cricket1again

Only 4 months ago when I was planning to move back to the UK, I was told I could take my super as a lump sum providing I sign a declaration that I was giving up my Australian residency. I based a lot of planning to move back to the UK thinking I was going to have these funds.

It's all changed. Yesterday I was made a compulsory resident of Australia.
I was told a new, highly enlightening story. This was that no, I can't take my super as a lump sum if I leave the country unless I hold a temporary visa. Even if I stay here until I am 55 (I am 49), I cannot move my super out of Australia. And as if this isn't enough, apparantly even when I reach 55, I can only access my super as an income stream.

That's fine. No problems. I can still move back to the UK. Except, not long ago there was something in the news that suggested that anyone who lived abroad and was not contributing to the Australian tax system but had supers locked in here, the government was considering seizing them.

I have to check all this new information out, I think super companies will tell anybody anything at the moment, but the lesson? Don't rush to move your super over here unless you know you are absolutely staying.
And for Gods sake, someone shoot that silly little Brit twit on TV advertising move Britsh pension funds over here.

Fleaflyfloflum

Yes, thats what i meant on my post to you on the other thread. There should be a warning on that advert as i feel it is very misleading!

Tr1boy

Nothing's changed. 4mths ago you were told wrong. I was living here when all this kicked in (1996 I think) and it has been pretty much the same since. It amazes me how many times this comes up. There used to be a thing where you could a percentage of any voluntary contributions over and above the 9%, if you jump through a gazillion hoops, but I think that has gone now.

And why would anyone move their super based on a tv ad, without checking the legals first?

The 'lock in' thing is where pension funds have been frozen, basically to stop people moving them out and into guaranteed savings accounts (obviously this affects only those over retirement age).

The lesson is, never ever believe anything an Aussie tells you, or that nob on the telly

cricket1again

I honestly believe they make it up as they go along. I don't think you can trust any of it. I was definately told a different story 4 months ago. It will be the same in the UK. Everyone is trying to save their own rear end.

onepearlyb

I tried to take my Super out. Phoned them last month to tell them we were leaving as PR's in Feb and not coming back to Oz.
They said I could only do this if I had a health condition for example which would require large fees. I had to say no to that as with the NHS you don't pay them directly, like here in Oz.

So, I am stuck - or rather my Super is stuck until I'm in my 60's I think. Completely sucks. Time for an over haul of this ludicrous idea.
It's my earned money - why shouldn't we be allowed to take it with us when we leave!!!! I don't care if they say "but you might come back". ( this IS what they say ) I'm willing to sign anything to say I wont be doing this!

Anyone got any other ideas?

*pearly*

cricket1again

Because so many people are trying to get accessto their supers, companies are clearly worried about a drain on other funds so I think will tell you anything just o make you go away.

First, I have to find out what will happen to my super if it has to stay in Australia but I live in the UK. If the government claim it, it is outright theft.

Second, I'm going to go and get independant advice and find out if another super fund, maybe a UK one, can challenge them into releasing it.

onepearlyb

Cricket - whatever you find out, let us know, would you?

Cheers.

Fleaflyfloflum

I dont think this is a recent development though Cricket. I am fairly certain these rules have been in place for some time? But will love to hear how you get on challenging it

cricket1again

I will keep you posted.

Flea, I think they will tell you anything to sell you anything. I'm not too worried about not accessing it. I am concerned about moving back to the UK and the government taking it in my absence.

Tr1boy

For sure. I'm not doubting what you were told, but depending on who told you (a rep from a super company?) they will probably tell you what you want to hear.

northernbird

I am sure TraceyW posted a little while ago that her husband had actually transferred his back.

cricket1again

Found this link which some of you might like to post on to get some answers or touch base with what's happening in regard to supers.


http://www.aussielegal.com.au/forum/...ics~FID~58.htm

Bet I get into grief with pollyanna now for the mass exodus of posters from this thread.

Tr1boy

I think she did, but I get the impression this was extremely rare, to put it mildly. Hopefully she'll post

cricket1again

After some very pointed questions I have now been told I can claim my super as a lump sum at 55. However the funds companies have great diffulty answering questions and I have found that to get the right answer I have had to ask the same question rephrased several times over.

It all comes down to wording it seems.

onepearlyb

Cricket,
Is it 55 for everyone - men and women??