UK pension transfer
#1
Just Joined
Thread Starter
Joined: Jun 2020
Posts: 22
UK pension transfer
I’m considering transferring my UK company defined benefit pension to Australia. I think I know the processes and options. Been talking to a couple of financial advisors but they want a lot of money to do this, up to 25k over five years plus the 15% ATO will take if I set up QROPS.
Has anyone transferred their pension and would like to share their experience?
Any recommendations would be appreciated. Cheers.
Has anyone transferred their pension and would like to share their experience?
Any recommendations would be appreciated. Cheers.
#2
Lost in BE Cyberspace
Joined: Dec 2010
Posts: 14,040
Re: UK pension transfer
I’m considering transferring my UK company defined benefit pension to Australia. I think I know the processes and options. Been talking to a couple of financial advisors but they want a lot of money to do this, up to 25k over five years plus the 15% ATO will take if I set up QROPS.
Has anyone transferred their pension and would like to share their experience?
Any recommendations would be appreciated. Cheers.
Has anyone transferred their pension and would like to share their experience?
Any recommendations would be appreciated. Cheers.
#3
Just Joined
Thread Starter
Joined: Jun 2020
Posts: 22
Re: UK pension transfer
Yea it all seems a bit costly to transfer, anyone got any recommendations?
#4
Migration Agent
Joined: May 2002
Location: Offices in Melbourne, Brisbane, Perth, Geelong (Australia), and Southampton (UK)
Posts: 6,459
Re: UK pension transfer
The tax saved if you transfer to an Australian super fund can be compelling - have you spoken with my colleagues financial planning colleagues at bdhSterling?
Feel able to send a PM to me if you would like contact details.
Best regards.
Feel able to send a PM to me if you would like contact details.
Best regards.
#5
Just Joined
Thread Starter
Joined: Jun 2020
Posts: 22
Re: UK pension transfer
Hi Alan,
im aware of the tax saving available but I’m also aware of the initial and ongoing costs to achieve this tax saving. I have already spoken to one of your colleagues.
Im specifically looking for input for anyone who has been through the process who is willing to share their experience.
if you could give me a couple of contacts that have used your company’s services, that may help.
im aware of the tax saving available but I’m also aware of the initial and ongoing costs to achieve this tax saving. I have already spoken to one of your colleagues.
Im specifically looking for input for anyone who has been through the process who is willing to share their experience.
if you could give me a couple of contacts that have used your company’s services, that may help.
#6
Migration Agent
Joined: May 2002
Location: Offices in Melbourne, Brisbane, Perth, Geelong (Australia), and Southampton (UK)
Posts: 6,459
Re: UK pension transfer
I've sent a PM to you.
Best regards.
Best regards.
#7
Just Joined
Thread Starter
Joined: Jun 2020
Posts: 22
Re: UK pension transfer
Thanks Alan.....has anyone else actually used professional services to transfer
#8
Re: UK pension transfer
I'm sure there may be good reasons for bringing your pension over but just the thought of having to pay some 'expert' or, err, 'financial consultant' a lot of money to do it means ours are staying over there
#9
Migration Agent
Joined: May 2002
Location: Offices in Melbourne, Brisbane, Perth, Geelong (Australia), and Southampton (UK)
Posts: 6,459
Re: UK pension transfer
Best regards.
#10
Just Joined
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Joined: Jun 2020
Posts: 22
Re: UK pension transfer
I too have decided to leave mine over there, not worth the costs involved.
#11
Forum Regular
Joined: Sep 2007
Posts: 98
Re: UK pension transfer
Don't forget that it would no longer be defined benefit.
#13
Forum Regular
Joined: Sep 2007
Posts: 98
Re: UK pension transfer
Once transferred to a super fund the investment returns are not defined. So you could lose out or gain by transferring.
The tax advantage means that when you draw the pension in Oz it is not taxed but it would be if left in the UK.
The tax advantage means that when you draw the pension in Oz it is not taxed but it would be if left in the UK.
#14
Just Joined
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Joined: Jun 2020
Posts: 22
Re: UK pension transfer
your first sentence is correct. Your second sentence is not, you pay 15% tax to the ATO if you transfer. If your annual pension payment is less than 20k AUD then you do not pay any tax.
#15
Re: UK pension transfer
One of the reasons I got an MBA was that I wanted to learn as much as I could about business, finance, accounting, economics and contracts so that I could make informed financial decisions for myself. If I ever have to use the services of these people, I'd have failed in this endeavour. One of the best things I learnt in economics was that if you see or read something that doesn't look right, break it down to basics and you'll get your answer. Job done
Anyway, our holidays in the UK and Europe when we retire will be financed by our pensions that are staying over there. Looking forward to them!