Lisa and Lance

We have been here 6 weeks now and need to transfer our UK pensions over to an Australian superannuation fund. I've heard that only a few companies do this in Oz. Does anyone know who these are and which ones are the best with low fees etc?

JAJ

What kind of pensions are they? Why do you say you "need" to transfer in the first place?

Wendy

This post may help

http://britishexpats.com/forum/showp...21&postcount=9

or this thread

http://britishexpats.com/forum/showt...ighlight=QROPS

Lisa and Lance

Becuase I read that if we dont transfer them over within 6 months of arriving we will get taxed heavily on them?

JAJ

Then you should read some more (what you've read is half-true).

What kind of pensions are they?

marco121068

It's scary that people can contemplate such a large financial transaction without knowing the facts.

Don't forget that if you then leave Oz your pensions will probably not be able to be moved out.

Lisa and Lance

I have a stakeholder pension.

Where is the best place to read up on this and get some more info?

Bix

Hi LL.
For starters read up on the subject on this website by putting "Pensions" in the search box.
That will bring up a heap of threads on the subject which you need to sift through for info on stake holders.
Best you do that first so you get a good feel for the subject then hit us with any questions.

I personally can't help you with the type of pension you have as mine was a final salary scheme.

Good luck

You'll find a list of the qualifying Australian super funds here
http://www.hmrc.gov.uk/PENSIONSCHEMES/qrops-list.htm

sparkley23

Ok so I didn't transfer within the 6 month timeframe. Planning to transfer mine over in next few months once my super scheme finally becomes a QROPS. So what's the go with the tax? How and when will I get taxed on it?

Bix

15% on the GROWTH portion accrued from the date you became tax resident to the date of transfer.

sparkley23

Thats cool, won't be a lot, but how and when do I get the tax demand? Can they take it from my pension or do I have to physically cough up?

Bix

Not sure about that but I think the receiving Superfund may pay it out of your funds.

Wolf

PENSIONS Mmmmmm!

If you're confused now, just wait til you read all the threads on here about bringing them or leaving them!

Some say get financial advice - why?
Just because you pay someone does it mean that you'll get true impartial advice?
Why trust a complete stranger from the 'yellow' pages'.

We did our own reasearch - I've 20yrs NHS, my wife 12yrs Police, we've decided to bring them over for one main reason, if one us us should die the other gets the entire fund.

Also if you decide to bring it over don't pay these firms who charge betwen 2-5% of the total fund to do so. You could use a firm who'll do it fee free.

Make sure the fund is QROPS, you'll find this on the British tax office www.

Good luck

Wolf.

MartinLuther

Nowadays they take it from your pension. Remember that you can reduce the gain (and tax) by subtracting the costs of the transfer.

magnetman

Have just had a very confused conversation with the ATO on whether overseas pension transfers are now to be taxable. According to the operator (who clearly had no knowledge of the situation but was reading the ATO web pages) overseas pension fund transfers are counted in the new changes. So if you can get your transfer in before June 30 (impossible) you can transfer up to $1m before being taxed at 46.5% on the excess. If as is more likely your transfer is after June 30 you can only transfer $150K a year or $450K in 3 years before being liable to the tax.

If anyone knows any different to this from experience please feel free to correct me - please

The relevant page was: http://www.ato.gov.au/print.asp?doc=...t/00094536.htm