REFUND OF PENSION CONTRIBUTIONS
 

Hi All

I apologise if this is not the correct forum to put this in but I thought maybe someone who had returned would be in a better position to answer the question.

We came to Perth nearly 2 years ago on a 457 visa but got our PR in July 2007. We are thinking of heading back but thought that we could claim back our pension contributions from GESB. Hubby still has a 4 year fixed term contract. They have never given him a permanent contract. The Tax Office have told me that since we got our PR we can't do this!!!! Lady said only under severe financial hardship could you get the contributions out and that you can't transfer them to a UK pension scheme either.

Can anyone advise if this is the case.

Thanks

Re: REFUND OF PENSION CONTRIBUTIONS
 

For sure the 9% employer contribution is locked up here until you retire if you are a PR or citizen. I think in 'some' circumstances you can access any voluntary contribution you've made, but I think this is very rare.

Welcome to the land of opportunity :thumbdown:

Re: REFUND OF PENSION CONTRIBUTIONS
 

Sadly I think that is right - their rationale is that if you have PR then you can come back at any time as a retiree and therefore potentially not have any retirement savings and be dependent on the old age pension. I dont know how successful pleading financial hardship would be especially if you are able to be employed. I know it is impacting on a few people who are heading back. At least it never actually disappears and if you keep track of it you can access it when you get to retirement age (that may change in the future). Think of it as forced savings I suppose.

Re: REFUND OF PENSION CONTRIBUTIONS
 

Even though in reality, PR may be long expired by then.
I think the real thinking is that if you apply for and obtain PR you are expressing an intention to remain permanently in Australia.

Re: REFUND OF PENSION CONTRIBUTIONS
 

You can do that in loads of countries and still access your pension fund.

Re: REFUND OF PENSION CONTRIBUTIONS
 

As has been said - generally if you are a citizen or PR you can't take it back with you.

Isn't it strange that you can transfer it all out here from the UK - but once it's here - here it stays!!!

Re: REFUND OF PENSION CONTRIBUTIONS
 

Yup, they probably cant figure how anyone would ever want to leave:sneaky:

Re: REFUND OF PENSION CONTRIBUTIONS
 

Does any one know if this is the same for NZ?