ABCDiamond

With my one I can, as it is within some limits, but I think I have to decide soon, or lose the chance.
I can't remember exactly what the rules were, but it isn't large enough for me to be overly worried.
But I think I would rather have the cash now.

Horizon01

Hi

Everyone's situation is different. For some it makes sense to transfer to a QROPS. For others it is better to leave it where it is. I suggest you consult an IFA that you trust.

ray2gill

Depends if you have a cash option. the legislation has just changed about transfers to QROPS but I don't know how that will effect anyone. I only know that once you transfer it here you cannot transfer it back again it will remain in OZ even if you don't.

I would suggest that you contact someone who knows about both the UK & OZ systems for advise. Someone like Alan Collett of Go Matilda if you don't know anyone.

Dinky

Having made Australia home I've transfered the lot, personal, company, final salary.
My opinion is that over in Australia I will get (unless Rudd the dud stuffs it!) my super tax free at 60. Alos I don't have to buy a stupid annuity. When I finally pop off I pass on the balance to the rug rats.
Best news is that due to house renovation distractions the whole lot is sitting over here in cash - waiting for when the bottom of the market is close.

As Yaz said ' The only way is up'

Dinky

hunt66

Hi sorry to jump on the thread but if we choose to change our private UK pensions to an oz fund how can we go about it ourselves, the organisation who did a free assessment of our pensions for westpac will want a lot of money to arrange the swap (I thought it was a reasonable easy transaction, prob wrong)
Any advice listened to thanks

Alan Collett

Speak to your UK pension scheme provider.

If it all becomes too difficult ... that is why the professional advisors charge a fee ... and let me know by way of a PM or email if you would like an intro to my colleague who assists with the transfer of UK pension benefits into Australia.

Best regards.

hunt66

Thanks for the help

Dinky

Agree with taking advice as to if you move pensions or not it’s a big decision and your future retirement you’re playing with – most people spend less time thinking about funding their retirement than they do choosing paint colours for renovations.
Think hard about the need to use anyone to manage any fund transfer for you. Provided you use a QROPS approved fund over in Australia it’s very straightforward and the paperwork is minimal. Remember the impact of fees can make a huge difference to the value of your fund – that’s both fund fees and adviser fees!

Here’s a great link to QROPS

http://www.qropsguide.com/about_qrops.html

Dinky

Horizon01

I suggest that you speak to an IFA that you can rely on, the U.K. pension company and several QROPS. Gather information, compare fees and weigh the advantages/disadvantages. Then you can make an informed decision.

A list of QROPS can be found here:
http://www.hmrc.gov.uk/PENSIONSCHEMES/qrops-list.htm

Scoofy

Hi,

I migrated to Oz approximately 4 years ago and now work in financial planning.

We have assisted a few of our clients with transferring their UK pensions to Australia and also with their UKNI entitlements. I also rolled my own Irish pension to Oz.

Whether you should transfer your UK pension to an Australian super fund is a difficult question, and the answer will be different for everyone.

Generally, you should consider the following issues:

- How much control do you want over your pension? If your long-term plan is to stay in Australia, I would rather have control over my retirement fund than have it being paid from overseas.
- That being said, your UK pension may pay a guaranteed annual amount, whereas in Australia, your retirement kitty will depend on how you invest it.
- If you receive your UK pension payment in Oz, there may be income tax payable,. whereas if you are over 60 and receive a pension form your aussie fund, no tax will be payable.
- estate planning: in Oz your balance upon death goes to your beneficiairies, whereas in the UK, depending on your scheme, the payments to your spouse/children may either reduce or cease upon your death.
- then there is also the foreign exchange issue...
- please note that if you decide to transfer your Uk pension to Oz, there may be a benefit in doing it sooner rather than later, as tax may be payable in Oz
- but also note there is also a limit on the amount you can transfer into your Australian super fund...

As you can see, this is a very complex area, and I would advise you to seek specialist advice from a reputable planning firm, as your retirement fund may be your biggest or 2nd biggest asset (after house) in your life!

Scoofy

Dinky

If you are interested enough to worry about your pension you are able to make the transfer yourself.
Advise good, paying some one to do something you can do easily bad.

Dinky

hunt66

I am happy to sort out the transfer myself (managed to do our visa ourself sure i can transfer the pensions), just not sure where to start finding a good fund to put it in. Would anyone also know do the funds you set up to transfer your money into usually charge you, westpac want $1100 dollars and 1.65% of the fund to allow us to put the fund in one of thier's, this seems a bit strange.
Any advice of where to start looking for a good pension fund here.
Thanks Claire

Dinky

Virgin make it easy and cheap(ish):
http://virginmoney.com.au/superannua...EO=N&kw=google

I went with BT due to the range of funds available(more expensive but better managed funds:
http://www.bt.com.au/super/

You pays your money etc.....

DaveandLinda

My husband has reached the age where he can draw his Teachers Pension and as we are intending applying for a CPV and had envisaged probably transferrring this and various other pension we have to Australia eventually we were dismayed when we were informed that 'thereis no provision within the scheme regulations that will enable you to transfer your pension credit to another scheme in England or abroad once you become entitled to your benefits'.

Does anyone know how we can challenge this? We really do not want to be at the mercy of exchange rates and transfer deductions which could seriously erode the amount of pension we receive.

Alan Collett

I will send you a PM with details of my colleague who may be able to provide some input into the situation in which you find yourselves.

Best regards.