Andrew from Vista Financial

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Andrew from Vista Financial last won the day on January 20

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About Andrew from Vista Financial

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    Financial (Pensions) Adviser
  1. Small pensions

    Hi Unfortunately that's also not possible until UK retirement age (currently age 55). Andy
  2. Voluntary NI contributions

    Hello A) It is possible to receive both. B) Not necessarily, it completely comes down to individual circumstances, you are right in that the OZ Age Pension is means tested however it is tested under both an income and an assets test and whichever gives the lower result is the amount received. As an example of this a person could have assets over the max threshold and therefore would not be eligible to receive any OZ Age Pension so the UK State Pension in that case has no impact whatsoever on any OZ benefits (whilst they have those assets anyway). Also even if a person/couple are receiving the full State Pension they could still receive a very generous amount from the OZ Age Pension, as an example of this ( I have literally just run this scenario on my software to be able to demonstrate): A couple with combined assets of $300,000 (excluding the home) and both receiving the full UK State Pension currently around $28,000 annually and no other income could qualify for around $25,000 from the OZ Age Pension. There are many other scenarios that could occur of course but typically I would not discount topping up the UK State Pension on the basis of it losing/reducing the OZ Age Pension IF someone is able to top up at class 2 rates, Hope this helps. Andy
  3. Investing100k in UK

    Hello Playghirl Given that it is only a short term you wish to invest for then typically on cash would be advisable (unless you are prepared to take some risk) therefore cash accounts such as Term Deposits and Online Savers usually fit the bill in cases like this. That said Australian residents looking to open these types of accounts in the UK do seem to find it quite difficult being non UK resident as a lot of institutions have policies in place that can restrict them from doing so. Hope this helps. Regards Andy
  4. Super account

    Hello Can you confirm what the charges have been deducted for and even what the name of the Super Fund is? Admin/member fees are normally percentage of fixed dollar, so based on percentage it would be much lower than this, usually a range between around 0.1% - 0.7% and fixed dollar typically $100 - $150 annually. Investment Management fees are implicit (meaning you wouldn't see them) and declared in the net returns stated in most cases. Are there any insurance premiums mixed up in those fees? The return is good, it's just under 6% annualised (however given the time period is so short then that could have been anything between -20% - +20% so I wouldn't worry about returns in such a short space of time (so long as they are relatively close to benchmark of course). Regards Andy
  5. Small pensions

    Hey there Apologies for the delay. Given your age then it is not possible to move the pension to an Australian Superannuation (Pension) Fund at this stage, you now need to be at least age 55 to be able to do this. You should just ensure that you keep your details up to date with the provider and keep a fairly regular check of how it is performing and how it is invested (ie within your risk tolerance). Regards making payments to it, you could obviously continue to do so however if you are going to be living and working (earning) in Australia it may be just as beneficial (if not more depending on a number of factors) to make additional contributions to a Fund here. Hope this helps. Regards Andy
  6. Voluntary NI contributions

    Thanks for the update. We've lots of clients with outcomes that are very different to others even though the system seemed to suggest the same proposal so it is definitely not as black and white now as it used to be. We and some of our clients have had a conversation with the "Pensions Expert" they do seem to have a very good grasp and they have provided us with an email address for future questions (they do seem to come back very quickly as well (so far anyway)).
  7. Voluntary NI contributions

    Yes the online system is very good however you must have an up to date UK passport to set up an account and unfortunately not everyone has renewed them since expiry we are finding with our clients. You are right though in that it gives a very comprehensive list of what years are on record as having been fully paid, partially paid, or not paid, how much you are entitled to and how many years are left to get the maximum you may be entitled to at your retirement age HOWEVER for some people that are/were near the old 30 years back paying beyond 2015/16 may not give the benefit that it would have prior to the changes even though the system states it does. Previously it was very general with regards to the Basic State Pension entitlements and what needed to be paid to get additional benefits and more importantly what those additional payments meant in pound terms of extra benefits, now we have found it's become quite individual in terms of the maximum people may get (if they are near retirement or were near the old full basic pension) and what topping up may get them. For clients in those situations we have taken to writing in and requesting a precise cost benefit analysis. Andy
  8. Can i claim an oz pension or part pension in the UK, I lived in oz from Jan 1981 till Jan 2005. I moved back to UK due to health issues and family issues.I am due a UK pension in March 2018,but due to living in oz i have not made enough National insurance contributions so I will only receive a reduced pension. So i would like to receive my oz pension to make up my pension to a level that will help me survive.Surely having worked and payed taxes for 25 years i feel i am entitled to at least a part pension from oz  

    1. Andrew from Vista Financial

      Andrew from Vista Financial

      Hello

      I would suggest not unfortunately, see here: https://www.humanservices.gov.au/individuals/services/centrelink/age-pension

      At the very minimum you have to be an Australian Resident on the day you claim.

      Kind Regards

      Andy

  9. Voluntary NI contributions

    Class 2 may be available to certain people meeting certain conditions and if successful the cost is around 145GBP for each missing year where class 2 has been granted. However it has started to become more confusing since the changes came in to move it from 30 years to effectively 35 years and in some cases paying for years prior to the changes does not always add any more or only add very little benefit.
  10. Voluntary NI contributions

    Hi MTut I'm pretty sure that we have had clients accepted for class 2 under similar circumstances as your Wife. Andy
  11. Voluntary NI contributions

    Hello Sorry I over looked this. Here are the eligibility requirements for Age Pension: https://www.humanservices.gov.au/individuals/services/centrelink/age-pension#group-125 There is no hours/dollars requirement as it is a non contributory system. The amount you receive once eligible is based on an income and assets test. The assets test is here: https://www.humanservices.gov.au/individuals/enablers/assets The income test is here: https://www.humanservices.gov.au/individuals/enablers/income-test-pensions The maximum in assets (exc the home) for a couple before they can get nothing under the assets test is $827,000. KR Andy
  12. Pension question

    Given the pensions are in payment then it looks as though the other members have looked after this question already (and well might I add). Regards Andy
  13. Have you have transferred your UK Pension to an Australian Superannuation Fund (under QROPS rules) prior to April 2017? If so and particularly if you did this through your Bank (especially the Major 4 Banks) or one of the big UK Pension Transfer companies then a review of your Superannuation Fund really should be considered. There are many reasons that a review could benefit you and add value to you for your retirement (which of course is the whole reason for having a pension/superannuation fund). Some of the reasons for reviewing could be: You are paying high fees for your fund when they are not warranted; Your money is not invested in the correct Risk Profile in accordance with your needs/comfort zone; You money is sitting in Cash and is not invested at all and therefore is not providing any/minimal returns for your retirement; You are paying fees to a Financial Adviser who you feel you are receiving no benefit or value from OR even worse you are paying fees to a Financial Adviser who is not even contacting you for Financial Planning Reviews;; Your investments are performing below expectations; You do not think you can move your super monies to another Super Funs due to UK (HMRC) penalties (which actually may not be the case). If you have any of the concerns listed above then a Review of your (former UK Pension monies) Superannuation Fund is most certainly warranted. If you would like to review your situation then we are able to assist. We are licensed Australian Financial Planners (former UK Advisers) who work with and maintain strong connections with UK Advisers and who deal with UK Expats daily (our business is predominately UK Expat based). We will be in a position to help alleviate any of your above concerns by reviewing your Super Fund and if is it not appropriate AND a move is allowable (under UK rules which we will confirm) we can advise on a more appropriate Super Fund and/or Investment Portfolio for your monies which is more suitable for you.
  14. Have you transferred your UK Pension to an Australian Superannuation Fund (under QROPS rules) prior to April 2017? If so and particularly if you did this through your Bank (especially the Major 4 Banks) or one of the big UK Pension Transfer companies then a review of your Superannuation Fund really should be considered. There are many reasons that a review could benefit you and add value to you for your retirement (which of course is the whole reason for having a pension/superannuation fund). Some of the reasons for reviewing could be: You are paying high fees for your fund when they are not warranted; Your money is not invested in the correct Risk Profile in accordance with your needs/comfort zone; You money is sitting in Cash and is not invested at all and therefore is not providing any/minimal returns for your retirement; You are paying fees to a Financial Adviser who you feel you are receiving no benefit or value from OR even worse you are paying fees to a Financial Adviser who is not even contacting you for Financial Planning Reviews;; Your investments are performing below expectations; You do not think you can move your super monies to another Super Funs due to UK (HMRC) penalties (which actually may not be the case). If you have any of the concerns listed above then a Review of your (former UK Pension monies) Superannuation Fund is most certainly warranted. If you would like to review your situation then we are able to assist. We are licensed Australian Financial Planners (former UK Advisers) who work with and maintain strong connections with UK Advisers and who deal with UK Expats daily (our business is predominately UK Expat based). We will be in a position to help alleviate any of your above concerns by reviewing your Super Fund and if is it not appropriate AND a move is allowable (under UK rules which we will confirm) we can advise on a more appropriate Super Fund and/or Investment Portfolio for your monies which is more suitable for you. This post has been promoted to an article
  15. Employer pensions - stick or move?

    Hi Lisa This would require the advice of an FCA UK Adviser as we are not regulated to provide advice on UK to UK transfers, there may be merit in a review for one reason and another however I would suggest that the fees to provide any advice could outweigh the benefit at this stage. HTH Andy