If you are a temporary resident then you can apply to take it with you. If you are a permanent resident then it basically just stays there until you hit retirement age and then you can access it. I guess they figure that a person with permanent residency could come back at some time and may need it in their retirement. Basic information here
Can it not be transferred into a UK pension fund, like UK pensions can be transferred to Australian super funds? If not, that is a bugger
Jo
Once you have transferred your UK pension into an Aussie super you cannot get that back to the UK so be warned. We have started the ball rolling on moving our pensions but it is frozen at the moment. One, to make sure we get a decent exchange rate - it is our future money pot after all and two, just to make sure that we really do want to be here until we are old and grey (well too late for OH he is old and grey already LOL!)
Felicity
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Felicity + Michael - We're 'Pozzies' - Happy and Lovin' it!
Melbourne since September 07
Location: Coombabah, Gold Coast from Oldham, NW England
Posts: 881
Quote:
Originally Posted by The Broughtons
Once you have transferred your UK pension into an Aussie super you cannot get that back to the UK so be warned. We have started the ball rolling on moving our pensions but it is frozen at the moment. One, to make sure we get a decent exchange rate - it is our future money pot after all and two, just to make sure that we really do want to be here until we are old and grey (well too late for OH he is old and grey already LOL!)
Felicity
Wow, thanks for that! Hubby's frozen his too for now, too be sure as well.
Jo x
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Rich, Jo, Dan (4), Beth (3) and Luke (19m)
Coombabah, Gold Coast
Once you have transferred your UK pension into an Aussie super you cannot get that back to the UK so be warned. We have started the ball rolling on moving our pensions but it is frozen at the moment. One, to make sure we get a decent exchange rate - it is our future money pot after all and two, just to make sure that we really do want to be here until we are old and grey (well too late for OH he is old and grey already LOL!)
Felicity
You can but only if you have never applied for PR or been granted citizenship. And you lose 30% of the fund's value.
I believe that even if you have PR if you have no intention of ever returning to the country you can after 5 years of leaving Oz apply to have the funds paid to the UK. Temporary residents can apply for an immediate refund.
I've no idea whether you have to have it paid into another fund or if there is a tax on it.
It was on some of the the literature I got from my Super when I first joined.
I would contact your Super administrator explain your situation and ask what your options are.
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This life is more than just a read through
but if you are on a temporary visa you can get it back...not sure but I think they deduct tax first.
