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Lump sum and pensions

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Old Jan 15th 2009 | 9:33 am
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Default Lump sum and pensions

Just wondering if anyone can advise. On leaving teaching employment in the UK you receive a lump sum linked to your final salary. How is this affected when you move to Aus? Do they have a similar process?
 
Old Jan 16th 2009 | 8:38 pm
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Default Re: Lump sum and pensions

Do you? I'm not expecting anything.

Is this some sort of pension payout option that you can take?
 
Old Jan 16th 2009 | 8:50 pm
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Default Re: Lump sum and pensions

It's not something extra, it's just what you are entitled to when you retire. I can't remember the precise name but a colleague of mine who was an AHT received about £60k about 5 years ago and I do not recall any changes. I believe it's linked to your annual wage at the time of retiring and is about one year's wage. I'll investigate further next week and update you just in case I'm a couple of years out of touch. It loos like the same situation is not apparent in Aus.
 
Old Jan 17th 2009 | 10:11 am
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Default Re: Lump sum and pensions

Find this so far
http://www.goworkabroad.co.uk/what-h...-emigrate.html
If I find any more information, I'll post it.

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Old Jan 17th 2009 | 10:46 am
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Default Re: Lump sum and pensions

I didn't think it was possible to 'cash in' a pension but you could transfer it to a comparable scheme or maintain the pension with contributions from abroad. I am interested to know the what's best to do as well.

Surprised no one from Aus has posted, but they have just had their summer holidays

Cheers,
Cooler
 
Old Jan 17th 2009 | 8:00 pm
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Default Re: Lump sum and pensions

Thanks for your interest in this thread. I expect that my pension contributions from the UK will be transferred automatically across to the WA education etc. However, the lump sum you used to be entitled to, and I think we still are entitled to, are given to you when you retire - you still receive your pension though. I just hope the system is the same in Aus!! I'm going to enquire when I return to work on Monday.
 
Old Jan 17th 2009 | 11:58 pm
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Default Re: Lump sum and pensions

Oh, so you mean that you may get a lump sum at retirement. I read it as you were getting a lump sum upon leaving the UK.
 

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