NHS PENSION.
 

Anybody any advice regarding what to do with superann pension when moving to oz :confused:

Re: NHS PENSION.
 

Nope but thats something I'm interested in too as I have 20 years service in nhs pension scheme. Am going to spend some time next week on the nhs pension agency website see if I can find some info they also have a forum so it might be worth doing a post on there.

Re: NHS PENSION.
 

Cheers for that will do a check on the forum.:thumbsup:

Re: NHS PENSION.
 

I'm in the same boat. 24 years service to transfer, what have other nurses done when they moved abroad?

Andy

Re: NHS PENSION.
 

you can transfer your pension & it is supposed to be advisable from a tax point of view. i did speak to someone at an Expo last year & will try & dig out the info. Unfortunatel, house very chaotic due to decorating at the mo so may take a while!

Re: NHS PENSION.
 

Me thinks this boat is going to be full soon,got that titanic feeling coming on:eek:

Re: NHS PENSION.
 

Hi I had 28 years service with NHS prior to coming to Oz. Did some research before leaving Scotland and if transferring the scheme you are transferring into has to be QROPS registered. There is plenty of info on the forum re this , worth searching for it.

Donna

Re: NHS PENSION.
 

All of the advice I was given was to leave it in the NHS...so I did.:D

Re: NHS PENSION.
 

Thats certailny the option that I am drawn to Paul, as I understand so far, cash based pension products are the ones that are liable for tax, however, I am trying to find out if a final salary pension scheme like the NHS superannuation scheme has the same tax liability on retirement

Andy

Re: NHS PENSION.
 

I've left mine in the nhs too.

Re: NHS PENSION.
 

PaulB and SME, Who gave you the advice to leave it, was it and IFA or someone at the NHS scheme? What are the tax implications on retiral, will you get taxed on your pension if you are still living in Aus?

Many thanks,

Andy

Re: NHS PENSION.
 

Prob a stupid question but obviously the money is static while we are overseas,so how do you then get the money when you retire.Do you meet a dodgy character from the nhs in a carpark and handed a large cash filled envelope:eek:

Re: NHS PENSION.
 

Hi.
Your NHS pension is not static, it does grow but not at the same rate as if you were making contributions. Mine has grown by a 25% since I`ve been in oz. Am currently in the process of bringing over into a QROPS recognized super fund. (Not using a company as they charge approx 3% of the transfer value to complete this relatively simple excercise. Big bonus is that you do not on retirement have to purchase an anunity like you do in the UK. You can access the entire amount (lump sum) tax free!!! Think of the compounding growth when you move sterling amount into $AUD fund!!!! Cheers Mandy.

Re: NHS PENSION.
 

Mandy thats sounds great,now i just have to break it down a little to understand it all,how the **** did i ever make it as a nurse:rofl:

Re: NHS PENSION.
 

Brilliant, thanks.
TA

Re: NHS PENSION.
 

NHS pensions do not involve compulsory annuity purchase as far as I know. It's based on years of service and salary.

Moving pension to Australia may not seem such a good idea for those who end up returning to the U.K. or moving on to another country.

Re: NHS PENSION.
 

Couldn`t resist another "positive" about bringing Pensions over to Oz, given the fact that you would be able to access the entire amount....Should you pop your clogs... your estate gets the whole amount..........Not reduced widower/widow pensions deemed as appropriate by the fund providers.... or swallowed back into the never ending void of the state should you both snuff it...:curse: Oh practicalities.... don`t you just love them...:rofl:

Re: NHS PENSION.
 

This may be misleading advice when applied to employer funded schemes.

Many people on forums like this have an almost ideological passion for either transferring or not. Whereas in fact, there are positives and negatives in all cases.

I would be cautious before transferring an NHS pension. Just be conscious of what you are giving up and the fact that you can't undo the transfer later on if you decide to return.

Re: NHS PENSION.
 

the very reason i am leaving mine in the uk for the time being:), i will need to be 100%sure we're staying and i dont think that will happen until a couple of years down the line

Re: NHS PENSION.
 

Dont you have to move your pension within 6 months if not you get taxed on it.Thats what ive been told anyway
Teryna

Re: NHS PENSION.
 

You do not have to move in 6 months, the tax you pay after the 6 months is tax only on the growth since you left so if its 12 months later it is only on the growth during the 12 months which will be hardly anything I guess.

Please do a search for pensions on this site, you will find many with good advice but remember everyone is different, you have to make your own mind up.

Re: NHS PENSION.
 

Hi, I am emigrating to Canada and enquired regarding my NHS pension, unfortunately if you leave the country you cannot continue paying into the pension if you no longer work for the NHS, so the pension fund is frozen until retirement age 55 or 60, it will still incur bonuses increasing its current value. Hope this helps