NHS super ann transfer from the Uk

[monty]

Please can any nurses from the uk shed light on the matter of super annuation. Before leaving the UK I spoke to the NHS pensions dept about my super annuation. The dept informed me that my super ann would be held in the Uk until I was 65 unless my future employer in Oz was willing to have it tranfered over. Have any of you managed to do this?

Any advice or information would really be appreciated.

Thanks Monty

[MACDONALDO67]

Absolutely amazing because I am just thinking exactly the same.

I'm sitting here with an estimated lump sum pension of £110,000 and a yearly £21,000 pay and still another 20 years to pay in wondering what do I do if we move.

It ain't going to stay estimated at that payout and will dramatically reduce unless I can find a way of continuing contributions if that is allowed or if an Australian employer will consider taking this on.

I have no idea but this is another thread I need to know about and will be watching.

Anyway the way Britain is with all the crooked Politicians and businessmen I might not have a pension.

However, the money isn't my prority. Happiness and survival is !

[ali]

I've had my pension transfered and it's gone into a super fund. We used a company called prismexpats who did all the work for us.

Ali

[toughspiders]

HI All,
I would be also grateful if anyone can give any info on this.

Ali - was yours an NHS pension and if so how much is lost by transferring?

How much does it cost?

I take it the pension schemes in Aus are private???

Unless you work for the state Health Service?

Right, going to do a search now on prismexpat!

Bex

[gilliantay]

I have also been thinking of this the past few days - thanks for the advice Ali - will look up prismexpat online for information

Gill

[Liam]

Originally Posted by monty

Please can any nurses from the uk shed light on the matter of super annuation. Before leaving the UK I spoke to the NHS pensions dept about my super annuation. The dept informed me that my super ann would be held in the Uk until I was 65 unless my future employer in Oz was willing to have it tranfered over. Have any of you managed to do this?

Any advice or information would really be appreciated.

Thanks Monty

You need to get advice on your own particular circumstances and make sure that you are settling in Australia long-term before you start messing about with UK Pension Transfers. Look at the pro and cons of leaving it in the UK until you are sure that you are happy in OZ. Don't let anyone rush you into tranferring it with threats of penalty tax! Email me and I will explain how this is to a large extent rubbish!

If you do want to move it over then speak to an adviser or your employer Superannuation provider to see if they can recommend a QROPS - Qualifying Recognised Overseas Pension Scheme. These are Pension/Superannuation schemes in Australia recognoised by the UK Tax/Revenue Office and capable of accepting your funds.

So take you time and get proper advice and be careful of the "Free Reort" and then getting hit with 4% transfer fee merchants out there. If fees rise above $5000-$6000 for the full process and transfer then you are being conned.

hope this helps

Liam

[monty]

Originally Posted by Liam

You need to get advice on your own particular circumstances and make sure that you are settling in Australia long-term before you start messing about with UK Pension Transfers. Look at the pro and cons of leaving it in the UK until you are sure that you are happy in OZ. Don't let anyone rush you into tranferring it with threats of penalty tax! Email me and I will explain how this is to a large extent rubbish!

If you do want to move it over then speak to an adviser or your employer Superannuation provider to see if they can recommend a QROPS - Qualifying Recognised Overseas Pension Scheme. These are Pension/Superannuation schemes in Australia recognoised by the UK Tax/Revenue Office and capable of accepting your funds.

So take you time and get proper advice and be careful of the "Free Reort" and then getting hit with 4% transfer fee merchants out there. If fees rise above $5000-$6000 for the full process and transfer then you are being conned.

hope this helps

Liam

Thanks for that advice Liam we have been here just 12 weeks, but will be working at Flinders hospital soon and was wondering what I should do. Thanks for your warnings I'm go to chill for a little while and get settled before feeling pressured into something I may regret later.

Monty