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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

    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
  2. 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benefit scheme) in which case the growth of the whole scheme will be considered even though only 25% of the pot is withdrawn.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
  3. 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
  4. 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.
  5. 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
  6. 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
  7. Andrew from Vista Financial

    NAB

    NAB aren't a forum sponsor anymore.................perhaps some great forward thinking by Poms in Oz
  8. 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
  9. 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
  10. Andrew from Vista Financial

    Estate Planning: UK & AU Wills

    Can I ask what state you live in please? Thanks.
  11. Andrew from Vista Financial

    UK/ AUS state pension

    Hi This should help https://www.humanservices.gov.au/individuals/services/centrelink/age-pension/eligibility/residence-rules UK will pay what you have built up regardless of where you live thereafter (although not indexed in payment in Oz), Australia works very differently as you will see. Essentially you will need to be living in Oz at the time of claim (and have met the residence requirements and assets and income test). If you move away once in receipt it is then based on how many years you lived in Australia as to how/if it continues https://www.humanservices.gov.au/individuals/services/centrelink/age-pension/managing-your-payment/if-you-travel-outside-australia Regards Andy
  12. Andrew from Vista Financial

    Brit police officer wanting to transfer police pension to Australia

    Thanks Wow still very young, and so plenty of time in my opinion to be able to save for retirement in Australia, yet so many things will happen over that period. Personally I would not be making my decision to move based on this side of things (whether you will be better off in retirement in UK or OZ) as said what the assumed situation is now could be very different when you get to retirement (legislation changes and personal changes will see to that), it's much more about the life that you wish to lead and whether you feel your life will be more fulfilling here in Australia or where you are in the UK. Anyway still happy to give you a bit of a projection but what I need is your Husbands current Police Pension entitlement (he needs to obtain details telling him what his annual pension entitlements look like if he left the scheme today). Also if you are able to get a forecast of your UK State Pension entitlements that will help more, you can do this online here (set up account and get instant forecast (you will need an in date UK passport): https://www.tax.service.gov.uk/government-gateway-registration-frontend?accountType=individual&continue=%2Fcheck-your-state-pension%2Faccount&origin=nisp-frontend&registerForSa=skip Regards Andy
  13. Andrew from Vista Financial

    Brit police officer wanting to transfer police pension to Australia

    Hi DevonUK I've read the following information about you thus far: Husband Age = 40 Salary = $100,000(6 figure please clarify?) – 11% super Retiring at age 60 preferably If you are able to provide the following, I'll run it through my calculator (crudely of course): UK State Pension – how many years of contributions do you each have? How old are you? How much is your Husbands Annual Police Pension currently in pounds? Are you happy to use the following benchmark for retirement income purposes (ASFA Retirement Standard - https://www.superannuation.asn.au/resources/retirement-standard $60,800)? Regards Andy
  14. Andrew from Vista Financial

    Brit police officer wanting to transfer police pension to Australia

    No problem. As a deferred member your benefits would have increased by indexation each year, it should be fairly easy to get an idea of what the historic benefits were particularly if it was only a couple of years.
  15. Andrew from Vista Financial

    Brit police officer wanting to transfer police pension to Australia

    Hi MicknMary (my Dad and Mums names!) I suspect that the Agent has included 100% of the lump sum in your total income, if so then this is not how UK pension lump sums should be assessed. The correct way of doing this is typically by assessing the growth element only, that being the increase in value between becoming Australian Resident and receipt of the lump sum (using the value in pounds and converting to Dollars on receipt of money). If this is not the way the Agent has done this then you’ve probably been asked to pay too much tax by the ATO and you should go back to him. Tell him to look up treatment on foreign super benefit payments instead Regards Andy
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