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Andrew from Vista Financial

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Andrew from Vista Financial last won the day on January 20 2017

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About Andrew from Vista Financial

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    Financial (Pensions) Adviser

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  1. Andrew from Vista Financial

    First Home Buyers/Mortgage Seminar (SA)

    Hello We are thinking of putting on a First Home Buyers (Mortgage) Seminar as I know that there are still plenty of Poms coming to Adelaide and will of course be looking to buy their first home here at some point. We used to run these seminars regularly a few years ago and the feedback was very good. I am just trying to get some ideas on numbers and then if take up is good I will lock in a date, the venue is likely to be the Hallett Cove Civic Centre. It will be free to attend, no pressure purely informative and will provide information on the following: The buying process in SA; Costs involved in buying; The mortgage process in SA We have years of experience assisting in obtaining mortgages for first home buyers specifically Poms in this area so do feel that there could be value here for members wanting to understand how it all works. If you are interested then please either PM via here, reply to this thread or email me on Andrew@vistafs.com.au Cheers Andy
  2. Andrew from Vista Financial

    Uk State Pension

    Hi Hayley Not sure of the month your Mum was born but pretty sure she will reach age pension age at 66 therefore likely to be claiming from the UK before moving here.....in which case as above.
  3. Andrew from Vista Financial

    Final salary uk pension to Aus

    Hi again I'll try and give you general answers to your questions first. UK rules Typically access from age 55 however if a final salary scheme and that scheme retirement age is higher than age 55 (if they allow access from age 55) the benefit amount will be reduced. Aus rules Based around preservation age and retirement: https://www.ato.gov.au/super/self-managed-super-funds/paying-benefits/preservation-of-super/ If over preservation age, not retired and under age 65 then possibly able to access 10% of the balance annually. However if over preservation age and retired or 65+ then access up to 100%. Disability pension As you will be aware Centrelink means test the disability pension based on assets and income therefore an increase in your income is very likely to affect your disability pension amount. The second point is in consideration of a transfer to an Australian QROPS. As you point out the pension is quite small, given this and the mandatory requirement to take UK FCA advice (if considering a transfer out of a defined benefit scheme) and the fact that the only Australian QROPS option currently is the self managed super fund option then I'd say that it would be very unlikely a transfer will be viable. Hope this helps. Andy
  4. Andrew from Vista Financial

    Final salary uk pension to Aus

    Hello Pommyaussie What pension is this please ie private or government (NHS etc)? Accessing the pension benefits at retirement is totally different to transferring to a Australian QROPS. You are right in that it may be possible to access benefits from a UK pension from age 55 and typically the age from an Australian Super is from age 60 (potentially with limitations). However there may be a reduction in the benefits accessed from a final salary (defined benefit) scheme if the scheme retirement age is higher than age 55. Regards Andy
  5. Andrew from Vista Financial

    UK private pension lump sum

    Hello oxboyinoz It may be possible to transfer the pension to an Australian Super Fund although currently there are no retail options available, the only retail fund that existed recently was deleted from HMRC ROPS list a couple of months ago for a review. Therefore currently the only option is to have a Self-Managed Super Fund established and QROPS recognised. However this is really something you should probably seek advice on as its a pretty complex area AND may not be suitable for you for many reasons. I understand that there are a number of other Australian Retail Super Funds who will be putting in (or already have) applications to HMRC to be QROPS so may be worth waiting a bit to see how this turns out. I am assuming that your scheme is a defined contribution scheme? Regards Andy
  6. Andrew from Vista Financial

    Uk State Pension

    Hello Jord Possibly, firstly you need to obtain a pension forecast, you can do this online if you have an in date UK passport, if not then it's snail mail unfortunately, details here: https://www.gov.uk/check-state-pension Once you get this you can apply to pay class 2 by completing an application which will then be assessed to see if you are eligible however be quick as these are to be abolished soon: https://www.gov.uk/government/publications/social-security-abroad-ni38 Regards Andy
  7. Andrew from Vista Financial

    Pension exchange rates

    I agree with Alan here...the first 25% (PCLS) should be UK tax free anyway and then the remaining amount classified as income (this is where the tax treaty exists with pension income). So this could potentially be paid all tax free from UK however would need to be declared in Australia. However I understand that there would then be two parts to the Australian tax assessment of this money, firstly the (PCLS) 25% lump sum to be treated as you have described above and this is done under a foreign super lump sum benefit payment so effectively growth of whole pot but only to the extent of it not exceeding the 25%. Secondly the remainder (75%) as income under your MTR. As it's possible now for individuals other than just those self-employed to make tax deductible contributions to super there could then be merit in using some of these proceeds to do so and reduce the overall tax liability (this depends on your individual circumstances though). The above said it seems that you have already initiated this transaction therefore I feel that it would be prudent for you to seek qualified tax advice on this matter so as to ensure that you are not going to pay too much tax unnecessarily. Regards Andy
  8. Andrew from Vista Financial

    Transferring Superannuation from the UK

    Hi Pingpongpom2 Not sure what has happened here as I replied to this last Monday (and it seems to have disappeared). It sounds to me as the schemes you have are government un-funded defined benefit schemes (certainly the NHS scheme is) in which case this means that these schemes cannot be transferred to Australia any longer (since April 2015). That being the case then it seems that the only option you have is to take the benefits of the scheme at the schemes normal retirement (pension) age. HTH Andy
  9. Andrew from Vista Financial

    Age pension

    Hi Jessie To try and answer your question, if a person is under Age Pension age then typically any money in Superannuation is invisible (so to speak) to Centrelink. However as soon as the person becomes of Age Pension age it is then assessed OR if (even if under Age Pension age) it is moved to an income stream. None of the above I have said should stop you applying for Newstart but of course it will depend on your income/asset position as to whether you receive anything. Also you may have to wait for about 13 weeks due to any liquid assets/savings you have: https://www.humanservices.gov.au/individuals/enablers/liquid-assets-waiting-period/28631 . Hope this helps. Regards Andy
  10. Andrew from Vista Financial

    Obtain a UK Pension (Final Salary) Transfer Value

    Hi L2B2 Yes I can however it might be easier to do it offline, can you provide me your email address (PM) or email me directly to Andrew@vistafs.com.au Many thanks. Andy
  11. Andrew from Vista Financial

    Solitary retail Super QROPS suspended by HMRC

    Hello Ggs It was deleted in August by HMRC, this was a surprise to AESF (Tidswell) however this was apparently for a review that HMRC wish to conduct, AESF have this to say: "As you are aware the fund has a temporary removal from the ROPS list whilst HMRC undergo a standard review of the fund. The following is the latest from the trustee. ‘During the review it is the practice of HMRC to temporarily suspend the ability of UK Pensions Schemes to transfer funds to Australian qualifying schemes. At this stage, we have been advised by HMRC that the review will commence the week of 23 September 2018.’ Based on this, hopefully we will be back on the list shortly after 23rd September 2018, and be able to re-commence receiving UK fund transfers into AESF. This certainly does not spell the end and to my knowledge there are 3/4 other Super Funds going through the process of applying to be QROPS at the moment, one I understand is hoping to be up and running around November of this year. This also should have no impact on SMSFs obtaining QROPS. Cheers Andy
  12. Andrew from Vista Financial

    UK Mortage Australian Job?

    Hi Steven We don't actually do UK mortgages so wouldn't be able to help here I'm afraid. I do have a UK contact that is a Broker so I will PM you his details he may be able to answer your question. So is your plan to move back to Australia after the 2-3 years? If so I would think carefully about this strategy, buying a large asset like this for the short term can carry quite a risk (that's if you are thinking of selling it again when/if you move back (you may be thinking of keeping it as a rental?)). Regards Andy
  13. Andrew from Vista Financial

    UK Mortage Australian Job?

    Thanks Kate such kind words ?
  14. Andrew from Vista Financial

    Aussie pension

    Hi Fi H Yes that's correct if you were a permanent resident then you will only be able to draw this money under a condition of release: https://www.ato.gov.au/Individuals/Super/In-detail/Withdrawing-and-paying-tax/Withdrawing-your-super-and-paying-tax/#Whenyoucanaccessyoursuper Typically this for most is retirement. KR Andy
  15. Andrew from Vista Financial

    Pension earned in Oz back to UK

    Hi Enduro Not if the investment return outweighs the fees, the fees shouldn't amount to more than around 1% ish (give or take) so market corrections aside you would expect returns to be a higher than this. KR Andy