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.

Re: UK pension transfer
 

Left it all in the UK for retirement. No idea if this is the best option.

Re: UK pension transfer
 

Yea it all seems a bit costly to transfer, anyone got any recommendations?

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.

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.

Re: UK pension transfer
 

I've sent a PM to you.

Best regards.

Re: UK pension transfer
 

Thanks Alan.....has anyone else actually used professional services to transfer

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

Re: UK pension transfer
 

What if the cost of the advice is somewhat less than the financial gain resulting from a transfer of your pension benefits to Australia?

Best regards.

Re: UK pension transfer
 

I too have decided to leave mine over there, not worth the costs involved.

Re: UK pension transfer
 

Don't forget that it would no longer be defined benefit.

Re: UK pension transfer
 

could you explain what you mean?

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.

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.

Re: UK pension transfer
 

Sure, it may be for some (and/or the gullible) but after being cold contacted and harassed by many of these guys (don't know how they got my details), even after repeated requests not to, that's a no thanks from me. To a man, they've all come across as slick versions of Del Boy (always British too), full of great patter but no mention of the costs involved. I'd like to see whats in their carparks!

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!