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Works pension... What to do ?
Hi there,
We both have works pensions in the UK, mine's frozen since Jan 1999 and my hubby's got two, one's frozen and one that he pays into now. My questions are do we leave them where they are and collect on them when we retire or get them transferred to Australia (if that's possible) We've heard you pay a lot of tax if you transfer them when we retire ? Thanks Julie & Darren Adelaide by early 2003 |
Re: Works pension... What to do ?
Originally posted by Juls: Hi there, We both have works pensions in the UK, mine's frozen since Jan 1999 and my hubby's got two, one's frozen and one that he pays into now. My questions are do we leave them where they are and collect on them when we retire or get them transferred to Australia (if that's possible) We've heard you pay a lot of tax if you transfer them when we retire ? Thanks Julie & Darren Adelaide by early 2003 |
Re: Works pension... What to do ?
Depends if they are final salary or money purchase schemes or not.
If they are final salary then alledgedly you are meant to leave them where they are, however if they are money purchase then the converse may be true. Perhaps you may decide to either/and contact a financial advisor and the aussie tax office (http://www.ato.gov.au/). Jez. "Juls" wrote in message news:434780.1033889455@britishexpats- .com... > Hi there, > We both have works pensions in the UK, mine's frozen since Jan 1999 and > my hubby's got two, one's frozen and one that he pays into now. > My questions are do we leave them where they are and collect on them > when we retire or get them transferred to Australia (if that's possible) > We've heard you pay a lot of tax if you transfer them when we retire ? > Thanks > Julie & Darren > Adelaide by early 2003 > -- > Posted via http://britishexpats.com |
Re: Works pension... What to do ?
Get professional advice. This kind of question is way beyond the
scope of a newsgroup to answer. Jeremy >On Sun, 06 Oct 2002 07:30:55 +0000, Juls wrote: >Hi there, >We both have works pensions in the UK, mine's frozen since Jan 1999 and >my hubby's got two, one's frozen and one that he pays into now. >My questions are do we leave them where they are and collect on them >when we retire or get them transferred to Australia (if that's possible) >We've heard you pay a lot of tax if you transfer them when we retire ? >Thanks >Julie & Darren >Adelaide by early 2003 >-- >Posted via http://britishexpats.com |
Re: Works pension... What to do ?
Originally posted by Jaj: Get professional advice. This kind of question is way beyond the scope of a newsgroup to answer. Jeremy >On Sun, 06 Oct 2002 07:30:55 +0000, Juls wrote: >Hi there, >We both have works pensions in the UK, mine's frozen since Jan 1999 and >my hubby's got two, one's frozen and one that he pays into now. >My questions are do we leave them where they are and collect on them >when we retire or get them transferred to Australia (if that's possible) >We've heard you pay a lot of tax if you transfer them when we retire ? Hi Jeremy, Yes we are going to get professional advise just wanted to get a bit of feed back first. Cheers Julie & Darren Adelaide by early 2003 >Thanks >Julie & Darren >Adelaide by early 2003 >-- >Posted via http://britishexpats.com |
Re: Works pension... What to do ?
By all means feel free to share whatever advice you get on the
newsgroup and some of us (especially Alan) might have a view on how good quality or otherwise it is. Jeremy >On Mon, 07 Oct 2002 07:06:44 +0000, Juls wrote: >> Hi Jeremy, >> Yes we are going to get professional advise just wanted to get a bit >> of feed back first. >> Cheers >> Julie & Darren >> Adelaide by early 2003 >> >Thanks >> >Julie & Darren >> >Adelaide by early 2003 >> >-- >> >Posted via http://briti- >> >shexpats.com/http://britishexpats.com >-- >Posted via http://britishexpats.com |
Re: Works pension... What to do ?
Originally posted by Juls: Hi there, We both have works pensions in the UK, mine's frozen since Jan 1999 and my hubby's got two, one's frozen and one that he pays into now. My questions are do we leave them where they are and collect on them when we retire or get them transferred to Australia (if that's possible) We've heard you pay a lot of tax if you transfer them when we retire ? Thanks Julie & Darren Adelaide by early 2003 You are given a set time to transfer to an Australian super , after that any interest on pension will taxed as income and will be back dated to when you transfer or draw private pension from UK. The best bet leave it in UK and get it paid into bank account in UK when you start to draw on it in retirement , that way it will not attract tax here also not count against you getting some pension here , its a case of they cannot tax what they do not know about.The amount paid into UK account could be drawn by credit card so these clowns would not be able to trace it. :D :beer: |
Re: Works pension... What to do ?
I'm no pensions expert but I know enough to tell you that much of the 'advice' you have received on this forum so far is ill-informed i.e. plain wrong.
See an independent advisor. And when I say 'independent' I mean one who makes no commission from selling you something. However, you may want to look at this page from the ATO. |
Re: Works pension... What to do ?
[QUOTE]Originally posted by etlniwd:
I'm no pensions expert but I know enough to tell you that much of the 'advice' you have received on this forum so far is ill-informed i.e. plain wrong. See an independent advisor. And when I say 'independent' I mean one who makes no commission from selling you something. However, you may want to look at this page from the ATO. [/QUOTE Totally agree with Nick and Jeremy on this one, as I said to you when we spoke (Juls & Daz) its not that simple. We have taken profesional advice ( non commision ) and feel a lot more aware than we did and in our case it would have been a mistake to leave NHS and company pensions here. Paul :confused: |
Re: Works pension... What to do ?
Except that the UK authorities WOULD know about the existence of the pension because they would be advised by the pension fund administrators, who in turn would either advise the Aussie authorities (if they were aware of your Aussie address) or would tax it under the UK PAYE system.
If you know (or believe) you are going to be in Oz at retirement you can look at a tax free lump sum and/or tax free income at age 55 if you transfer the fund ... now THAT is the best bet, not your illegal tax evasion nonsense. Best regards. Originally posted by pommie bastard: You are given a set time to transfer to an Australian super , after that any interest on pension will taxed as income and will be back dated to when you transfer or draw private pension from UK. The best bet leave it in UK and get it paid into bank account in UK when you start to draw on it in retirement , that way it will not attract tax here also not count against you getting some pension here , its a case of they cannot tax what they do not know about.The amount paid into UK account could be drawn by credit card so these clowns would not be able to trace it. :D :beer: |
Re: Works pension... What to do ?
Originally posted by Alan Collett: Except that the UK authorities WOULD know about the existence of the pension because they would be advised by the pension fund administrators, who in turn would either advise the Aussie authorities (if they were aware of your Aussie address) or would tax it under the UK PAYE system. If you know (or believe) you are going to be in Oz at retirement you can look at a tax free lump sum and/or tax free income at age 55 if you transfer the fund ... now THAT is the best bet, not your illegal tax evasion nonsense. Best regards. |
Re: Works pension... What to do ?
Just to add to what Alan Collett has said, pommie bastard’s advice relates to personal pensions, whereas Juls’s original query quite explicitly relates to works pensions, where different considerations apply. It is possible that pommie bastard doesn’t understand the difference, and is not aware of the different treatment which each attracts in Australia, but this just underlines the need for Juls to speak to somebody who knows what he is talking about.
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Re: Works pension... What to do ?
Originally posted by Alan Collett: Except that the UK authorities WOULD know about the existence of the pension because they would be advised by the pension fund administrators, who in turn would either advise the Aussie authorities (if they were aware of your Aussie address) or would tax it under the UK PAYE system. If you know (or believe) you are going to be in Oz at retirement you can look at a tax free lump sum and/or tax free income at age 55 if you transfer the fund ... now THAT is the best bet, not your illegal tax evasion nonsense. Best regards. |
Re: Works pension... What to do ?
Because there is a specific Inland Revenue form that has to be completed and stamped by the ATO if you want the UK Inland Revenue to stop deducting PAYE tax on your pension under the Tax Treaty between the two countries.
And if you don't believe me here is the link to the form in question: http://www.inlandrevenue.gov.uk/cnr/form_aust.htm Now YOU get real. Originally posted by pommie bastard: Get real why would UK tax talk to Aussie tax , look at the fact Aussie state pensions are means tested so if you have too many pensions you will get no state pension ,not the same in UK and not living in UK will mean no tax on it.:D :beer: |
Re: Works pension... What to do ?
Originally posted by Alan Collett: Because there is a specific Inland Revenue form that has to be completed and stamped by the ATO if you want the UK Inland Revenue to stop deducting PAYE tax on your pension under the Tax Treaty between the two countries. And if you don't believe me here is the link to the form in question: http://www.inlandrevenue.gov.uk/cnr/form_aust.htm Now YOU get real. Australia wants all pensioners to be self funded ie no state pension so anyway to hide cash from the state is worth a try ask Mr Packer how much tax did he pay last year?:D |
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