Contributory Parent Visa - Still Sparkling!!! - Part 4
Jun 20th 2010, 1:07 pm
#406
Forum Regular
Joined: Jun 2009
Location: now on Bribie Island QLD
Posts: 57
Re: Contributory Parent Visa - Still Sparkling!!! - Part 4
Hi Sharon,
Good luck with your Mum and Dads application.
Its is a worry to have to pay out such a large amount for the visa's , we now have our visa,s and once we paid out the the 2nd vac payment we were able to accept it and look forward to our move to OZ.
We are just waiting for the house to sell and we will be on our way
Les & Babs
Good luck with your Mum and Dads application.
Its is a worry to have to pay out such a large amount for the visa's , we now have our visa,s and once we paid out the the 2nd vac payment we were able to accept it and look forward to our move to OZ.
We are just waiting for the house to sell and we will be on our way
Les & Babs
we are in the same position as you ,the worry of the visa is over now but the frustration of waiting for the house to sell is almost as bad . We are in west yorks and house sales are almost at a standstill. we are even considering selling at 30% discount to quick sale companies.....Hows the house situation where you are ?
Chris & Rob
Jun 20th 2010, 1:20 pm
#407
Forum Regular
Joined: Feb 2009
Posts: 121
Re: Contributory Parent Visa - Still Sparkling!!! - Part 4
Hi there
we are in the same position as you ,the worry of the visa is over now but the frustration of waiting for the house to sell is almost as bad . We are in west yorks and house sales are almost at a standstill. we are even considering selling at 30% discount to quick sale companies.....Hows the house situation where you are ?
Chris & Rob
we are in the same position as you ,the worry of the visa is over now but the frustration of waiting for the house to sell is almost as bad . We are in west yorks and house sales are almost at a standstill. we are even considering selling at 30% discount to quick sale companies.....Hows the house situation where you are ?
Chris & Rob
Be careful not to jump too quickly, now the hips have gone they were saying that it could well encourage more speculative sellers into the market
. Some may say that is a bad thing but on a brighter note if they sell they have got to buy
. An increase in activity may not help prices in the short term but it should help people in your position.pete
Jun 20th 2010, 2:33 pm
#408
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Joined: Apr 2007
Posts: 623
Re: Contributory Parent Visa - Still Sparkling!!! - Part 4
Hi davenlinda
The following is my own views and thought and cannot be construed as any form of financial advise
Sorry for that but you never know what someone will do with what is said on this site, we are here to share experience. Steve will no doubt back the comment.
Principle difference between Aus and UK is what happens to your pension fund when you retire. If you buy an annuity in the UK the rates are not very good and when both of you have gone to the great place in the sky the annuity company thank you for the large investment in their funds.
An alternative is to "drawdown" your investment, that is take a pension from it whilst leaving the capital in your pension pot. Until this recent change of gov this was only possible till the age of 75 when you HAD to purchase an annuity. Moves are afoot to change this I think so whole life drawdown is possible but no mention has been made as to what happens to the residue of your pension pot.
In Aus my research appears to indicate that most pensions are of the drawdown type but the residue goes into your estate for passing onto your siblings. What rules and regulations are applied to that I do not know, I am still investigating that part.
Drawdown is riskier but gives more control and generally a bigger pension.
You can transfer your funds to an approved Aus superannuation fund (that's what they call pensions) but limits apply as to the overall amount each year, and delays incur tax charges on the increase in value for monies moved after you have been in Aus for more than 6 months.
Lots of info on the IMMI site about tax etc and banks, migration agencies can offer names of pension organizations in Oz who are familiar with this.
One last word of warning, believe nothing till you have heard it from at least 3 sources (I am talking now mainly about anyone trying to sell you anything
)
Take your time and don't try and understand it all at once
Have fun
peter
The following is my own views and thought and cannot be construed as any form of financial advise
Sorry for that but you never know what someone will do with what is said on this site, we are here to share experience. Steve will no doubt back the comment.
Principle difference between Aus and UK is what happens to your pension fund when you retire. If you buy an annuity in the UK the rates are not very good and when both of you have gone to the great place in the sky the annuity company thank you for the large investment in their funds.
An alternative is to "drawdown" your investment, that is take a pension from it whilst leaving the capital in your pension pot. Until this recent change of gov this was only possible till the age of 75 when you HAD to purchase an annuity. Moves are afoot to change this I think so whole life drawdown is possible but no mention has been made as to what happens to the residue of your pension pot.
In Aus my research appears to indicate that most pensions are of the drawdown type but the residue goes into your estate for passing onto your siblings. What rules and regulations are applied to that I do not know, I am still investigating that part.
Drawdown is riskier but gives more control and generally a bigger pension.
You can transfer your funds to an approved Aus superannuation fund (that's what they call pensions) but limits apply as to the overall amount each year, and delays incur tax charges on the increase in value for monies moved after you have been in Aus for more than 6 months.
Lots of info on the IMMI site about tax etc and banks, migration agencies can offer names of pension organizations in Oz who are familiar with this.
One last word of warning, believe nothing till you have heard it from at least 3 sources (I am talking now mainly about anyone trying to sell you anything
)Take your time and don't try and understand it all at once
Have fun
peter
This confirms what we understood. It's how to transfer without someone taking a chunk to do it for you and what to transfer to. I think we will have to bite the bullet though as I think it's quite important to get the correct advice.
Jun 20th 2010, 3:13 pm
#409
Forum Regular
Joined: Feb 2009
Posts: 121
Re: Contributory Parent Visa - Still Sparkling!!! - Part 4
when you find out let me know
this with the house price and exchange rate are our main concerns
. When I find any reputable? (bit unfair
) pension companies I will post info. One thought I am going to pursue however is using my fund/pension managers who have operations in Aus to see if that gives a smoother transition???Hopefully we may get a bit of feedback and experience from others on the site. Steve may know but has been a bit quiet lately, trust all is well with him.
pete
Jun 20th 2010, 10:09 pm
#410
Forum Regular
Joined: Jul 2009
Posts: 143
Re: Contributory Parent Visa - Still Sparkling!!! - Part 4
Hi chris, rob,les and babs
Be careful not to jump too quickly, now the hips have gone they were saying that it could well encourage more speculative sellers into the market. Some may say that is a bad thing but on a brighter note if they sell they have got to buy. An increase in activity may not help prices in the short term but it should help people in your position.
pete
Be careful not to jump too quickly, now the hips have gone they were saying that it could well encourage more speculative sellers into the market
. Some may say that is a bad thing but on a brighter note if they sell they have got to buy. An increase in activity may not help prices in the short term but it should help people in your position.pete
We wont be jumping to soon if need be we will validate our visa's at the end of the year and then come back to sell the house.
The housing market is the same here its very quiet with not a lot of viewers around, and first time buyers have no chance to get onto the ladder with having to have a 25% deposit.
I also do a lot off walking have noticed that there are not as many houses for sale as there was in April and May which probably means that people are staying put so this will also slow down the market.
Good luck to all waiting for visa's and trying to sell your house.
Les
Jun 21st 2010, 8:16 am
#411
Joined: Jul 2008
Posts: 909
Re: Contributory Parent Visa - Still Sparkling!!! - Part 4
Hi davenlinda
The following is my own views and thought and cannot be construed as any form of financial advise
Sorry for that but you never know what someone will do with what is said on this site, we are here to share experience. Steve will no doubt back the comment.
.............
The following is my own views and thought and cannot be construed as any form of financial advise
Sorry for that but you never know what someone will do with what is said on this site, we are here to share experience. Steve will no doubt back the comment.
.............
Jun 21st 2010, 8:25 am
#412
Joined: Jul 2008
Posts: 909
Re: Contributory Parent Visa - Still Sparkling!!! - Part 4
Hi dave / linda
when you find out let me know this with the house price and exchange rate are our main concerns. When I find any reputable? (bit unfair) pension companies I will post info. One thought I am going to pursue however is using my fund/pension managers who have operations in Aus to see if that gives a smoother transition???
Hopefully we may get a bit of feedback and experience from others on the site. Steve may know but has been a bit quiet lately, trust all is well with him.
pete
when you find out let me know
this with the house price and exchange rate are our main concerns. When I find any reputable? (bit unfair) pension companies I will post info. One thought I am going to pursue however is using my fund/pension managers who have operations in Aus to see if that gives a smoother transition???Hopefully we may get a bit of feedback and experience from others on the site. Steve may know but has been a bit quiet lately, trust all is well with him.
pete
Pensions are a complete quagmire and the industry abounds with experts just waiting to pounce on you for a sum of cash. There are lots of resources available, but if you are already drawing a pension, the big challenge is the exchange rate at the moment. It complicates decisions on issues like transfers. The cost of living / housing in Australia has rocketed in the last couple of years for those of us with sterling incomes.
Stating the obvious. No solutions I'm afraid, each person's situation is unique.
Best wishes
Steve
Jun 21st 2010, 8:31 am
#413
Forum Regular
Joined: Nov 2005
Location: Sorell Tasmania
Posts: 94
Re: Contributory Parent Visa - Still Sparkling!!! - Part 4
Hello - all is well, just a busy weekend.
Pensions are a complete quagmire and the industry abounds with experts just waiting to pounce on you for a sum of cash. There are lots of resources available, but if you are already drawing a pension, the big challenge is the exchange rate at the moment. It complicates decisions on issues like transfers. The cost of living / housing in Australia has rocketed in the last couple of years for those of us with sterling incomes.
Stating the obvious. No solutions I'm afraid, each person's situation is unique.
Best wishes
Steve
Pensions are a complete quagmire and the industry abounds with experts just waiting to pounce on you for a sum of cash. There are lots of resources available, but if you are already drawing a pension, the big challenge is the exchange rate at the moment. It complicates decisions on issues like transfers. The cost of living / housing in Australia has rocketed in the last couple of years for those of us with sterling incomes.
Stating the obvious. No solutions I'm afraid, each person's situation is unique.
Best wishes
Steve
John & Marg
Jun 21st 2010, 8:47 am
#414
Joined: Jul 2008
Posts: 909
Re: Contributory Parent Visa - Still Sparkling!!! - Part 4
Re. Pension transfers, as you say Steve, we are all unique, we went to a specialist financial advisor (who is very experienced in UK/Oz financial aspects including pension transfers) who has looked at "our" situation and has given and continues to give us good advice. We had to pay up front but we are very happy with the way we are continuing to be "looked after".
John & Marg
John & Marg
I'd be grateful if you could pm me with the name of the advisor. It may not be a good idea to put it on the forum in case someone else has a different experience - but I might just be over-cautious.
Thanks
Steve
Jun 21st 2010, 8:55 am
#415
Forum Regular
Joined: May 2009
Location: Woongarrah, Central Coast. NSW
Posts: 101
Re: Contributory Parent Visa - Still Sparkling!!! - Part 4
We have also used an adviser for pension transfers. We visited a "Down Under" show in Birmingham where we met two companies. We selected Global Qrops who prepared a very comprehensive report for us, for a reasonable price and have since made use of them to carry out the pension transfer. As we have not yet gone to Australia, we haven't carried out the final bit.....we are holding on for a better exchange rate - Huh!
If you want their details I am happy to provide them.
Julie
If you want their details I am happy to provide them.
Julie
Jun 21st 2010, 9:41 am
#416
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Joined: Jun 2009
Location: Wivenhoe
Posts: 595
Re: Contributory Parent Visa - Still Sparkling!!! - Part 4
Why are agents/advisors any different to relocation/removal companies, banks and money exchange companies?
They get named and shamed or praised on here regularly, and they charge just as much.
Not having a go at you Steve as others seem to have the same view as you, just interested why there different standards for them.
Jun 21st 2010, 9:47 am
#417
Forum Regular
Joined: Jun 2010
Posts: 116
Re: Contributory Parent Visa - Still Sparkling!!! - Part 4
As of 3.04pm (local Perth time) on 21 June, we semi-officially joined the queue – our 47PA etc delivered (by FedEx – yes, I know what others have said...) to the PVC in Perth. No, of course it's not officially official until we get our acknowledgement, but you have to start somewhere...
Incidentally, we are initially applying for a 173; does anyone know if it's easy to switch to a 143 before grant and paying 2nd VAC (and without sacrificing a place in the queue) if financial circumstances ease unexpectedly?
Apart from all our (small) immediate family – only daughter, son-in-law and two g'children – being happily settled in Sydney, we can honestly say that we have more good friends there than in London, having spent three or four months there every southern summer for the last six years. To say nothing of more extended work placements spread over 45 years, unfortunately never long enough to get permanent residency! (No offence meant to London friends!)
So, as bones age and the inclination to fly 12,000 miles and back every year wanes, we're looking forward to making Oz our permanent home.
Mike 'n' Sue
Incidentally, we are initially applying for a 173; does anyone know if it's easy to switch to a 143 before grant and paying 2nd VAC (and without sacrificing a place in the queue) if financial circumstances ease unexpectedly?
Apart from all our (small) immediate family – only daughter, son-in-law and two g'children – being happily settled in Sydney, we can honestly say that we have more good friends there than in London, having spent three or four months there every southern summer for the last six years. To say nothing of more extended work placements spread over 45 years, unfortunately never long enough to get permanent residency! (No offence meant to London friends!)
So, as bones age and the inclination to fly 12,000 miles and back every year wanes, we're looking forward to making Oz our permanent home.
Mike 'n' Sue
Last edited by MikenSueNW3; Jun 21st 2010 at 9:49 am. Reason: Add signature
Jun 21st 2010, 9:51 am
#418
Joined: Jul 2008
Posts: 909
Re: Contributory Parent Visa - Still Sparkling!!! - Part 4
Would that not let one have a balanced view?
Why are agents/advisors any different to relocation/removal companies, banks and money exchange companies?
They get named and shamed or praised on here regularly, and they charge just as much.
Not having a go at you Steve as others seem to have the same view as you, just interested why there different standards for them.
Why are agents/advisors any different to relocation/removal companies, banks and money exchange companies?
They get named and shamed or praised on here regularly, and they charge just as much.
Not having a go at you Steve as others seem to have the same view as you, just interested why there different standards for them.
Cheers
Steve
Jun 21st 2010, 10:46 am
#419
Forum Regular
Joined: Sep 2009
Location: Gloucestershire
Posts: 32
Re: Contributory Parent Visa - Still Sparkling!!! - Part 4
As of 3.04pm (local Perth time) on 21 June, we semi-officially joined the queue – our 47PA etc delivered (by FedEx – yes, I know what others have said...) to the PVC in Perth. No, of course it's not officially official until we get our acknowledgement, but you have to start somewhere...
Incidentally, we are initially applying for a 173; does anyone know if it's easy to switch to a 143 before grant and paying 2nd VAC (and without sacrificing a place in the queue) if financial circumstances ease unexpectedly?
Apart from all our (small) immediate family – only daughter, son-in-law and two g'children – being happily settled in Sydney, we can honestly say that we have more good friends there than in London, having spent three or four months there every southern summer for the last six years. To say nothing of more extended work placements spread over 45 years, unfortunately never long enough to get permanent residency! (No offence meant to London friends!)
So, as bones age and the inclination to fly 12,000 miles and back every year wanes, we're looking forward to making Oz our permanent home.
Mike 'n' Sue
Incidentally, we are initially applying for a 173; does anyone know if it's easy to switch to a 143 before grant and paying 2nd VAC (and without sacrificing a place in the queue) if financial circumstances ease unexpectedly?
Apart from all our (small) immediate family – only daughter, son-in-law and two g'children – being happily settled in Sydney, we can honestly say that we have more good friends there than in London, having spent three or four months there every southern summer for the last six years. To say nothing of more extended work placements spread over 45 years, unfortunately never long enough to get permanent residency! (No offence meant to London friends!)
So, as bones age and the inclination to fly 12,000 miles and back every year wanes, we're looking forward to making Oz our permanent home.
Mike 'n' Sue
Our daughter, son-in-law and 2 grandchildren are also in the Sydney area (Balgowlah Heights).
that all goes well.
Jun 21st 2010, 12:40 pm
#420
BE Enthusiast
Joined: Jun 2009
Location: Bexley, Kent
Posts: 326
Re: Contributory Parent Visa - Still Sparkling!!! - Part 4
Re. Pension transfers, as you say Steve, we are all unique, we went to a specialist financial advisor (who is very experienced in UK/Oz financial aspects including pension transfers) who has looked at "our" situation and has given and continues to give us good advice. We had to pay up front but we are very happy with the way we are continuing to be "looked after".
John & Marg
John & Marg