Endowment Policies

[deb8181]

Hi does anyone know the answer to my question.
We have a couple of endowments which run for approx. another 5-6 years.
When we move to Oz is it best to keep them going and if so how do we pay them from Oz to the Uk the cheapest way?
Debbie

[Andrew Williams]

Hi Debbie.

You should take some financial advice to answer this question. There will be a lot of different factors involved including potential taxation implications as to whether it is best to keep them going or not.

When you come to Australia try to get some recommendations from people in your area for a Planner that has knowledge of UK investment products.

Regards

Andy.

[Jacqui J]

Originally Posted by deb8181

Hi does anyone know the answer to my question.
We have a couple of endowments which run for approx. another 5-6 years.
When we move to Oz is it best to keep them going and if so how do we pay them from Oz to the Uk the cheapest way?
Debbie

Hi Debbie, I have a few endowments too and when I spoke to my Financial Advisor, was told that there's no reason not to keep them going. Like you there is only a few years left and they're not worth as much until they mature.
I have a direct debit set up and will be sending a lump sum every few months.

Hope this was of help to you.

[deb8181]

Hi Jacqui
Thanks for your reply. Do you mind me asking how you send a lump sum over to your bank in the UK every few months as I believe it can be expensive transferring money from Oz to the UK especially on a regular basis.
Kind regards
Debbie

[Andrew Williams]

Hi Jacqui

Just out of interest, the Financial Adviser that you spoke with, was that in the UK or here in Australia?

Andy

[masmithuk]

We sold ours but at that time they were probably worth a bit more than they are now.

If you keep them going just be careful of the tax system here as you could have then taxed as foreign income. You need pro advice in Aus regarding this.

[Jacqui J]

Originally Posted by Andrew Williams

Hi Jacqui

Just out of interest, the Financial Adviser that you spoke with, was that in the UK or here in Australia?

Andy

Hi Andy, I'm actually from Ireland, so my adviser is here.

[Andrew Williams]

Hi Jacqui.

Unless your Adviser is familiar with the Australian Foreign Investment Fund rulings then it would not be possible for him to give you correct advice.

As I say it will be best that you seek advice when you arrive from an Australian licensed Adviser who is also familiar with how endowments work over there.

Alternatively seek advice from a Australian Tax Adviser (again that is familiar with the Foreign Investment Fund rulings) so that you are aware of any potential tax implications if you keep them going.

Regards,

Andy.

[deb8181]

Thanks Andrew
Yes i will take financial advice when i get over there regarding my endownments.
Regards
Debbie