Superannuation - Moving from Australia to England Indefinitely

Hello

I am reading through threads trying to clarify the varying information I've read on ATO website. I believe we cannot touch our superannuation until preservation age - so for me that is 60 (at present, lets see how that goes with ever changing rules). My DOB is 4 Dec 1968. I have SGS of around $250K at present and hope to be leaving Australia in early 2017.

I have a number of funds which I will roll into one before we go - question is with whom and any advice / guidance? We would prefer (and need) to use these funds and take our superannuation with us but according to ATO rules this was changed in July 1998 to ensure those who leave Australia, and then decide to return and retire to Australia, have funds. Don't agree entirely and believe it is just another way of them keeping money in Australia, fullstop.

Another query - not sure if you can and I should be asking on another forum - what details would be required if and when we seek credit cards / mortgage when settled in England? Is there any link back to Australia credit rating and details?

Thank you

Hello Sue

It is only possible to take super with you under the Departing Australia Superannuation Payment condition of release which is only for eligible temporary residents: https://www.ato.gov.au/individuals/super/in-detail/withdrawing-and-paying-tax/super-information-for-temporary-residents-departing-australia/?anchor=EligibilityforDASP#EligibilityforDASP

I'm assuming you are either a permanent resident or citizen?

In terms of consolidating super funds together and then having them invested in an tailored investment portfolio, yes we can assist with this and provide advice in this area.

I do not believe there is a link back to Australian credit ratings when in the UK and applying for credit, unfortunately the UK work differently to Australia and it is necessary to build up a credit rating gradually to get a good credit score and be able to get a mortgage typically.

If you wish to discuss further feel free to contact directly.

Kind regards

Andy

Hi Andy,

I have left Australia, but have balance in NGS Super. My PR will expire in few years from now. I am not sure if I will return to Australia. In view of this please guide how I can apply for withdrawal of my Super. I had called up NGS before leaving and they said I should contact them few months before the PR expires, and see how it goes.

Can you please let me know if they transfer at that point or I still need to wait till I turn 60?

Appreciate your steer.

Regards,

Nish89

Hello Sue

 

It is only possible to take super with you under the Departing Australia Superannuation Payment condition of release which is only for eligible temporary residents: https://www.ato.gov.au/individuals/super/in-detail/withdrawing-and-paying-tax/super-information-for-temporary-residents-departing-australia/?anchor=EligibilityforDASP#EligibilityforDASP

 

I'm assuming you are either a permanent resident or citizen?

 

In terms of consolidating super funds together and then having them invested in an tailored investment portfolio, yes we can assist with this and provide advice in this area.

 

I do not believe there is a link back to Australian credit ratings when in the UK and applying for credit, unfortunately the UK work differently to Australia and it is necessary to build up a credit rating gradually to get a good credit score and be able to get a mortgage typically.

 

If you wish to discuss further feel free to contact directly.

 

Kind regards

 

Andy

Thanks Andrew, just been reviewing your website will make direct contact soon to discuss how best to set up Superannuation in Australia for future and potentially if we stay in UK - how to minimise tax at the UK end (if you can advise). Have enough for SMSF but not sure if we're not going to be in Australia if this is better option.

Thanks

Hi Andy,

 

I have left Australia, but have balance in NGS Super. My PR will expire in few years from now. I am not sure if I will return to Australia. In view of this please guide how I can apply for withdrawal of my Super. I had called up NGS before leaving and they said I should contact them few months before the PR expires, and see how it goes.

Can you please let me know if they transfer at that point or I still need to wait till I turn 60?

 

Appreciate your steer.

 

Regards,

Nish89

Hello Nish89

Unfortunately it is only temporary residents that can apply for the DASP and as you are PR as stated this is not an option for you.

Therefore it is likely that you will need to wait until you meet another condition of release as follows: https://www.ato.gov.au/super/self-managed-super-funds/paying-benefits/conditions-of-release/

Regards

Andy

Thanks Andrew, just been reviewing your website will make direct contact soon to discuss how best to set up Superannuation in Australia for future and potentially if we stay in UK - how to minimise tax at the UK end (if you can advise). Have enough for SMSF but not sure if we're not going to be in Australia if this is better option.

Thanks

No problem Sue.

Thank you - appreciate the update - It would nice to think we would have 40% deposit but with our house sale going to leave us with just enough to get over and live for some weeks - that isn't going to be the case. I am interested to hear from others who have done this and how they managed to get themselves up and running again - after they obtained employment.

Hearing that a broker could help is reassuring - I must say most people have told me on this forum it's going to take me no less than a year and I'm going to have to start with a low credit card of 1500GBP and build up my credit history.

We won't be ready to buy in first year perhaps, but best be prepared knowing what we can and can't do in the future is essential.

Cheers

I've tidied this thread to remove all the non-Vista responses to the general Finance/Money forum. Forum members - please remember this partner forum is for people to get responses from Vista only. If you want to post a comment to the OP, you can start a new thread and tag them or you can send them a PM.

Hi

Can anyone advise on what happens if someone over 65 who already is drawing his superannuation as an income stream then returns to live permanently in the UK ? This question is in respect of an elderly relative who has been out there for 50 years but has been diagnosed with dementia. His family want him to return to the UK so that they can support him. Would his super be easily transferred to the UK ? Thank you.