BrisbaneBound2008

Hey everyone! We moved here in May and are now trying to transfer hubby's pension over to a superannuation fund here. So, we had 6momths to do this without any charges but were slack so now will have to pay something on it. Oh well.

So we are with prudential in UK, and apparently we have just found out that only 2 companies in the whole of Australia will transfer it, Westpac and someonther company! Prudential won't deal with anyone else!!! What?!!! Has anyone else had this problem? What did you do with your UK pension. We are def staying here forever. What happens if we leave it in the UK until retirement age and then get the payout?

Any advise would greatly appreciated!!

datamile

You only pay 15% on any INCREASE since your arrival.. Can't see that being anything.

I thought they would legally have to accept any transfer request as its your money. You just need to make sure the Oz fund is on the QROPS list, and most funds will do all the transfer for you.

ABCDiamond

Not all Australian super companies have altered their statutory rules to comply with the UK legal requirements. Hence only a few can do it. At least that's what I read a year or so ago


If you leave you UK pension in the UK, you just claim it when you retire, and get it at the current GBP/AUS FX rates. It may be better, it may be worse.

You would declare it as income for Australian tax. Not sure if there are any other rules on that...

steve99

sounds like complete rubbish from the Pru to me, do it from the Australian end not the Uk end. Just sort out the provider and fund in OZ that you want to bring the money across into (check they are QROPS) and basically contact them and say you want to transfer a UK pension over to them, they'll send you a few forms which you complete (from memory one sort of gives them authority to act on your behalf) they then do all the contacting in the UK and just send you bits and bobs to sign.

I moved 2 over earlier in the year and it was totally straightforward, painless and im so glad I didnt payout for someone to do it for me.
Im moved mine into a fund with Mercer.

BrisbaneBound2008

Thanks everyone! Decided to go with Westpac and yep, signed a letter of authority for pensions direct to get all details etc from pru and sort for us with Westpac - panic over!!!

ossigeno

This is my understanding:
Leaving in the UK means you are at some point forced to buy an annuity. Annuity = Annuity provider gives you a paltry return (i.e. about the same as a building society) on your money and in return they keeps your money (i.e. your pension fund) when you die.
At least with Aussie pensions your pension pot forms part of your inheritance estate.

NigelWaring

I'm with Agest. Charges are $3.05 per month and the rest is mine, you can move your money around between their various funds at no charge, mine is in cash at the moment which is paying the best return.