bobbyfaescotland

I need to sort out my UK Pension and get it transfered to a Superfund. I have requested the forms and documentation from my pension provider and when they arrived I was baffled.

Does anyone have any recommendations for speaking to someone about UK Pension transfers. I need to meet someone to discuss.

Bobby

datamile

Not got that far. The australianSuper one appears fairly simple, and they even send you the letters to send to the UK.

This is their online notes

http://www.australiansuper.com/resou...14F9/QROPS.pdf

Bix

If you've already selected a QROPS Australian super fund ask them about it.
Mine did the transfer for me. I just had to sign the various forms.

Possums

Hi Bix do you mean the super fund here did the transfer for you? we still have a pension frozen in the UK that needs sorting out

Bix

Yep.
They did everything

Possums

thanks mate will have to get it sorted

im9907620

The rules changed in July 07, and it is ideal now to transfer your UK pension within 6 months of getting to Auz. If you transfer your UK pension fund to an Australian Superannuation Scheme that has received qualifying
recognised overseas pension scheme status (QROPS)within the first six months of your residency in Australia then any tax charge is waived. If you transfer after the six months residency in Australia the tax treatment is still
favourable as the Australian tax authorities will only levy tax on the growth in the fund from the time you entered Australia until the time you transfer the fund. If you would like me to introduce you to a colleague specialising adviser in UK/Auz pension advice e-mail me direct with some brief facts and figures and I will see what may be done.

datamile

Yup, the basic rules are

1) It has to be Qorps Fund.
2) Tax free if moved within 6 months of arrival
3) 15% tax on increase if move after 6 months ( thats why they ask the date and value for when you leave uk ).

I doubt if there would be much of an increase in most stock based UK funds in the last 6 months.

joeyb

I have a civil service pension and have been looking into what to do with it today. I am getting a little confused by the whole process and really need an idiots guide.

I have the options of transferring to a QROPs fund or I can freeze it until I am 60.

If I choose the second option, would I have to pay tax on my lump sum and pension payments when paid to me in Oz when 60.

However, If I choose to transfer it to a QROPs when I take up PR in June can I continue to make payments every month or is it frozen in Oz?

Which is the better option?

Any help much appreciated

Jo

Possums

bugger I read that last night on the link above we've been left UK 10 months
don't know whether its best left there to mature?

sasbear

Me too - i have 2 mall frozen pensions back in the UK. i may drop a line to our advisor at work to see if he can shed any light on the best course of action.

Possums

well Col asked his financial advisor 3 times before we left what to do and he said leave it to mature but who friggin knows, he never said anything about having to pay tax after leaving 6 months and he was supposed to have looked into it all

sasbear

Well i knew that bit - but I was also told that some frozen funds (british coal) ask the other pension fund to 'underwrite' something? Not sure exactly what - I was told this when i tried to transfer my frozen British coal one into the teachers one - now i have both frozen!!

Possums

seems the way to go is to get some advice from this end.

sasbear

Have just emailed our advisor - so will let you know what he says