Mr Itchy

I'm a new member here, so "Hi" to you all.
I've recently been thinking of returning to the u.k. after 24 years in Ozzieland and came accross this site during my surfing travels in search of answers to a few questions that I have.Hopefully you boffins will be able to help me out.
I'll give a bit of background information.I'm a dual-citizen (u.k. and Australian). I slaved away in England, paying my taxes and National Insurance until I came out in 1985.
I have worked here for nearly all of the 24 years, being good and paying my taxes.
My questions are:
1)If I leave the country to go and live in England permanently would I be able to claim a refund from the government here as I would not be claiming the aged pension here in the future?.
2)As I have not paid National Insurance payments to the u.k. government since 1985 would it be possible to pay a lump sum to cover for the absent 24 years so I could claim the aged pension when the time comes?.
3)I have money in two superannuation funds here.If I left the country permanently would I be paid-out in cash(money transferred to a bank account) or would it have to be rolled-over into a u.k. superannuation fund.
4)From what I understand, as I'm a u.k. citizen I'd be covered for healthcare.Am I correct?.What about unemployment benefit?.Would a catch-up payment to Mr Taxman cover me for that?.

Would be great if I could get some answers.

Thanks

Mr Itchy

ozhappy981

1. No, you can't claim a refund from the Aus government because you won't be claiming the aged pension in Aus. This will come as a surprise to you: The Aus age pension is a means-tested benefit (paid only to extremely poor people). It is not a fund you've paid into - hence you can't get a "refund".

2. No, you can't pay a lump sum as such to cover 24 years. But you can make back-contributions, generally for up to 6 years. Read here:
http://www.hmrc.gov.uk/pensioners/approaching-nino.htm
The above also has contact details, so you can find out how much you need/can contribute to make up for missed year.

3. No, you cannot have your Aus super payments paid out to you on leaving the country, nor can you have them paid into a UK super fund. Your Aus super will remain sitting in Aus until your reach what's known as "preservation age" (what age that is depends on when you were born) and then you can have your lump sum/income stream.

4. Yes, you will be covered for healthcare (NHS) in the UK). There is no catch-up payment to cover yourself for unemployment benefits. The UK has different types of unemployment benefit. You will be covered for the lesser version from the day you arrive. For some of the "better" benefits you need 12-24 months of NI contributions (which you will accumulate automatically as soon as you start working).

Mr Itchy

Thanks ozhappy981, exactly the info that I was after.
When I came out here at the age of 25 the last thing on my mind was the UK aged pension as I thought I'd be spending the rest of my life here.Not alone there, I'm sure.Would have made voluntary contributions if I had had thoughts of returning.Oh well....live & learn.Will contribute what I can now.
I see that the UK pension age will increase in the future, to 68 for some people, depending on their birth date, compared to 67 here with the new rules.

Thanks again

Mr Itchy

Fleaflyfloflum

Dont believe everything you read on here.

Answer 3 was wrong. You can get your super out. Ask TraceyW. She left a few motnhs back and did just that!

JAJ

I am not aware of any way for Australian citizens and permanent residents to withdraw their superannuation.

Perhaps if someone comes on forum and tells us how to.

Fleaflyfloflum

TraceyW did, sometime ago!!

JAJ

Doesn't prove that it wasn't a mistake on the part of the provider.

Sorry, for something like this the rules are very clear that you can't and unless can someone can some up with something better than hearsay/anecdote, I don't think people should be expected to believe otherwise.

Mr Itchy

What I'll do is contact the super funds to get a copy of the rules.Maybe the rules have changed over the years.

Ta for the replies.

cricket1again

After a lot of debate and going round in circles, I have been told I can transfer my super from Australia to a UK pension fund. Don't know if it helps but of course, Oz won't want you to transfer your money so they may try to make it difficult but if you keep at them, they may give in.

They did with me anyway. I'll dig through my old emails and see exactly what they said because often it's all in the small print but yep, I can transfer my super.
'Transfer' being the wording, not take as a payout. That is definitely until preservation age and even then, it might be worth checking because I've been told I can only take a percentage of mine at 55.
The Australian government have plans to raise the retirement age, as will most countries because of the economic crisis, so it is worth going back regularly to check the facts you were given earlier haven;t changed due to new regulations.
I wouldn't reply on your super being absolutely guaranteed.

My husband just tried to claim his income protection plan after paying into it for many years. Guess what? I'll let you work it out for yourselves. Bloody annoying when people get handouts for nothing then a loyal, long term employee gets sick, relies on an insurance policy that won't pay out.
Good job I have an income we can rely on.

ozhappy981

No, the rules haven't changed. I do actually know what I am talking about, because I work in the industry (neither Flea or Cricket do).

You can only take your super out if you have reached preservation age or in cases of severe financial hardship (might lose your house) or if you suffer from a terminal illness (doctors certify you are expected to die within 12 months).

Here is the info re preservation age:
Date of birth Preserv. age
Before 1/7/60 55
1/7/60 – 30/6/61 56
1/7/61 – 30/6/62 57
1/7/62 – 30/6/63 58
1/7/63 – 30/6/64 59
After 1/7/64 60

cricket1again

That's the second swipe you've taken at me on two separate threads. If you have a problem with my comments, please feel free to PM me.


I KNOW what my own Superfund told me, I have it in writing and I am more than happy to pass on their comments.
I CAN transfer my super from Australia into a UK fund.

I can't speak for Flea but I seem to recall a thread where she had been given similiar advice.

You might be the expert in your field but in the case of my super, my manager is the expert and he says I can transfer it. I may have to pay tax on it in the UK but I guess I'll just have to wait and see when I reach 55.

cricket1again

Found my information! It depends on the status of your visa but there are loopholes one of which I found.
Might be a good idea to contact the immigration office and see where you are with your visa or residency status. If you haven't renewed your permanent residency and your not an Oz citizen, you might be able to fill in a form stating you;re not returning to live. Something like that anyway. They change the rules a lot these days.

But in any case.....wouldn't your super be best left in Oz anyway? The dollar is not doing too badly.

DISCLAIMER! Remember that this is just my opinion based on what my super company told me. I cannot be shot, burned at the stake, mistaken for an idiot or an expert or implied as insane for anyone disagreeing with my post.

ozhappy981

If you'd bothered reading the OP's first post rather than just wading in .... the OP told us they had dual nationality, Australian and UK.

As I have said before .... never mind

cricket1again

I don't think I was wading in. I explained what I'd been told in my situation, I can transfer my super to a UK fund.
Just sharing that;s all. Rules are changing all the time. It pays to keep asking the same old questions where money is concerned.

ozhappy981

You wrote: "Might be a good idea to contact the immigration office and see where you are with your visa or residency status. If you haven't renewed your permanent residency and your not an Oz citizen"
The OP has dual nationality: UK and Australian. Read their first post.

I have posted the current rules.

As JAJ said, fund manager do make mistakes. That does not negate what the rules say.