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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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  1. 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
  2. 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.
  3. 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
  4. Just after a bit of general advice, if you started a superfund from scratch aged 40 in Australia would it be financially manageable  to retire aged 60? Or would the amount in the fund be negligible? Would be on a 6 figure salary paying 11% into the super fund. 

     My husband would have a frozen police pension in theUK that he paid into for 14 years so would get that paid at age 60 also.

    just trying to work out whether we would be better off in retirement here in the uk or Australia. Don’t wasn’t to move if going to be much worse off in Australia. 

  5. Andrew from Vista Financial

    Brit police officer wanting to transfer police pension to Australia

    Hello DevonUK Marisa's memory serves here correctly. In April 2015 HMRC banned transfers out of government un-funded defined benefit schemes such as NHS, Police and Teachers Pension. Effectively meaning that from this date these schemes are unable to be transferred to Australia. Your Husband does not lose his entitlements, he will still be able to take the benefits at his scheme retirement age. Typically these benefits are able to be paid gross from the UK and they are then to be declared in Australia for tax purposes. Hope this helps Regards Andy
  6. Andrew from Vista Financial

    Transferring entitled NHS lump sum pension.

    Hi Lesley When someone who is an Australian tax resident receives a foreign super lump sum then the calculation to arrive at the tax liability is typically based on the growth element (Applicable Fund Earnings) of that lump sum (relating of the periods of them being an Australian Resident). Here's an ATO link that gives a broad overview: https://www.ato.gov.au/Individuals/International-tax-for-individuals/In-detail/Super/Tax-treatment-of-transfers-from-foreign-super-funds/?anchor=Transferringamountstoyourself#Transferringamountstoyourself Regards Andy
  7. Andrew from Vista Financial

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

    Hello Sorry for the delay, it's my first day in the office back the since Christmas break. You are right in saying that you will not be able to conduct a pension transfer with your NHS pension to an Australian Super Fund (this is a UK rule). Regards your UK State Pension you will be able to make a claim for your benefits at your relevant State Pension Age and it can be paid to either a UK or Australian bank account (note also that if you do not have full entitlements you may be able to buy additional years along the way (before claim)). Hope this helps, Andy
  8. Andrew from Vista Financial

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

    Hello Just an update about a new Retail Super Fund hoping to have QROPS status by mid February. I cannot give specifics at this time but the company are a well established Australian Superannuation company (they have a UK parent company) and they have their new 55+ Super Fund application currently with APRA, once this is signed off they will apply to HMRC for a QROPS certificate (they have already had HMRC look at the Deed and HMRC seem happy with it). So whilst the only current avenue for a QROPS transfer is again the SMSF path for those in the midst of looking at transferring it may pay to hold fire. Regards Andy
  9. At Vista we have been working very closely with a number of Super and Pension (UK) companies of late to forge partnerships/relationships so that we are able to offer our new and existing clients access to a wider range of solutions and with providers that are highly rated and awarded in their field. On the back of this we believe that we are now in an even stronger position to cater for an individual/couples retirement planning needs (particularly UK expats). Our solutions cover all aspects of retirement planning and wealth creation and include advising on and access to: Industry Super Funds; Not Profit Super Funds; Retail Super Funds and Wrap Platforms; A UK International SIPP (UK Pension) allowing British Pound and Australian Dollar investment options; Self-Managed Super Funds (including QROPS); Guaranteed Annuities (short and long term including lifetime annuities); Access to a very wide range of unlisted managed funds; Access to the ASX M-Funds service; Access to a wide range of listed managed fund/ETFs; Access to Direct Equities and Listed Investment Companies. We charge on a fee only basis for these solutions and our fees are fair and transparent and disclosed upfront. We also use clean investments/funds meaning that there are no commissions charged on them and we ensure that we look for the most cost effective solutions available for our clients needs. Feel able to contact me if you would like to discuss our services in more detail. Regards Andy
  10. 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
  11. 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.
  12. 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
  13. 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
  14. 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
  15. 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