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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

    Mortgage with 489 visa

    Hello Barry Mortgage rules are a changing constantly over here so may be better to explore this as and when you are near to actually looking. That said I understand the 489 to be a temp visa and in this case it may be better to wait until you get permanent residency due to the additional costs that (generally) temp residents need to pay to purchase (ie additional 7% stamp duty in SAQ over and above the usual 5%). Regards Andy
  2. Andrew from Vista Financial

    New 55+ Retail QROPS Super (soon) - UK Pension Transfers

    Just to add that we do specialise in this area (UK Expat Advice), so if anyone does require advice around their UK Pensions and Retirement Planning this is what we do on a daily basis. We have been working with UK expats in this space for over a decade now and still have an ongoing relationship with many clients (as their Advisers) whom we assisted over a decade ago. We have the ability to advise on and recommend QROPS in Australia, be that the above Retail Super or an SMSF (where a transfer to Australia is appropriate). We also have the ability to advise on and recommend (which is quite rare for Australian Advisers) an International SIPP in circumstances where an individual is less than age 55 or even above age 55 but with a balance of more than the Australian Contribution Caps (which could then limit how much can be transferred to Australia in one hit). This solution can then allow us to become your Australian Regulated Investment Advisers on your UK Pension monies with gives the added advantage of having the option of investing that money in UK Pounds or Australian Dollars. Feel free to contact us if you wish to discuss further. Andy
  3. Andrew from Vista Financial

    New 55+ Retail QROPS Super (soon) - UK Pension Transfers

    Well the 'Australian Expatriate Super Fund' have undergone their HMRC review and have been added back to the ROPS list. A couple of weeks late but better late than never as the saying goes: https://www.gov.uk/guidance/check-the-recognised-overseas-pension-schemes-notification-list#australia Tidswell Master Superannuation Plan Added
  4. Andrew from Vista Financial

    New 55+ Retail QROPS Super (soon) - UK Pension Transfers

    Watch this space folks...…...should be some news early next week!!
  5. Andrew from Vista Financial

    Fund Supermarket in Australia

    Hi Greg1 If you are looking to access listed funds (ETFs etc) then you could easily set up an online Broker account AND you could also access a range of managed funds via the ASX service M-Funds (so long as the Broker has this facility). This way there are usually no ongoing administration fees to administer the holdings (unless you hold foreign currency investments then there may be). Otherwise you could look at opening a Wrap product, these will have access to usually the ASX 200 shares, a range of ETFs and around 300-500 managed funds. You will be charged an annual administration fee for such a service though (usually a tiered structure and based on percentage, say 0.4% first $250k etc). Hope this helps. Andy
  6. Andrew from Vista Financial

    New 55+ Retail QROPS Super (soon) - UK Pension Transfers

    Hi David Unfortunately not, they have informed me that it is taking longer at the Australian end (APRA) than expected so a bit difficult to formulate a view around a date. I have also been informed by AESF that they have resolved all issues with HMRC and hope to be back on line soon. Hope this helps. Regards Andy
  7. Andrew from Vista Financial

    UK 25% Tax free withdrawel

    Hi Neil Very broadly and as Ggy has pointed out above the ATO typically will assess a foreign super benefit payment (a SIPP PCLS) on the growth since a person becomes resident known as the Applicable Fund Earnings (AFE). If the benefit payment is paid directly to a person then this AFE is typically assessed at a persons Marginal Tax Rate. In terms of apportioning any AFE (ie by 25% as that is the amount of the pot taken) this is not the case as we understand it (unless immediately at the time the payment is made the remaining pot secures a lifetime income stream for instance a defined benefit scheme) in which case the growth of the whole scheme will be considered even though only 25% of the pot is withdrawn. That said the AFE cannot exceed the amount of benefit taken. Happy to discuss further if you wish. Regards Andy
  8. Andrew from Vista Financial

    Paddy Al

    Hi Paddy The State Pension question has been dealt with above. Regards the private pension question as Alan has stated it is not possible to transfer a UK pension to an Australian Super until a person is age 55 currently. That said if you are below this age it does not mean that you have to leave your current pension arrangements in place there may be alternative options available to are more appropriate. Regards Andy
  9. Andrew from Vista Financial

    Estate Planning: UK & AU Wills

    Ok then you should get a Solicitor that is based in NSW, this is from our SA based Solicitor Associate: An SA Will would still be valid interstate (and vice versa) but that there are different laws in different states and these laws could significantly impact on what the clients wanted to achieve with their Will.
  10. Andrew from Vista Financial

    Topping up NIC for UK state pension from Aus

    Yes I do indeed! That said funnily enough I read yesterday that this is no longer going to be the case: https://www.accountancydaily.co/treasury-abandons-plan-abolish-class-2-nics
  11. Andrew from Vista Financial

    Brit police officer wanting to transfer police pension to Australia

    Hello Devonuk Here you go I have managed to attach the charts. Please, please take these projections as a rough guide only, I have not fully justified or analysed them and they are based on the limited information from this thread only. Firstly the assumptions used are: UK and Australian Inflation (the cost of living), wages, tax brackets and Centrelink Age Pension payments and thresholds will all increase each year by 2.5%; You will both have Employer Superannuation payments made at 9.5% until retirement; Your required annual income in retirement will be $61,000 in today’s money, this will increase with inflation each year to allow for the cost of living increases; Your Superannuation Funds will grow at an average of 6% net each year until retirement; Your Superannuation Funds will be rolled to Account Based Pensions when you retire; Your Account Based Pensions will grow at an average of 4% net in retirement; You will draw the minimum legislated amounts from your Account Based Pensions in retirement; You will become eligible for the Centrelink Australian Age Pension at age 67; You will be eligible to receive the UK State Pension at age 67 and will each receive 50% of the current full amount, The UK State Pension will increase with the cost of living until you start to receive payment however once in payment it will remain flat (i.e will not increase with the cost of living); You will receive the UK Police Pension at age 60 and the current amount is £9,657 annually (this is indexed by inflation pre and post retirement); The rate of exchange between UK and Australia is $1.80 to £1.00; In any year of retirement that there is a deficit in income required to meet your expenses you will make a capital withdrawal from your Account Based Pensions. The first chart shows retirement at age 60 and the second at age 65. Ignore the expenditure objective (orange line) before retirement, this is only relevant from retirement and is the $61,000 annually. This is the current benchmark based on ASFA's research: https://www.superannuation.asn.au/resources/retirement-standard
  12. Andrew from Vista Financial


    NAB aren't a forum sponsor anymore.................perhaps some great forward thinking by Poms in Oz
  13. Andrew from Vista Financial

    Topping up NIC for UK state pension from Aus

    Hi there Sorry for the delay. No not yet it hasn't but it is I believe going to be in April 2015. We are certainly still getting offers for clients to pay under class 2 (those that have applied to pay class 2). Perhaps give them a call, seems strange that they would offer and then take it away! Regards Andy
  14. Andrew from Vista Financial

    Brit police officer wanting to transfer police pension to Australia

    Hello Devonuk Can you email me on Andrew@vistafs.com.au so I can send you these projections, the forum won't allow me to paste them for some reason. Thanks Andy
  15. Andrew from Vista Financial

    Estate Planning: UK & AU Wills

    Can I ask what state you live in please? Thanks.