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    Thread: Do I Move UK Pension to Australian Super fund?


    1. #11

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      Hi There

      Andrew is right we never transfer a fund where the member is unsure whether or not they will remain in Australia. In relation to transfers it will depend on what type of pension you have.

      State Pension - being the basic state pension - it can not be moved. Other types of state pensions such as the second state pension can be moved. These are most commonly used by Government Departments such as the National Health Service (NHS).

      In relation to moving back to the UK - should you transfer the pension to Australia and then access it at some point of time as a Pension payment and then move back to the UK - you will be subject to a extra tax if this is within the 5 full financial UK Years of departing the UK. You are not subject to tax on a pension draw down if you are simply returning back to the UK for a short term Holiday.
      Last edited by lebourvellec; 16-02-2014 at 11:59 PM. Reason: forum rules


    2. #12

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      Quote Originally Posted by John Horvath View Post
      Hi There

      Andrew is right we never transfer a fund where the member is unsure whether or not they will remain in Australia. In relation to transfers it will depend on what type of pension you have.

      State Pension - being the basic state pension - it can not be moved. Other types of state pensions such as the second state pension can be moved. These are most commonly used by Government Departments such as the National Health Service (NHS).

      In relation to moving back to the UK - should you transfer the pension to Australia and then access it at some point of time as a Pension payment and then move back to the UK - you will be subject to a extra tax if this is within the 5 full financial UK Years of departing the UK. You are not subject to tax on a pension draw down if you are simply returning back to the UK for a short term Holiday.

      I hope the above helps you out.

      should you have any questions please do not hesitate to contact me

      John Horvath
      Andrew from Vista is absolutely right here,

      The NHS pension is not a second state pension it is the NHS's occupational scheme. The second state pension is (S2p) or Serps which were extra national insurance contributions paid by people who were not in occupational schemes. The NHS pension could theoretically be moved to OZ but as it is a final salary scheme you would have to think very hard.
      I have a Uk Local Government pension which has recently started to be paid to me, this is index linked for life with a widows pension this is the same sort as the NHS one and I was advised I would be mad to give this up.
      The second state pension is paid out along with your government aged pension and cannot be transferred.
      Also the number of years required in the UK Government pension is increasing to 35 for a full pension.
      Last edited by winter1; 17-02-2014 at 12:01 AM.

     
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