David Ford

I run a business throughout Australia and New Zealand helping migrants consider whether to transfer their UK personal or company pensions to Australia.

I emigrated here in 1996 and am properly qualified to give advice here and in the UK. Indeed I spend a lot of time travelling between Australia and our officers in Edinburgh to ensure we are always up to date.

The business, Pension Transfers Direct Pty Ltd has been trading since September 1997 and we have transferred about $ 95 million dollars for some 1000 clients around the country. Whilst not everyone should transfer, and we will advise you if you shouldn't, everyone should know whether they personally should or not.

There are 2 very direct taxes on those of us who dont transfer our funds -one applies to personal plans and says that if we dont transfer the fund then we have to pay tax every year even though the fund is in the UK. (There are a few exemptions). The second says that when we transfer the fund then we have to pay tax on the difference between what it was worth when we came to live here and what it is worth when we transfer it - this applies to personal and company pension funds and is in addition to the annual tax mentioned above.

All this sounds grim, but there are HUGE advantages in transfgerring your fund as at retirement you will be able to decide whether you take it as a lump sum (all of it if you want) or take a pension as opposed to the Inland Revenue tellign you what to do, and it will be largely tax free.

The other issue is that when you die if the fund is paid from a UK fund it could die with you, in Australia it will go to your estate.

Against that most people should transfer their funds but not without a proper analysis cognisant of UK and Australian pensions/superannuation and tax rules.

It is a difficult subject to get across ina message, but an important one. Dont ignore it, Australia taxes us on our worldwide assets whether we like it or not so we cant avoid it. One day you will want the fund and there are ways in which the Australain Government can track money. better to get it straightened out now well before you retire than get an unwanted tax bill later on. So for free information call us now on 08 9485 1064 or email us at [email protected] or visit our website - www.pentran.com.au

rik.jackson

What do you know about transfering a UK Police pension to an Australian Police force, in particular Queensland if there is a difference.

tom's mum

Do you know of any decent agencies and/or websites where i can obtain similar information regarding transfering pension funds to New Zealand?

Helen

David Ford

There are huge differences and I cant cover them all in a forum such as this. What you needs is a comprehensive analysis with real numbers pertinent to your circumstances and cognisant of both UK and Australian pensions and tax regimes, so you can see the differences not only in terms of retirement income but also what happens if you die before retirement and when you die after retirement. You will probaly be better off transferring but you should not give up the police scheme benefits lightly as they are very good. We can help you as our business prepares these analysis' - see www.pentran.com.au or email / telephone me to discuss.

David Ford

Helen we cover New Zealand as well as Australia

David Ford

We cover NZ as well www.pentran.co.nz