Aus (back) to UK - Super question
 

Hello.

We are moving to Sydney very soon, with a real possibility of returning to the UK at some point (perhaps in retirement).

My question relates to the Super fund that I hope to build up over the coming years.

The access and taxation rules are quite specific to Australia (e.g. access age, 15% up to $1m for specific elements, etc.). How do these relate to UK taxation rules? i.e. assuming the UK tax rate is higher (e.g. 40%), does any UK taxation take into consideration the fact that the fund includes contributions which were taxed on entry (15%), contributions from income in the fund (again, 15%), etc.?

I know its a complex area, and will differ depending on a number of personal factors, but was hoping that someone could offer some insight on this. It's relevant now, as we need to decide what to do with our UK pensions.

TIA.

Re: Aus (back) to UK - Super question
 

I don't have a clue about the tax. But you do know that you cannot move your Super from Australia or access it in any way (unless you're retirement age or on a temp visa)? So I'd be wary about moving any UK pension over here if you are thinking of returning to UK at all.

Re: Aus (back) to UK - Super question
 

If you're sure you may return to UK at some stage I certainly woudn't move any UK pensions to Oz. Think you'll find that there are all sorts of tax implications on transfering back. No doubt someone on BE will have all the answers for you soon.

Re: Aus (back) to UK - Super question
 

Don't have any advice, I'm afraid, but your avatar is so cute and made me smile. :D

Re: Aus (back) to UK - Super question
 

I was told that if i moved my pensions to OZ, then i wouldn't be able to ever move them back to UK...so i froze them in UK...good job as we are going back.

Re: Aus (back) to UK - Super question
 

Yes, I agree it is cute:)

But, I have to say - Nu-Shooz, your avatar makes me laugh everytime I see it (love that one)!

Sorry, I don't have any info. to pass on either, but I think Nu-Shooz has given you a great answer.:thumbup:

Re: Aus (back) to UK - Super question
 

Thanks to everyone for their thoughts.

I knew that we couldn't move any Super funds to the UK, but I'm a little unclear as to why this is a bad thing - i.e. really understanding what the disadvantage is in leaving the pensions (including any transfer) in Aus and access upon retirement.

Obviously we could be at the whim of two governments, and any tax changes that they introduce, its more complex than leaving in the UK, etc.

I was hoping for a little more insight on the taxation angle in particular.

Thanks anyway.

Re: Aus (back) to UK - Super question
 

Hi i have just returned to the UK after 18years in Perth,Western Australia,and i had a company superanuation,and as i am 56 years young,i was able to transfer all of it to here with no promblem, and it was tax free, the rules changed in OZ last July about accessing your super,now after you reach 55 you can withdraw all or roll it over into another scheme.hope it helps.Dennis