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U.P.P. (Undeducted Purchase Price) UK Pensions.


Mike@Bonbeach

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Hi

As all you people in receipt of a UK Age Pension probably know that there is an 8% allowance against your taxable income here in Australia.( not much but better in our pocket than the Governments).

My query is, is it possible to claim a similar relief from your private UK pension?.

My private UK pension is a Final salary, defined benefit Plan, where both I and my employer paid into the plan, somewhere about 9% each I seem to recall. The pension is based on my years service X final pensionable salary X accrual rate.

Although I have claimed the 8% UPP on my UK Aged Pension I have not thought to claim it on my private UK pension until now and I am just wondering if anyone has been in the same situation and what is needed to claim the UPP on my private pension.

Regards

Mike

PS Connie is in a similar situation so if we were able to claim it we should be able to get a substantial rebate as we have been here over 8 years now.

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You can put in a claim using this form to see if you can claim anything:

 

https://www.ato.gov.au/uploadedFiles/Content/SPR/downloads/spr19285n16543_01_2015.pdf

 

You will need to contact your pension provider as you will need to know the exact value of the pension before you started drawing it and the exact amount of personal contributions you made. If approved the ATO will let you know how much you can claim. OH did it for a private pension and was successful. Good luck.

Edited by Bridgeman
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You can put in a claim using this form to see if you can claim anything:

 

https://www.ato.gov.au/uploadedFiles/Content/SPR/downloads/spr19285n16543_01_2015.pdf

 

You will need to contact your pension provider as you will need to know the exact value of the pension before you started drawing it and the exact amount of personal contributions you made. If approved the ATO will let you know how much you can claim. OH did it for a private pension and was successful. Good luck.

 

I too am receiving a private UK pension so this information is useful to me, though as I only became an Australian tax resident part way through the last tax year no need to claim for this as no tax was due.

 

A few queries about filling in the form and submitting it

- I have a letter from my pension provider listing my payments for each year I contributed to the scheme. Is there any inflation indexing of contributions or just total the actual contributions?

- I also have the letter sent when I retired that lists something called 'Lifetime Allowance Value' is this likely to be the pension value that is needed for the form? (It is about 20-25 years worth of pension which seems right)

- The form has from and to dates, does this mean that a new submission is needed for each tax year? If so can I make a submission for the 2015/16 tax year now so that I have the ruling ready for when I submit my tax return in a year's time?

 

Can you give me a rough idea of the allowance that your OH was granted?

 

Thanks for any help.

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