Pension Transfers - The Position After "A-Day"
#1
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Pension Transfers - The Position After "A-Day"
My summary of the changes as a result of the pension tax "simplification" measures effective 06/04/2006:
http://www.gomatilda.com/news/article.cfm?articleid=376
Best regards.
http://www.gomatilda.com/news/article.cfm?articleid=376
Best regards.
#2
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Re: Pension Transfers - The Position After "A-Day"
Originally Posted by Alan Collett
My summary of the changes as a result of the pension tax "simplification" measures effective 06/04/2006:
http://www.gomatilda.com/news/article.cfm?articleid=376
Best regards.
http://www.gomatilda.com/news/article.cfm?articleid=376
Best regards.
OTHER MEMBERS do please see Mr Collett's article. Finance is so important in an uncertain future and where Government changes impact not only on your immediate requirements but the requirements to put aside for retirement and old age.
I never thought I would reach it but I am getting there slowly
Cheers
#3
Re: Pension Transfers - The Position After "A-Day"
Originally Posted by Alan Collett
My summary of the changes as a result of the pension tax "simplification" measures effective 06/04/2006:
http://www.gomatilda.com/news/article.cfm?articleid=376
Best regards.
http://www.gomatilda.com/news/article.cfm?articleid=376
Best regards.
Gordon Brown, having taxed the hind legs off anyone that makes their own way in the country by working for a living , now wants to tax people even when they have left the country. The nasty bit of this 'simplification' is the requirement for overseas pension scheems to report all payments made to benificiaries (presumably so they can be taxed). I just wonder how far he is going to go to trace expats who need to pay inheritance tax.
#4
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Re: Pension Transfers - The Position After "A-Day"
Originally Posted by Alan Collett
My summary of the changes as a result of the pension tax "simplification" measures effective 06/04/2006:
http://www.gomatilda.com/news/article.cfm?articleid=376
Best regards.
http://www.gomatilda.com/news/article.cfm?articleid=376
Best regards.
Cheers
Buzzy
#5
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Re: Pension Transfers - The Position After "A-Day"
Very good question ... my immediate reaction is to say probably yes, but I dare say its a long time from where we are now until we get to retirement and drawing pensions, by which time the temporary resident provisions might have been repealed by a Government of a different persuasion ...
I feel sure there's a lot of thought to be applied over the next few months to these changes - for example it could be that pension income deriving from the UK and paid to Aussie tax residents who are "temporary residents" under the proposed new legislation will be completely outside the charge to tax anywhere, which could rather overturn previous recommendations insofar as (say) Retirement visaholders are concerned ... a factsheet and commentary on Go Matilda News is on the way in that regard.
Busy times!
Best regards.
I feel sure there's a lot of thought to be applied over the next few months to these changes - for example it could be that pension income deriving from the UK and paid to Aussie tax residents who are "temporary residents" under the proposed new legislation will be completely outside the charge to tax anywhere, which could rather overturn previous recommendations insofar as (say) Retirement visaholders are concerned ... a factsheet and commentary on Go Matilda News is on the way in that regard.
Busy times!
Best regards.
Originally Posted by Buzzy--Bee
Alan, do you feel that temporary residents who are positively affected by the upcoming Australian July tax changes will be able to leave their pensions in the UK without suffering the "hostile tax environment"?
Cheers
Buzzy
Cheers
Buzzy
#6
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Re: Pension Transfers - The Position After "A-Day"
Thanks for posting this Alan but Geeez!
No wonder people bury their head in the sand. I have at least three pension/superannuation funds in UK and Australia as well as having paid 10 years of NI contributions in UK so really i have **** all idea what the hell is going on! I confess I always just thought that when I wanted to retire I'd just draw from each fund when the time came but it looks like I will get massively stung for tax in both Australia and UK?!
Why can't it be simple - pay into pension, retire, draw on said pension. end of. Is it so hard?!
Michelle
No wonder people bury their head in the sand. I have at least three pension/superannuation funds in UK and Australia as well as having paid 10 years of NI contributions in UK so really i have **** all idea what the hell is going on! I confess I always just thought that when I wanted to retire I'd just draw from each fund when the time came but it looks like I will get massively stung for tax in both Australia and UK?!
Why can't it be simple - pay into pension, retire, draw on said pension. end of. Is it so hard?!
Michelle
#7
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Re: Pension Transfers - The Position After "A-Day"
thank you for posting this one alan
#8
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Re: Pension Transfers - The Position After "A-Day"
It's fairly straightforward if you remain in the UK, Michelle - you would usually receive a tax free lump sum and monthly income that is taxed under the PAYE system.
It's when you change countries that the fun and games begin ...
Best regards.
It's when you change countries that the fun and games begin ...
Best regards.
Originally Posted by michellemac
Thanks for posting this Alan but Geeez!
No wonder people bury their head in the sand. I have at least three pension/superannuation funds in UK and Australia as well as having paid 10 years of NI contributions in UK so really i have **** all idea what the hell is going on! I confess I always just thought that when I wanted to retire I'd just draw from each fund when the time came but it looks like I will get massively stung for tax in both Australia and UK?!
Why can't it be simple - pay into pension, retire, draw on said pension. end of. Is it so hard?!
Michelle
No wonder people bury their head in the sand. I have at least three pension/superannuation funds in UK and Australia as well as having paid 10 years of NI contributions in UK so really i have **** all idea what the hell is going on! I confess I always just thought that when I wanted to retire I'd just draw from each fund when the time came but it looks like I will get massively stung for tax in both Australia and UK?!
Why can't it be simple - pay into pension, retire, draw on said pension. end of. Is it so hard?!
Michelle
#9
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Re: Pension Transfers - The Position After "A-Day"
Originally Posted by Alan Collett
My summary of the changes as a result of the pension tax "simplification" measures effective 06/04/2006:
http://www.gomatilda.com/news/article.cfm?articleid=376
Best regards.
http://www.gomatilda.com/news/article.cfm?articleid=376
Best regards.
Thanks Alan for an excellent summary of the changes!
I paid into company pensions and when I left them the amounts were fixed and do not increase - does this mean I avoid the Aus taxes for funds overseas whose values increase or am I taxed on the initial amount in some way???
Cheers
Mike
#10
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Re: Pension Transfers - The Position After "A-Day"
Would anyone know if its possible to transfer a spouses uk penison into the other spouses super fund?
#11
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Re: Pension Transfers - The Position After "A-Day"
Originally Posted by Alan Collett
It's fairly straightforward if you remain in the UK, Michelle - you would usually receive a tax free lump sum and monthly income that is taxed under the PAYE system.
It's when you change countries that the fun and games begin ...
Best regards.
It's when you change countries that the fun and games begin ...
Best regards.
Thanks - we are changing countries though (and intend to do 5 years Oz/5 years UK until retirement!) .Maybe a good reason to persuade hubby to stay in Australia forever and only visit UK for holidays .
Michelle
#12
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Re: Pension Transfers - The Position After "A-Day"
When the time eventually comes, could I have my monthly NHS pension paid into an english account (say HSBC because they also have branches in Oz) and transfer money online into my Aussie account when I need it?
#13
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Re: Pension Transfers - The Position After "A-Day"
Yes, that should be fine, but where the pension is paid doesn't impact on the tax position ... which is based on where you are tax resident.
Best regards.
Best regards.
Originally Posted by tony4563
When the time eventually comes, could I have my monthly NHS pension paid into an english account (say HSBC because they also have branches in Oz) and transfer money online into my Aussie account when I need it?
#14
Joined: Sep 2005
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Re: Pension Transfers - The Position After "A-Day"
Bloody hell, talk about being punished for getting old.
Well on that basis, I refuse to grow any older as from now, I shall stay at 38.
Well on that basis, I refuse to grow any older as from now, I shall stay at 38.
#15
Re: Pension Transfers - The Position After "A-Day"
Originally Posted by Alan Collett
My summary of the changes as a result of the pension tax "simplification" measures effective 06/04/2006:
http://www.gomatilda.com/news/article.cfm?articleid=376
Best regards.
http://www.gomatilda.com/news/article.cfm?articleid=376
Best regards.
What about pensions that are already being paid out? My parents currently recieve both private and state pensions and we are not sure if we should get them paid into a bank account in Australia or continue to get them paid into an a/c in th UK and transfer the money on-line?
Thanks for any advice.
Jane