Gonkbag Posted March 3, 2013 Share Posted March 3, 2013 Hi, I'm currently serving in the Royal Air Force and have registered my application to transfer to the RAAF. I have completed 16 pensionable service with the RAF and was wondering if anyone had information regarding the following: 1. After completing 22 years service I qualify for a full pension in the RAF, but if I transferred those 16 years to the RAAF pension, and carried out a further 6 years with them, would I still qualify for a full pension? 2. If this is not the case, what pension benefits would I get, if any, if I transferred 16 years service? 3. Is it worth transferring a military pension to Australia or keep in the UK? many thanks. Quote Link to comment Share on other sites More sharing options...
MARYROSE02 Posted March 4, 2013 Share Posted March 4, 2013 I don't know if you can transfer your pension or even your years of service. I have a Royal Mail pension which will simply start to pay out in the UK and then I'll transfer the money to OZ, or just use my UK Visa Debit card to pay for stuff, as I already do. I will be hoping that the GBP enjoys a better FX rate with the AUD of course. I Googled your question: [h=3]Transferring RAF pension to RAAF[/h] http://www.pomsinoz.com › ... › Pension Transfers: Ask VistaShareShared on Google+. View the post. You +1'd this publicly. Undo1 post - 1 author - 16 hours agoHi, I'm currently serving in the Royal Air Force and have registered my application to transfer to the RAAF. I have completed 16 pensionable ...Nursing Officer: RAF to RAAF? - 2 posts - 27 Feb 2011Advice on transferring from RAF to RAAF - 1 post - 8 Jul 2010Can I transfer my years across to RAAF? - 10 posts - 13 Jun 2008Transfer from RAF to RAAF - 9 posts - 5 Feb 2008More results from pomsinoz.com » [h=3]Get more discussion results[/h] [h=3]Contemplating a transfer to the RAAF or RNZAF - Pointers/Advice ...[/h] http://www.e-goat.co.uk › ... › General Chat Forums › Inter-Service ChatCachedShareShared on Google+. View the post. You +1'd this publicly. Undo15 posts - 11 authors - 14 Feb 2012Subject of applying to transfer to the RAAF or RNZAF came up but I'm unsure of where to start ... The pension does not transfer very well. [h=3]Get more discussion results[/h] [h=3]swapping from RAF to RAAF - PPRuNe Forums[/h] http://www.pprune.org › Other Aircrew Forums › Military AircrewCachedShareShared on Google+. View the post. You +1'd this publicly. Undo19 posts - 17 authors - 14 Jul 2011We emigrated downunder in 2008 after 22 years service in the RAF, whilst I didn't transfer to the RAAF I know of a few guys who have. Not easy ... [h=3]Get more discussion results[/h] [h=3]Pensions HM Forces : British Expat Discussion Forum[/h] britishexpats.com › ... › Australia › The BarbieCachedShareShared on Google+. View the post. You +1'd this publicly. Undo15 posts - 7 authors - 6 Apr 2009Hi we are moving to OZ in the near future to join our daughter and grandkids. I am in the RAF and will have a pension when I leave. Are there any ... Hi there, I am about to leave the RAF and transfer to the RAAF. I am also in ...British/Australian Army - 7 posts - 18 Feb 2005Transfer from the RAF to the RAAF - 11 posts - 30 May 2003More results from britishexpats.com » Quote Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted March 4, 2013 Share Posted March 4, 2013 (edited) Hi, I'm currently serving in the Royal Air Force and have registered my application to transfer to the RAAF. I have completed 16 pensionable service with the RAF and was wondering if anyone had information regarding the following: 1. After completing 22 years service I qualify for a full pension in the RAF, but if I transferred those 16 years to the RAAF pension, and carried out a further 6 years with them, would I still qualify for a full pension? 2. If this is not the case, what pension benefits would I get, if any, if I transferred 16 years service? 3. Is it worth transferring a military pension to Australia or keep in the UK? many thanks. Hi I'll try to answer your questions below: 1) No, you would still be able to claim the benefits that you have accrued until the point of leaving (based on the 16 years of service). 2) When transferring a final salary pension a Cash Equivalent Transfer Value is calculated and offered in exchange for the benefits you would have had. This lump sum would then be transferred to an Australian Superannuation scheme and invested. The benefits received at retirement would be based upon the investment returns and any contributions. Very different to what you have now. 3) There is no right or wrong, there are many differences to each system and potential advantages and disadvantages. You should take advice based on your situation, goals and objectives and work with an Adviser that will give you the full picture. Just to point out that there is no rush for you to do anything yet. My suggestion is to wait until you get to Australia and have lived the lifestyle first, you may find it isn't what you expected. When/if you get to the point where you feel firmly settled and that your intention is to remain here then this will be the time to start looking at your Pension. There can be some very good advantages to having your retirement monies in Australia as the system is very flexible but do it for the right reasons once you have a full understanding of the in's and out's of both systems. A final salary scheme is not something that should be given up lightly, consider paying for advice when you are ready. Have a quick look at this thread I wrote as well http://www.pomsinoz.com/forum/pension-transfers-ask-vista/169401-uk-pension-transfers-information-thread.html. Hope this helps, feel free to ask any further questions. Regards Andy Edited March 4, 2013 by Andrew from Vista Financial Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.