia... However, I have had a quote off an International Financial Advisor of £600 to do so. I have been led to beleive it`s a very complicated process, can anybody give me advice on this, someones opinion who`s been through this, would be much appreciated.
I have a Company pension that I intend on transferring to Australia... However, I have had a quote off an International Financial Advisor of £600 to do so. I have been led to beleive it`s a very complicated process, can anybody give me advice on this, someones opinion who`s been through this, would be much appreciated.
Transferring the pension is not always the best option (particularly if it's index linked in the UK). Remember most 'advisors' are offering services that get them commission, I found this very apparent at the migration show at sandown earlier this year - it was like watching a bunch of vultures!
In my case, when it gets closer I'm going to speak to an independant impartial advisor like Alan Collett who posts here regularly. Too much potential to lose serious money if you make the wrong call.
May 19th 2003, 4:37 pm
#4
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Originally posted by Andrew P
the only thing you need to take into account is how much the transfer value of the poilcy is vs. the expected payout value should you leave it where it is. There's been a number of posts on the sire about pensions, have a look through using the search function.
the only thing you need to take into account is how much the transfer value of the poilcy is vs. the expected payout value should you leave it where it is. There's been a number of posts on the sire about pensions, have a look through using the search function.
Cheers - Don
