UK Nursing Pension - Any Advice?
Oct 25th 2006, 2:38 pm
#1
Just Joined
Thread Starter
Joined: Oct 2006
Location: Lincoln
Posts: 12
UK Nursing Pension - Any Advice?
Any tips / experience re pension schemes? My OH has been with the UK NHS Pension scheme for c 10 years and is wondering what the best option may be a) leave it where it is and start a new one when in Melbourne b) t/fer to Aus Nursing Pension scheme if there is one c) go private. Any guidance gratefully received. Thx.
Oct 25th 2006, 6:41 pm
#2
Forum Regular
Joined: Jul 2006
Posts: 69
Re: UK Nursing Pension - Any Advice?
Originally Posted by MattnSue
Any tips / experience re pension schemes? My OH has been with the UK NHS Pension scheme for c 10 years and is wondering what the best option may be a) leave it where it is and start a new one when in Melbourne b) t/fer to Aus Nursing Pension scheme if there is one c) go private. Any guidance gratefully received. Thx.
As a Pensions Consultant I have advised my OH who is a Nurse to leave her pension benefits preserved in the NHS Pension Scheme. You should get your OH to seek independent financial advice.
Oct 25th 2006, 11:51 pm
#3
Migration Agent
Joined: May 2002
Location: Offices in Melbourne, Brisbane, Perth, Geelong (Australia), and Southampton (UK)
Posts: 6,459
Re: UK Nursing Pension - Any Advice?
Remember that benefits paid from an Australian supeannuation fund from 1 July 2007 will be tax free. This means 100% of the fund should be accessible on a free of tax basis at age 60.
Compare this with a fund left in the UK where capital received at retirement age and the required income/annuity stream are exposed to tax in Australia if you are tax resident in Australia at the time.
I appreciate that tax isn't the only factor to be considered, but the differences in the taxation of pension funds left in the UK and those transferred to Australia are so significant the "guarantee" offered by a UK final salary scheme has to be fairly significant for the fund to remain in the UK.
In short - take some professional advice that includes a consideration of the tax issues and your visa circumstances.
Best regards.
Compare this with a fund left in the UK where capital received at retirement age and the required income/annuity stream are exposed to tax in Australia if you are tax resident in Australia at the time.
I appreciate that tax isn't the only factor to be considered, but the differences in the taxation of pension funds left in the UK and those transferred to Australia are so significant the "guarantee" offered by a UK final salary scheme has to be fairly significant for the fund to remain in the UK.
In short - take some professional advice that includes a consideration of the tax issues and your visa circumstances.
Best regards.
Oct 27th 2006, 6:33 am
#4
Just Joined
Joined: Jun 2006
Location: Quinns Rocks, Perth, WA
Posts: 14
Re: UK Nursing Pension - Any Advice?
Originally Posted by MattnSue
Any tips / experience re pension schemes? My OH has been with the UK NHS Pension scheme for c 10 years and is wondering what the best option may be a) leave it where it is and start a new one when in Melbourne b) t/fer to Aus Nursing Pension scheme if there is one c) go private. Any guidance gratefully received. Thx.
My hubby and I both had 20+ years in the NHS and got in touch with Prismxpat (www.prismxpat.com) They do all the legwork; get the current value of your pension for you and provide a detailed report. We have been advised to transfer to an Oz Superannuation fund rather than leave our money where it is. They do charge you for their work and charge a percentage of any money transferred over. Getting some financial advice would be a good move in the first instance.
Tracey B
Oct 27th 2006, 8:00 am
#5
happy to be here!
Joined: Aug 2003
Location: Ellenbrook, WA
Posts: 2,732
Re: UK Nursing Pension - Any Advice?
Originally Posted by Tracey B
Hi
My hubby and I both had 20+ years in the NHS and got in touch with Prismxpat (www.prismxpat.com) They do all the legwork; get the current value of your pension for you and provide a detailed report. We have been advised to transfer to an Oz Superannuation fund rather than leave our money where it is. They do charge you for their work and charge a percentage of any money transferred over. Getting some financial advice would be a good move in the first instance.
Tracey B
My hubby and I both had 20+ years in the NHS and got in touch with Prismxpat (www.prismxpat.com) They do all the legwork; get the current value of your pension for you and provide a detailed report. We have been advised to transfer to an Oz Superannuation fund rather than leave our money where it is. They do charge you for their work and charge a percentage of any money transferred over. Getting some financial advice would be a good move in the first instance.
Tracey B
I've got nearly 20 years in the NHS and considering moving superann over.
Will give them a try!
Tracey
Oct 27th 2006, 10:01 am
#6
Forum Regular
Joined: Aug 2004
Location: Gold Coast.
Posts: 147
Re: UK Nursing Pension - Any Advice?
Nightmare, it's so confusing.
I have about 18yrs NHS pension, my wife has about 12yrs Police pension, we've been here nearly 1yr and our pensions are still in the UK as we just don't know what to do, so as we're in doubt leave it well alone where it is!
Since arriving here we both have started Super contributions with Hesta and QSuper, in fact we're salary sacificing both AND making additional contributions.
Keebs
I have about 18yrs NHS pension, my wife has about 12yrs Police pension, we've been here nearly 1yr and our pensions are still in the UK as we just don't know what to do, so as we're in doubt leave it well alone where it is!
Since arriving here we both have started Super contributions with Hesta and QSuper, in fact we're salary sacificing both AND making additional contributions.
Keebs
