• Vista Financial Services - Expert Advice on UK Pensions Transfers to Australian Superannuation  QROPS
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    1. #1

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      Transferring RAF pension to RAAF

      Hi, I'm currently serving in the Royal Air Force and have registered my application to transfer to the RAAF. I have completed 16 pensionable service with the RAF and was wondering if anyone had information regarding the following:

      1. After completing 22 years service I qualify for a full pension in the RAF, but if I transferred those 16 years to the RAAF pension, and carried out a further 6 years with them, would I still qualify for a full pension?

      2. If this is not the case, what pension benefits would I get, if any, if I transferred 16 years service?

      3. Is it worth transferring a military pension to Australia or keep in the UK?

      many thanks.


    2. Vista Financial Services - Expert Advice on UK Pensions Transfers to Australian Superannuation  QROPS
    3. #2

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      I don't know if you can transfer your pension or even your years of service.

      I have a Royal Mail pension which will simply start to pay out in the UK and then I'll transfer the money to OZ, or just use my UK Visa Debit card to pay for stuff, as I already do. I will be hoping that the GBP enjoys a better FX rate with the AUD of course.

      I Googled your question:




      1. Transferring RAF pension to RAAF




        www.pomsinoz.com › ... › Pension Transfers: Ask VistaShareShared on Google+. View the post.

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        1 post - 1 author - 16 hours ago
        Hi, I'm currently serving in the Royal Air Force and have registered my application to transfer to the RAAF. I have completed 16 pensionable ...
        Nursing Officer: RAF to RAAF?‎ - 2 posts - 27 Feb 2011
        Advice on transferring from RAF to RAAF‎ - 1 post - 8 Jul 2010
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      2. Contemplating a transfer to the RAAF or RNZAF - Pointers/Advice ...




        www.e-goat.co.uk › ... › General Chat ForumsInter-Service ChatCachedShareShared on Google+. View the post.

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        15 posts - 11 authors - 14 Feb 2012
        Subject of applying to transfer to the RAAF or RNZAF came up but I'm unsure of where to start ... The pension does not transfer very well.


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      3. swapping from RAF to RAAF - PPRuNe Forums




        www.pprune.orgOther Aircrew ForumsMilitary AircrewCachedShareShared on Google+. View the post.

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        19 posts - 17 authors - 14 Jul 2011
        We emigrated downunder in 2008 after 22 years service in the RAF, whilst I didn't transfer to the RAAF I know of a few guys who have. Not easy ...


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      4. Pensions HM Forces : British Expat Discussion Forum




        britishexpats.com › ... › AustraliaThe BarbieCachedShareShared on Google+. View the post.

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        15 posts - 7 authors - 6 Apr 2009
        Hi we are moving to OZ in the near future to join our daughter and grandkids. I am in the RAF and will have a pension when I leave. Are there any ... Hi there, I am about to leave the RAF and transfer to the RAAF. I am also in ...
        British/Australian Army‎ - 7 posts - 18 Feb 2005
        Transfer from the RAF to the RAAF‎ - 11 posts - 30 May 2003
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    4. #3

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      Financial Adviser
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      Quote Originally Posted by Gonkbag View Post
      Hi, I'm currently serving in the Royal Air Force and have registered my application to transfer to the RAAF. I have completed 16 pensionable service with the RAF and was wondering if anyone had information regarding the following:

      1. After completing 22 years service I qualify for a full pension in the RAF, but if I transferred those 16 years to the RAAF pension, and carried out a further 6 years with them, would I still qualify for a full pension?

      2. If this is not the case, what pension benefits would I get, if any, if I transferred 16 years service?

      3. Is it worth transferring a military pension to Australia or keep in the UK?

      many thanks.
      Hi

      I'll try to answer your questions below:

      1) No, you would still be able to claim the benefits that you have accrued until the point of leaving (based on the 16 years of service).

      2) When transferring a final salary pension a Cash Equivalent Transfer Value is calculated and offered in exchange for the benefits you would have had. This lump sum would then be transferred to an Australian Superannuation scheme and invested. The benefits received at retirement would be based upon the investment returns and any contributions. Very different to what you have now.

      3) There is no right or wrong, there are many differences to each system and potential advantages and disadvantages. You should take advice based on your situation, goals and objectives and work with an Adviser that will give you the full picture.

      Just to point out that there is no rush for you to do anything yet. My suggestion is to wait until you get to Australia and have lived the lifestyle first, you may find it isn't what you expected.

      When/if you get to the point where you feel firmly settled and that your intention is to remain here then this will be the time to start looking at your Pension.

      There can be some very good advantages to having your retirement monies in Australia as the system is very flexible but do it for the right reasons once you have a full understanding of the in's and out's of both systems.

      A final salary scheme is not something that should be given up lightly, consider paying for advice when you are ready.

      Have a quick look at this thread I wrote as well http://www.pomsinoz.com/forum/pensio...on-thread.html.

      Hope this helps, feel free to ask any further questions.

      Regards

      Andy
      Last edited by Andrew from Vista Financial; 04-03-2013 at 10:17 AM.
      Director - Vista Financial Services - Financial Advisor for Poms in Oz - UK Pension Transfers / Financial Advice
      Andrew@vistafs.com.au FPA Member, Adv Dip FP www.vistafs.com.au Ph: 08 8381 7177

     

     

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