Dee01

Hi,

Anyone on here transferred their pension to Aus? My dh has 3, one private since age 18 which he want's to continue paying into, a second one from a company he worked for, for years and is leaving until retirement and his last one, which he is considering cashing in on if he can, to help with costs in case we don't get jobs in Aus to start off with!! has anyone done this and is it possible if we are immigrating?? the lady on reception said she thinks its possible but they are stalling so wondering about our legal rights with immigration etc..

D

Bermudashorts

This area is really about the immigration / visa process. Most people in here have not go to transfering pensions yet.

So if you don't get any answers, can I suggest you ask a mod to move your query to the Australia forum, there will be loads of people in there who have knowledge of the process.

Dee01

Thanks, I wasn't sure where to post this question! how do I ask a moderator to move my query?

D

JAJ

Why on earth would he want to keep paying into a UK pension when living (permanently) in Australia? As opposed to paying into an Australian pension?

Dee01

I am just asking questions in which I may come across as a bit stupid but need answers and was hoping for information or experience from member on this site, but its our kids/our future (hence originally posting in immigration forum in hindsight it should be in the Australia forum silly me!!) but as its a private pension he took out years ago we just thought to continue it. Yes of course he will take out a new pension (super annuation if I remember from living there when single before) Also my main question is can we cash a UK Pension in if we are immigrating as we don't feel the need to carry it on or do we have to let it mature to pensionable age?

Another Q as you are a moderator could you move my post to the appropriate forum.

Thanks
D

JAJ

You can't "cash in" a UK pension but you may be able to transfer it to Australia (search for QROPS) and if it's a personal pension, the Australian tax treatment is not good so you probably want to look actively at this and consider it as soon as possible after arriving.

Employer sponsored pensions are somewhat better, it might well be an option to keep it frozen.

Bear in mind that if you transfer pensions into Australia and then leave (if you are permanent residents or citizens) then you can't transfer the pensions back to the UK.

johnnye

You can't cash it in but you can transfer it to a QROPS scheme here in Australia. There are a large number of funds you can choose from. these can be found on the Inland Revenue's web site. If you do not transfer the private pension (with a certain timeframe after you first arrive - I think 6 months)then the growth in it will be taxed as it is known as a FIF (foreign investment fund). Occupational pensions I understand are exempt from tax. You are taxed on your world wide income when in Australia. All this information is freely available on the ATO (Australian Tax office) web site.

Pollyana

JAJ doesn't have the ability to move threads in the Aus forum, but I've just seen your post so I'll move it now

xzibit

I have two pensions that were both set up with employers in the UK. One I haven't paid into for years, but I keep getting statements saying that the NI contribution for year 'x' is £y and the pension is now worth £z.

My current one that I have been paying lately is frozen at the moment.

Is it best to just take the paperwork for them with me, and show them to an Australian accountant, and they should know how to bring them across? As I don't want to waste them.

johnnye

Take the paperwork with you. Usually specialists, will help you transfer them. Some QROPS fund will also help you do this. It's not free though.

ianandhelena

Do it yourself for free - i did.

xzibit

Is it easy? I have no clue with any of it.

Dee01

Thank you

Dee01

Thanks! never heard of QROPS exactly the info I was looking for will do some reseach.

Dee01

Exactly why I posted I would never ever have known to do this within " 6 months" as when immigrating one has sooo much to take in!!!