vikk

Hi, Are there any other teachers out there who have got / or have had a teachers pension in Uk then moved to OZ? What did you do with your pension? Did you cancel it or were you able to transfer it across? I'm really not sure what to do. I tried calling them but they were less than helpfull and not at all pleasant. They did mention the fact that I could transfer it but quite curtly told me they "were not at liberty to tell me the name or address of the company to transfer it to." Any advice at all? Please?

JAJ

Why would you *want* to transfer it to Australia in the first place?

Jeremy

vikk

Hi Jeremy It's because I'm not sure if I can cancel the pension, continue or freeze it so I would like to know if I can at least transfer it across so I do not loose all I have put in. Admittedly it's not the best option financially in an ideal world but it does seem the most likely without loosing the money I put in. If you have any better suggestions I'd LOVE to hear them though. As you've probably already guessed I haven't got the first idea about financial stuff like this.

Jimbo9

I'm NO expert - but intuitively i'd have thought that if you have a pension from a public sector body in the UK, it is likely to be a final salary type of pension. These are much sought after nowadays and you should think very carefully before transfering it into a new UK or Aus scheme where you will lose the "final salary" element - It is likely that the best option is just to leave it where it is and enjoy the benefits in old age - you won't really be losing what you put in.
Jim

JAJ

As far as I'm aware, UK public service pensions do not get affected by the fact you move overseas. How your pension will get calculated should be no different than if you left your job under any other circumstances.

Australian tax rules do adversely impact some UK pensions, but not public sector ones as they are employer run.

Talk to your scheme administrators, but I'd say the best option is to leave it where it is. No need to worry then about poor investment performance or high charges in an Australian fund, and also you won't be in a fix should you choose to move back to the UK (or somewhere else outside Australia) later on. Transferring pensions is usually irreversible.

Jeremy

stevereed

I'm in a similar quandary as I am leaving the fire service to become a student in Australia. I reckon freezing it is the best option. OK, I'm only entitled to 9/60 of a firefighters wage, currently around £4500 p.a. Tricky to know. my pension pot is worth £35-40000 GBP.

Can't consider moving it until I get PR (hopefully) but at least it won't get eaten up in some pensions fiasco somewhere if I just leave it where it is.

stevereed

and you won't lose the money you've put in (I can't promise that unfortunately )

The main benefit I lose is retiring at 55. I'll need to wait until 65 for my pension

simoneb03

I lived in NZ for nearly ten years and am now back in the UK, will probably move back to NZ in five or so years. My questions is - and it would be wonderful if anyone can help - should I 'contract back' into the UK state pension? This has come about because I was contributing to a UK fund before I left for NZ, then stopped as you could n't contribute when overseas, I'm still not paying into it but they've asked if I want to contract back. I suppose I need to know if I can draw this pension if I move back to NZ>
sara

marbles

I'm in NZ so it might be different but I transfered my pension over here a couple of years ago because we needed it to buy a house. We found a financial adviser to do it all for us. We had to open a pension account here (with AMP) and we were then allowed to transfer it all across. The good thing was it let us release 20% of it every year which gave us our deposit. It took a few months but the UK pensions company are getting quite good at it now because they have had a lot of requests to do. If you get stuck you could get in touch with AMP because they are in OZ as well aren't they. Let me know if you need any more info.

[QUOTE=vikk]

teach

Hiya Vikk,

We have a pension specialist coming into school on 28th to discuss the changes that are due to be made to teacher's pensions. I shall ask then and pass on any info I get.
Regards
Sarah

vikk

Thank you - Again! You seem to keep helping me out time & again. I tried to send you some karma but it won't let me. I'll try again tomorrow!