uk pensions
Aug 6th 2009 | 9:02 pm
#1
Thread Starter
Forum Regular
Joined: Jul 2009
Posts: 50
uk pensions
hi all,
i have a permanent residency visa and move to oz in 7 days.
i have two private/personal uk pensions.one is from my 9 years of a misguided career in a government department and is the gold plated civil service pension and the other is from my last 3 years in construction.
should i choose a super fund and transfer these into it as soon as ive settled as ive read that if they are kept in the uk when they mature i will be taxed in both countries.
i will not be returning to the uk.
where do us expats stand on our uk ni contributions into the state scheme as ive contributed 22 years can we transfer these into a recognised super fund.
any advice will be much appreciated.
i have a permanent residency visa and move to oz in 7 days.
i have two private/personal uk pensions.one is from my 9 years of a misguided career in a government department and is the gold plated civil service pension and the other is from my last 3 years in construction.
should i choose a super fund and transfer these into it as soon as ive settled as ive read that if they are kept in the uk when they mature i will be taxed in both countries.
i will not be returning to the uk.
where do us expats stand on our uk ni contributions into the state scheme as ive contributed 22 years can we transfer these into a recognised super fund.
any advice will be much appreciated.
Aug 6th 2009 | 11:41 pm
#2
Bitter and twisted
Joined: Dec 2003
Posts: 17,503
From: Upmarket
Re: uk pensions
ive read that if they are kept in the uk when they mature i will be taxed in both countries.
i will not be returning to the uk.
where do us expats stand on our uk ni contributions into the state scheme as ive contributed 22 years can we transfer these into a recognised super fund.
i will not be returning to the uk.
where do us expats stand on our uk ni contributions into the state scheme as ive contributed 22 years can we transfer these into a recognised super fund.
How do you know you won't be returning to the UK?
No you can't transfer the state pension.....you can draw on it when you reach retirement age.
Aug 7th 2009 | 9:41 am
#3
Lost in BE Cyberspace
Joined: Sep 2007
Posts: 8,390
From: Canberra
Re: uk pensions
Get good advice about transferring your "gold plated one" for starters, it may be better to leave it where it is. You have 6 months to make the decision so there is no need to rush because if you transfer everything over and then decide that you dont like it here after all, you cant take your super back again and have to wait until you reach retirement age. Slow down a bit, you have plenty of time.
You may also decide that you want to keep contributing to your UK state pension - you can do that from here and providing it hasnt disappeared into thin air before you hit 67 or whatever the age may be by the time you get there, you may be grateful for it.
You may also decide that you want to keep contributing to your UK state pension - you can do that from here and providing it hasnt disappeared into thin air before you hit 67 or whatever the age may be by the time you get there, you may be grateful for it.
Aug 7th 2009 | 5:42 pm
#4
Thread Starter
Forum Regular
Joined: Jul 2009
Posts: 50
Re: uk pensions
thanks for the advice quoll,
im unsure about paying into the uk pension with class 3 contributions.i will get advice as to if it will be better for me to put that extra into my super fund and just get 22/30ths of the uk pension(if its still around by then).
knowing how its going in the uk i feel the retirement age will rise yet again.
this morning on the news its been reported that the uk pension regulator is going to recommend that the government raise the state pension age to 70.
like you said we have 6months to sort this out.
im unsure about paying into the uk pension with class 3 contributions.i will get advice as to if it will be better for me to put that extra into my super fund and just get 22/30ths of the uk pension(if its still around by then).
knowing how its going in the uk i feel the retirement age will rise yet again.
this morning on the news its been reported that the uk pension regulator is going to recommend that the government raise the state pension age to 70.
like you said we have 6months to sort this out.
Last edited by cornishexpat; Aug 7th 2009 at 6:21 pm.
