superannuation
 

The people that have returned to the UK from OZ that are under 55 what are you doing with your superannuation? im lead to believe that you can not take your superannuation out if you were a PR/Citizen or a NZ PR while in OZ.

Re: superannuation
 

That's correct. I'm with QSuper and I've been told I can only have access to it if I renounce citizenship - so not going to happen! I think you can have access to it only if you can prove hardship. I'm so so so grateful I left my NHS pension in the UK as I was told at the time once I transferred it over then that would be it, here it would stay. I'm going back to the NHS so I'm hoping to restart my pension up again once I'm back in employment :)

You do get any Oz super payouts owed to you once you reach retirement age so just make sure you keep them updated with your UK address.

Re: superannuation
 

Yer iv just started paying back my pension in the UK should be able to get the full pension by the time i get there.

Re: superannuation
 

I have a couple of super policies being held for me in OZ and both are government run ones, so I was told that even if I renounced citizenship I couldn't access it, because I'd still be classified as a permanent resident (which is the first status you get before becoming a citizen), and therefore still able to go back to OZ to retire if I wanted to. I think they just don't want to pay out that much money. LOL

Plus you can only get 'some' of the superannuation due to financial hardship and basically that is just your 'member component', or the money YOU personally have paid into the plan, not the employer contributions. Then if you do that they charge a huge chunk in tax.

Re: superannuation
 

A mate of mine Australian went to live in China at the time he thought it would be for good but ended up coming back after 7 years. He was over 55 at the time and took his super out he said it was to do with your his tax status plus he had to show he was living away permanently.
This story is why i originally posted ill see if i can find out more

Re: superannuation
 

Yes...if you find out more info, let us know because I'm sure there will be others in the same boat would benefit financially at being able to withdraw their Australian super, especially before retirement age. LOL

Re: superannuation
 

There is not one single verifiable case where an Australian citizen (or permanent resident) has been able to do that, except:

1. If it was originally contributed when the person concerned was a temporary resident; or

2. If the fund made a mistake.

Re: superannuation
 

As I mentioned earlier...they can take out their 'member component' before retirement age if they claim financial hardship, but the employer contributions are preserved until retirement age.

But you're correct... I have never heard of anyone being able to withdraw ALL their benefits prior to retirement age, except for the reasons you mentioned.

Re: superannuation
 

There are specific circumstances where anyone may be able to access superannuation early. However, it doesn't appear that you have to renounce citizenship to do this:
http://www.humanservices.gov.au/cust...superannuation

Re: superannuation
 

True! Each individual superannuation company has their own rules and regulations when it comes to early release of superannuation, and what they don't mention is their rules only apply to member component and not the other preserved benefit. I was told by my own superannuation company that each circumstance is evaluated and the reason they don't pay out ALL of the benefits held is because there is always that possibility that the person in question MIGHT return to Australia to retire.

Re: superannuation
 

Either way, there's no evidence out there that renouncing citizenship will make any difference.

Re: superannuation
 

True ! Even the superannuation companies have said that renouncing won't make a difference because the person would still be classified as a permanent resident and therefor eligible to return to Australia to live at any time.

All my comments are of course based on personal conversations with the superannuation companies I am with who are based in Australia.

Re: superannuation
 

Not really true either.

A person who renounces Australian citizenship inside Australia automatically gets a (permanent) ex-citizen visa. However, this visa does not give a re-entry right to Australia and the only way to come back to Australia is to qualify for a Resident Return Visa (RRV).

Those who renounce citizenship outside Australia need to qualify for an RRV if they want to come back to Australia as residents. Some former citizens will qualify for an RRV - but many do not.

There are also restrictions on the right to resume Australian citizenship. It's not an unqualified right.
http://www.citizenship.gov.au/current/resumption/

Re: superannuation
 

I think I am going to stop talking with government offices, because no matter what I get told there is always someone who says that what I was told was wrong. :rofl::rofl: But in my case I'm not going to renounce citizenship but nor am I ever going to return to Australia to live, so I will just wait until I reach retirement age and then claim my superannuation. That is of course if it is still available and the government haven't absorbed all my money for whatever reason because I haven't lived in Australia for X number of years. End of ! :rofl: