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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

    Retirement Planning

    We have been working with fellow UK expats here in Australia for over a decade now on helping them plan for their retirement. What does this mean and what do we do? A retirement plan is designed for you based on your desired retirement goals and objectives, for example you may wish to retire at age 65 and with an annual income of $61,909 annually after tax https://www.superannuation.asn.au/resources/retirement-standard This is done by firstly looking at your current financial situation to establish what assets (and liabilities) you have such as: · Superannuation; · Investments; · Savings; · UK Pensions (defined contribution) · Home Loans and other debt Then your income streams in retirement would be considered, such as: · Australian Age Pension (means tested); · UK State Pension (not means tested); · UK Private Pensions (defined benefit) A cashflow analysis is carried out to understand if a surplus income exists and your desired Investor Profile is ascertained. Once done comprehensive financial modelling is conducted so as to determine how things are looking for retirement and whether you are on track or if a gap exists. Following this appropriate recommendations are made on ways to either fill the gap or boost your retirement wealth and this would be by implementing strategies such as: · Making tax deductible contributions to super; · Investing to generate greater returns; · Possibly transferring UK Pensions to an Australian Super Fund or to an International SIPP; · Paying down debt quicker; · Spouse splitting superannuation contributions; · Changing your investment options so that they align to your correct Investor Profiles; · Buying back or topping up years for your UK State Pension; · Commencing a transition to retirement strategy with your superannuation money; · Reviewing current Super Funds/investments to ensure they are correctly invested and performing well. · Reviewing current Super Funds/investments to ensure that the fees are reasonable. After the initial financial (retirement) plan is constructed we will then work with you to implement our recommended strategies and will review your plan with you regularly to ensure it continues to remain on track and recommending any necessary adjustments if need be along the way. If you would like to start planning for your retirement and would like to work with a highly experienced and professional adviser then feel free to get in touch ( andrew@vistafs.com.au ). Thanks Andy
  2. Andrew from Vista Financial

    Retirement Planning

    We have been working with fellow UK expats here in Australia for over a decade now on helping them plan for their retirement. What does this mean and what do we do? A retirement plan is designed for you based on your desired retirement goals and objectives, for example you may wish to retire at age 65 and with an annual income of $61,909 annually after tax https://www.superannuation.asn.au/resources/retirement-standard This is done by firstly looking at your current financial situation to establish what assets (and liabilities) you have such as: · Superannuation; · Investments; · Savings; · UK Pensions (defined contribution) · Home Loans and other debt Then your income streams in retirement would be considered, such as: · Australian Age Pension (means tested); · UK State Pension (not means tested); · UK Private Pensions (defined benefit) A cashflow analysis is carried out to understand if a surplus income exists and your desired Investor Profile is ascertained. Once done comprehensive financial modelling is conducted so as to determine how things are looking for retirement and whether you are on track or if a gap exists. Following this appropriate recommendations are made on ways to either fill the gap or boost your retirement wealth and this would be by implementing strategies such as: · Making tax deductible contributions to super; · Investing to generate greater returns; · Possibly transferring UK Pensions to an Australian Super Fund or to an International SIPP; · Paying down debt quicker; · Spouse splitting superannuation contributions; · Changing your investment options so that they align to your correct Investor Profiles; · Buying back or topping up years for your UK State Pension; · Commencing a transition to retirement strategy with your superannuation money; · Reviewing current Super Funds/investments to ensure they are correctly invested and performing well. · Reviewing current Super Funds/investments to ensure that the fees are reasonable. After the initial financial (retirement) plan is constructed we will then work with you to implement our recommended strategies and will review your plan with you regularly to ensure it continues to remain on track and recommending any necessary adjustments if need be along the way. If you would like to start planning for your retirement and would like to work with a highly experienced and professional adviser then feel free to get in touch ( andrew@vistafs.com.au ). Thanks Andy
  3. Andrew from Vista Financial

    NHS Pension Lump Sum and Tax

    Hi ozni Yes assuming you are a permanent resident/citizen here then typically this lump sum will be assessed for tax based on the growth since you arrived (known as the Applicable Fund Earnings (AFE)). Regards reducing your tax liability by contributing money to Super, possibly (this is not just a strategy available for someone receiving a foreign super lump sum benefit payment it is available to most people looking to reduce their tax liability and maximise their superannuation fund). You may be able to make a voluntary contribution to Super and claim a tax deduction, see here: https://www.ato.gov.au/individuals/super/in-detail/growing-your-super/claiming-deductions-for-personal-super-contributions/ You need to be aware of the concessional contribution caps surrounding this strategy: https://www.ato.gov.au/super/self-managed-super-funds/contributions-and-rollovers/contribution-caps/#:~:text=Concessional contributions also include personal,all individuals regardless of age. There is now also potential to catch up on some previous years concessional contributions if these were not fully used in certain circumstances: https://www.ato.gov.au/Rates/Key-superannuation-rates-and-thresholds/?page=3 There are other potential implications to consider also therefore I would suggest you consider seeking professional financial advice for your circumstances. Regards Andy
  4. Andrew from Vista Financial

    Private Pension transfer with DeVere

    Hi there. I'd suggest that you do some googling on DeVere to get some background, they are now based in many countries over the world and work on pretty aggressive marketing tactics (cold calling, trawling through LinkedIn to search for UK expats etc). They usually use an Investment Bond in the SIPP and may also be using funds that they have either an association with or receive some remuneration from (this would be in addition to any Adviser fees and ultimately comes from your money). I am not saying that the actual strategy is not legitimate, many people transfer to SIPPS for various reasons but do your homework (this is obviously one form of that for you). Is Husbands pension currently a defined benefit scheme? If not then it should also be accessible at age 55. Do you really need to access a lump sum at age 55? This is retirement money after all. Were the tax implications of accessing the 25% explained and covered off? Whilst it is UK tax free it certainly isn't Australian tax free (if perm or citizen), the lump sum will be assessed for tax and the amount of tax paid will then depend on the size of pot (not just the 25% lump sum), how long you have been in Australia and your Husbands marginal tax rate. How does accessing this 25% impact on your overall retirement planning? Have you ensured that you will remain on track to meet your retirement goals and objectives (after accessing this so early). Was a transfer to an Australia Super Fund considered (possible at age 55)? Withdrawals from Australian Super are tax free (after age 60) so it should have been explored at the very least as part of your overall retirement plan. Has the Australian tax implications of eventually drawing the pension (income) been explained? Typically pension income from SIPPs are taxed at a persons marginal rate in Australia. That's my input to get you thinking anyway, I'd say if none of the above has been worked through with you then think again because the transfer of a UK Pension should be built on retirement planning as the foundation however if it has then great. Regards Andy.
  5. Andrew from Vista Financial

    Paying voluntary NIC to obtain a UK pension

    Hi So the form is attached to my second reply above. You will need to apply for HMRC to assess you first and then if accepted they will send you a list of all of the previous years you are entitled to top up at class 2. Just be careful though when paying for years prior to 2015/16 IF you were close to the old 30 years (which was the full amount required at that time) as paying these does not always benefit you as they may not be allocated to your record. We are aware of this happening on a few occasions. We have found in cases like this paying one at a time to make sure it is credited is the way to go. Post 15/16 years though never seem to be an issue and we have found that they have always been credited. Andy
  6. Andrew from Vista Financial

    Paying voluntary NIC to obtain a UK pension

    Now attached Class 2 NIC Application (last 2 pages only).pdf
  7. Andrew from Vista Financial

    Paying voluntary NIC to obtain a UK pension

    Hello So to be able to receive any UK State Pension benefits you need a minimum of 10 years of contributions nowadays however it is possible to buy back years and as previously suggested pay years as you go. You should in the first instance apply for a State Pension Forecast: https://www.which.co.uk/money/pensions-and-retirement/state-pension/your-state-pension-forecast-explained-a24r12y9jt41#:~:text=You can call the Future Pension Centre (0800,You'll get your statement within 10 working days. Once you receive this you will know how many years short you are, next you apply to buy back (top up) missed years. You may be able to buy these years at class 2 rates which are ridiculously cheap (typically you need to have been working in the UK immediately prior to leaving and for the year you wish to top up at class 2 working in Australia). Application form for this attached. You used to only be able to buy back 6 years however of late we are seeing offers to buy back much more than this, 13 years for our latest client case. Once you have done this HMRC automatically send you every year an offer to buy the current years contributions. If you have an in date UK passport you are able to set up an account online and see your record which makes life a lot easier. Hope this helps. Andy
  8. Andrew from Vista Financial

    Super query - over 60

    Hello Probably not the reply you want however I understand that as a temporary resident typically (some exclusions may apply, for example a New Zealand Citizen) you are not able to claim your superannuation under the same conditions of release as a permanent resident or citizen (for example at retirement) and instead there are only limited conditions that would enable access, such as disability or death/terminal illness and (the one that you would be likely to have to apply under) the Departing Australia Superannuation Payment (DSAP). This article covers it off quite well: https://www.publicaccountant.com.au/features/temporary-residents-and-superannuation Regards Andy
  9. Andrew from Vista Financial

    Income Protection Insurance - do I need it?

    All pretty valid points above Just to let you know though that Australian regulated Financial Advisers are banned from taking commissions on Super and Investments and have been for quite some years, so if providing advice in these areas an upfront fee does have to be disclosed and agreed upon prior to any advice being provided. Regards Andy
  10. Andrew from Vista Financial

    Taxation on a transferred pension

    Hi Dilby You could potentially enjoy a more tax efficient retirement in Australian than the UK regards your pension from the sounds of it however as Alan mentions the transfer regime is tighter nowadays, this is generally down to age and contribution caps for private pensions. Regards age, you would have to be over age 55 in the first instance to consider a transfer and secondly a person can only contribute typically $300,000 in one go without breaching (excluding growth (AFE)), this is based on using up the current financial year plus two future years of allowance. Therefore in cases such as these (assuming pot size greater than $300,000 and age 55 and above) a strategy to consider could be to access the 25% and then progressively transfer the residual amount within the contribution cap allowance every three years (depending on pot size and age etc). There's obviously still a lot more to it than mentioned above and professional advice is always recommended in this area but should offer some food for thought. Regards Andy
  11. Andrew from Vista Financial

    Retirement Planning

    You (like many others) may be feeling unsure about how your retirement is looking financially and how far your superannuation/investments will extend throughout retirement. You might be wondering what to do with your superannuation when you get to retirement……do you take it all out and put in the bank or do you move it to an Account Based Pension? What about a Lifetime Annuity, you may have heard these mentioned before but how do they work? You may be uncertain about your entitlements (if any) in relation to the Australian Age Pension and how the Assets and Income Test works and whether anything you receive is taxable? If you are a UK Expat you might also be wondering what happens to any private UK Pensions you might have and what options are available and when you can access them. Also have you considered the UK State Pension? Are you eligible to receive anything, what about buying extra years as you may have heard this is possible but is it worth it and will it affect your Australian Age Pension entitlements? What about in the time leading up to retirement? Is there anything you can or should be doing to prepare? Should you make extra contributions to Super and if so, how much and how should these be contributed? What about salary sacrifice? What are the limits? Can I use previous years allowances? If these are questions that you have and you wish to speak to someone that can help you answer them you should think about contacting us. We can provide answers to these questions and build you a solid Retirement Plan so you have a clear path mapped out for the lead up to retirement and ensure you are maximising strategies that may be available to you. Vista Financial Services are highly trusted, professional, experienced and transparent Financial Advice Practice who specialise in Superannuation and Retirement Planning. You may never have taken financial advice or no longer have an Adviser available to you or indeed have had advice but did not feel you received value. You can be rest assured that we only provide advice to clients where we firmly believe we can add value and be of benefit and we are able to advise on all of the major Industry Superannuation Funds as well as all of the major Retail Superannuation Funds. We do this by offering an initial consultation with no charge which helps both us and you understand if we can assist you and whether there is merit in working together to plan your future. You can reach here on PomsinOZ (simply drop us a message) or: Phone: 08 8381 7177 Email: info@vistafs.com.au
  12. Andrew from Vista Financial

    Taking my Super out

    Hi Lee The Departing Australia Superannuation Payment (DASP) is only as mentioned available to temporary residents as mentioned above: https://www.ato.gov.au/individuals/super/in-detail/temporary-residents-and-super/super-information-for-temporary-residents-departing-australia/ Can I ask how old you are please? Thanks Andy
  13. Andrew from Vista Financial

    Final Salary Pension from UK

    Hi I'm assuming that you have a defined benefit scheme (that was my thoughts when I mentioned another option), so let's start there. The UK tax free lump sum will be assessed for tax in Australia (assuming your a a permanent resident/citizen here) and this will be based broadly on the growth of the lump sum since arrival into Australia which is then typically taxed at your MTR. The reason as Tulip mentions that I suggested considering another option is that if it is as assumed a defined benefit scheme then a transfer to a defined contribution scheme would give you unlimited access to the pot (with of course taxation considerations) and or the ability to access an enhanced annuity given your health situation. Happy for you to reach out off line if you want to have a chat ( andrew@vistafs.com.au ). Regards Andy
  14. Andrew from Vista Financial

    Final Salary Pension from UK

    Hi Kev Is there a third option to consider as well which may be a transfer away from this scheme? Given what you have said I feel that this would definitely need to be explored! Regards Andy
  15. Andrew from Vista Financial

    Transfer Values for UK Pensions - Defined Benefit/Final Salary

    Hi Jessica In a nutshell it's predominantly due to how they are calculated and their correlation to government gilt yields, put simply the lower gilt yields go the higher transfer values go. There's not much room left for gilt yields to go lower. Take a look here: https://www.xpsgroup.com/news-and-views/transfer-values-continue-to-rise-to-a-new-record-high/ Regards Andy
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