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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

    Pensions in UK

    Hi LPR That's a good question but not one that is a yes or no answer I'm afraid. There are many things to consider when looking at this such as: intended retirement age; required income in retirement; other assets and income streams in retirement; intended actions (ie plans on how you will access) for the pot; size of the pot; type of scheme with Aviva; tax position now and in retirement; currency position/attitude; tax impact if a transfer does occur; intended beneficiaries of funds. These are the types of factors that need to be considered when trying to answer such a question (there's likely a few more too). However, as a guide and assuming that your scheme is a defined contribution scheme, some of the drivers for people wishing to look at a pension transfer to Australia are: funds are in your country of residence; funds can be in your currency of resident (although they can also be invested in sterling but the same can be said for some UK arrangements ie multi-currency investment options); superannuation withdrawals in retirement are tax free; you are only dealing with Australian legislation (so no impact if the UK changes pension legislation/rules); easier to deal with pension companies/Advisers who are in the same time zone/country. can lead to better retirement planning opportunities for some (ie transition to retirement strategies). So you can see there is no one answer fits all here but hopefully this helps a little in understanding what might be involved when considering this. Regards Andy
  2. Andrew from Vista Financial

    Pensions in UK

    pHi David As Alan has pointed out it is not possible to transfer a pension to an Australian Super Scheme until at least age 55. You are likely to have been cold called by the likes of D* **** or F**** C****** or H****** or H***** or G******* and the way that these firms are getting numbers are by trawling through LinkedIn profiles (and the likes) by searching UK expats in Australia and checking employment history, if you have worked for a big UK company such as RBS, BT etc the assumption is then that you have a UK (defined benefit) pension. You are being targeted to try to get you to transfer to either a QROPS offshore (although mostly a no go now due to the new HMRC tax) OR an International SIPP (these are the new QROPS). Now that is not to say that a transfer to an International SIPP is not a viable option/solution for some however you are likely being targeted by an Adviser working on commission only (probably fresh out of a fast track training program) with the sole intention of getting a sale (which for them is a transfer). Also usually with a lot of these firms, once in the new International SIPP (or QROPS) you are guided/recommended into platforms and managed investment funds either with inbuilt non-transparent commissions and/or kick backs to the parent company (which of course means you ultimately pay for these from your transferred money). Therefore be careful who you deal with and rule of thumb especially for financial services is do not deal with any person/company that cold calls (clearly desperate for business), do your own due diligence and ensure that they are at the very least regulated in either the UK (FCA) or Australia (ASIC). Regards Andy
  3. Andrew from Vista Financial

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

    Yes in this case because it is a government un-funded defined benefit scheme. Other types of defined benefits schemes can be transferred however IF they are transferred to Australia then they will effectively lose their defined benefit status and instead become an accumulation style Superannuation (known as defined contribution or money purchase pensions in the UK). It's a bit like taking a pot of money and buying a lifetime annuity in reverse, you are losing that (deferred) lifetime income stream and instead have a pot of money to invest for retirement and to draw down on in retirement. That said it is still possible to purchase a lifetime annuity type product in Australia with Superannuation (accumulation) money at retirement. Hope this helps Andy
  4. Andrew from Vista Financial

    Selling UK home, and buying in Australia - Capital Gains Tax due?

    Hi Martin Sorry for the delay, I've asked the Mods to move this question to the Money and Finance section, there's a couple of tax guys who post regularly on their that might be better top answer this. Regards Andy
  5. Andrew from Vista Financial

    Transfer Super from QROPS compliant account

    Hi LPR Yes, as David says that would not work from a HMRC perspective, money would need to remain in a QROPS environment for between around 5 - 10 years (depending upon an individual's personal circumstances). However depending upon someone's preservation age ( https://www.ato.gov.au/Super/Self-managed-super-funds/Paying-benefits/Preservation-of-super/ )and work status it may be possible to access this some or all of this money directly (via income withdrawals) much earlier than this and all within HMRC guidelines. Whether or not that would be advisable would again depend on a persons individual circumstances. Regards Andy
  6. 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
  7. 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
  8. 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
  9. Andrew from Vista Financial

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

    Watch this space folks...…...should be some news early next week!!
  10. 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
  11. 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
  12. 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
  13. 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
  14. 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.
  15. 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