Andrew from Vista Financial

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About Andrew from Vista Financial

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    Financial (Pensions) Adviser
  1. Sorry for the delay Julia 1 - I understand it is highly unlikely that you will be able to open a bank/savings account with a UK provider as an Australian Resident and new customer (although I can't speak for every provider), what about your existing bank (as an existing customer), perhaps worth exploring. 2 - 3% is around the best cash rates available so not likely you will get much better than this without taking some capital risk. Getting a new mortgage as an expat is not easy but is possible, again the first port of call would be your existing lender to see if you could do a product switch (so still staying with them as a provider), failing that source a specialist Broker in this area, I may be able to give you a contact if you need. regards Andy
  2. Hi Julia This is not really a case that a Financial Adviser would take on as it is predominantly based on exchange rates (what's your view and where are you comfortable exchanging?) and whether or not a property may sell. Option 1 - Potentially better outcome if the exchange rate improves in the future short-medium term; Option 2 - Potentially better outcome if it doesn't improve BUT if it did it may not have to move too much in the short-term to outweigh the gain (particularly if it is a sizeable amount); Option 3 - Could be a good strategy if the exchange rate improves in the future as it is likely the interest rate is higher on the mortgage than the interest you would get in a UK savings account (maybe even an Australian one depending on the mortgage rate), BUT as you say if you are reliant on this property selling to release the money then perhaps not such a good strategy (in addition to the potential tax liability to weigh up if you would otherwise be keeping it). If you did not put it into the UK mortgage are the funds enough to enable you to purchase the Australian property when the full inheritance amount arrives? If they are could you consider re-financing that mortgage to one that offers an offset (or switching products to an offset with the current lender) so you can park the money allowing it to be withdrawn without selling? The above also does not factor in the potential growth (or short term loss) of the asset that you will be purchasing here with the money, for example option 1 might not be a good option after all if the asset you would have purchased in Australia grows better than the increase in the exchange rate you might have achieved while you have been waiting, if that makes sense. Anyway hope this helps a little bit, obviously it doesn't give you THE answer but there's so many variables in the end to consider and the above are some of them. Regards Andy
  3. Hi Kiddo No it is not I am afraid, not since April 2015 as only 55+ year olds can consider a transfer. The part about not transferring within a year or an extensive tax is applied is not true, the tax charge relates to a transfer that occurs 6 months after a person becomes an Australian Resident (excluding temp residents (while temp residents)), that said the tax is typically not as onerous as perhaps thought (or made out). Regards Andy
  4. Hello Jamie People cannot transfer private pensions to Australia now until they are at least 55 years old due to UK legislation changes that took place in April 2015. People under age 55 who have moved to Australia should review their existing arrangements to ensure that they are structured appropriately and if not consider addressing things. However as you are in the Teachers' Pension Scheme which is a government unfunded scheme, a transfer out of such a scheme is typically not possible in any event and this was also due to the April 15 legislation changes. Therefore on this basis you will need to wait until the scheme normal retirement age (NRA) until such time as you can access your accrued benefits, you should also keep them up to date with your contact details. Hope this helps Jamie. Regards Andy
  5. Financial planning is about protecting your wealth as well as building your wealth. It is easy to think that we won’t get sick or hurt and ignore the need to protect the very thing that generates our wealth, our own health and our ability to work. But if accident or serious illness does occur the impacts can be devastating. It’s worth remembering that no matter how much expert advice you receive or how well you manage your finances there is always a risk that you could suffer an early death or serious illness or injury. Where that leaves you and your loved ones in the future depends on the wealth protection strategy you have in place. Risks you could face in the future may include: Emotional, physical or mental trauma Death or serious illness Loss of income due to temporary or permanent incapacity Damage to your house or other personal assets Theft and/or damage to business assets Public liability and/or professional indemnity risks Your financial plan should include a strategy to minimise risks that could jeopardise both your present and future plans. In simple terms, if you cannot afford to lose something then you should try to protect your exposure. Insurance can provide a cost-effective protection mechanism. This may take a combination of personal, general and health insurance policies. There are many different aspects to insurance and it is best to tailor a package that suits your needs as well as your budget. How the Strategy Works Personal risk insurance protects your wealth accumulation strategy by providing money if you are no longer able to earn an income due to disability, trauma or death. The money received can help with medical bills, loan repayments and living expenses. Many people often underestimate the importance of personal insurance which has led to a problem with underinsurance in Australia. It is important that you consider having enough cover to replace your income and cover expenses so that the personal tragedy does not create financial tragedy. You can apply for insurance to cover you in the event of death, temporary or permanent disability, or trauma (critical illness). Outlined below is a brief outline of types of personal risk insurance. Life Insurance The most common type of cover is life insurance (term life insurance). Life insurance will pay a lump sum to your estate or specific beneficiaries in the event of death or in some cases, terminal illness. The advantage of life insurance is peace of mind that your death will minimise any financial hardship for your loved ones. Life insurance can be used to pay off debts, provide an income for dependents, cover funeral expenses and generally assist in maintaining your family’s lifestyle in the event of your death. With this type of cover, your family would not be burdened by debt and may be protected from selling assets to pay debts or cover living expenses. Total and Permanent Disability Insurance Total and Permanent Disablement (TPD) can prevent you from working and require expensive medical treatment and ongoing care. TPD insurance aims to provide a lump sum if you suffer an illness or injury and you: Are permanently unable to work again or Are unable to care for yourself independently, or Suffer significant and permanent cognitive impairment. TPD insurance pays a lump sum which can be used to pay for medical expenses, ongoing care costs and to meet living expenses for you and your family. The definition of TPD can vary and may include options for a range of occupations, including homemakers. Options that you can choose from include: Any Occupation TPD: The benefit will be paid if you are unlikely to be engaged in any gainful business, profession or occupation to which you are reasonable suited by your education, training or experience. This definition is generally less expensive than an Own Occupation definition but for some people may be harder to meet. Own Occupation TPD: The benefit will be paid if you are unlikely to ever be engaged in your own occupation again. Own Occupation TPD provides a generous definition as it is specific to your occupation and is particularly suitable for specialist occupations. The premiums for this type of definition are more expensive than Any Occupation TPD. You should discuss your circumstances with your financial planner. Trauma Insurance A serious illness or injury can prevent you from working for a period of time and may require expensive medical treatment. Trauma insurance (also known as critical illness, crisis or recovery insurance) aims to provide a lump sum upon the diagnosis of a specified illness or injury such as life threatening cancer, stroke or heart attack. Trauma insurance pays a lump sum which can be used to pay medical expenses and reduce any financial pressure while you focus on recovery. This payment is made regardless of whether you are able to return to work, and is designed to relieve financial pressure at a time when you are under great stress. Child Trauma insurance can be added to your policy to cover a seriously ill or injured child. This provides a lump sum to help you cover medical treatment and eases financial worry for parents who may need to take time off work to provide care. Income Protection Insurance Income Protection insurance aims to minimise the financial impact of sickness or injury by replacing income lost during a prolonged absence from work. A monthly benefit will assist you to meet living expenses and debt repayments. Income Protection policies will usually pay a benefit up to 75% of your gross income (some policies may pay higher) after a waiting period. Payments continue for a set term or until you return to work. Generally premiums for income protection are fully tax deductible. Waiting period: This is the time period that you must be off work before an income benefit is payable. Waiting periods range from 14 days to two years. Generally, the longer the waiting period, the lower the cost of the income protection insurance. Benefit period: Starting at the end of the waiting period, the benefit period is the maximum time the benefit is paid. Options range from two years, five years or until a specified age such as age 65. Types of contracts include: Agreed value: The monthly benefit is agreed at the time of application and will not reduce even if your income decreases after your policy commenced. This option provides certainty and peace of mind on how much income you will receive. If details of your income are provided at the time of application the benefit can be guaranteed so that no further financial assessment is required at the time of claim. Indemnity value: The monthly benefit paid depends on your earnings at the time of a claim rather than at the time of application. If your income at the time of claim is lower than it was when the policy started, the monthly benefit may be reduced accordingly. Details and proof of income will be required at the time of claim. You can generally claim a tax deduction for the premiums paid on an income protection policy to reduce the effective cost but any income payments received are considered taxable income. Business Expense Insurance Business expense insurance can help to keep your business running if you are unable to work due to temporary illness or injury. This may be particularly appropriate for a sole trader. This type of insurance will usually cover up to 100% of your eligible business expenses, for example rent/lease payments, interest costs, accountant’s fees, telephone, electricity, etc. However, not all expenses are covered so you should check the policy wording before taking out a policy. Alternatively, if you run a larger business you may need to consider life, trauma, TPD or income protection insurance to cover ‘key’ employees or your business partners in case they die or become disabled and are unable to work. This type of insurance protects your business in the event of the loss of a person who makes a significant contribution towards the profitability or stability of the business. As an example, ‘key person’ insurance may provide the business with a lump sum that could be used to either hire a temporary replacement, cover costs of training a new staff member or just compensate the business for any reduction to profit. The premiums may be deductible as a business expense depending on the insurance purpose and the proceeds may also be considered taxable income. Premiums Premiums for all types of personal insurance will vary with age, gender and smoking status. Occupation and medical history may also affect the cost of premiums. Premium options include: Level premiums: The premium rate is fixed when you start the policy and does not change as you get older except in line with CPI indexation. Level premiums are initially higher (than stepped premiums) but will be more stable over time. This can help with affordability and reduce the risk that premiums will become unaffordable as you get older. Stepped premiums: The premium rate increases each year according to your age. Stepped premiums are initially more affordable than level premiums but over time may become more expensive. However, this option can provide you with flexibility as your needs change over time. Your financial adviser can assist in determining which premium option is most appropriate for you. Ownership Life, TPD and income protection policies can be owned personally or through a superannuation fund. Trauma insurance can be owned personally. When held within a superannuation fund, the policy is owned by the trustees usually for the benefit of the member. When making a choice of how to own the policy you need to consider the advantages and disadvantages of each option. Inside Superannuation In Personal Name Advantages · Premiums are paid using contributions into the fund (e.g. employer contributions) or your superannuation savings – this can help to ease your cash flow. · Tax concessions on contributions may reduce the effective cost of the premiums (e.g. salary sacrifice to cover the cost of premiums) · In some funds you may be eligible for automatic acceptance (for some cover) which means you will not have to provide evidence of health or income · The claim proceeds are usually tax-free · Claim proceeds will be paid directly to you, your estate or nominated beneficiary as appropriate. This ensures the money is available when you and your family need it · A wider range of benefits and features may be available · Income protection premiums are generally tax deductible Disadvantages · The policies may have less benefits and features than those offered outside superannuation due to legislation restrictions · Tax may be payable on claim proceeds, depending on circumstances and rules at the time · Your disposable income will be reduced as you need to pay premiums from your after-tax income · Premiums need to be paid from after-tax money and so may be a higher cost to you than premiums inside superannuation Taxation How insurance premiums and claim proceeds are taxed will depend on the type of insurance policy and beneficiary, but will also depend on whether you choose to hold the policy inside or outside of superannuation. You should seek specialist taxation advice to check the taxation applicable to your circumstances. Inside Superannuation In Personal Name Premiums · Premiums are deductible to the fund · Not deductible except for income protection policies Claim Proceeds · Life policy – the proceeds are taxable only if paid to a non-tax dependant · TPD – if you are under age 60 when you take this money out of superannuation tax may be payable · Income protection – the benefits are assessable income to you and are taxed at your marginal tax rate · The proceeds from a life, TPD or trauma policy are generally tax-free. However, the benefits from an income protection policy are assessable income and taxed at your marginal tax rate Application and Underwriting When applying for insurance you will need to complete an application form providing both personal and medical information so that the underwriter can assess the application. Some applicants may also need to undergo a medical examination and/or blood tests or a report may be requested from their usual doctor to determine whether to accept or decline the cover. Depending on your circumstances and health you may be asked to pay an additional premium, known as a loading, if you have an unfavourable medical history or display higher risk factors for developing chronic illness such as being overweight or high blood pressure. In some cases, the life insurance company may apply an exclusion to your policy. For example, a decision may be made to not cover your for high risk activities and sports or a pre-existing injury/illness. This means that if an event occurs that is excluded, the benefit under the policy will not be paid. Many policies are guaranteed renewable. This means that as long as you pay the premium you will continue to receive cover regardless of any changes in your circumstances or health. If you do not pay your premiums, your insurance will lapse. Some life companies may provide a short window of opportunity to pay your overdue premiums to maintain the cover if you have missed the due date. If your policy lapses and your health or circumstances have changed it may impact on your ability to get the same cover at the same premium. It is important to understand the benefits included in your policy, and optional extras. Benefits included are at no extra cost however optional extras may increase your premium. Your financial adviser can discuss the features of the recommended policy with you. Director - Vista Financial Services - Financial Advisor for Poms in Oz - UK Pension Transfers / Financial Advice Andrew@vistafs.com.au FPA Member, Adv Dip FP www.vistafs.com.au Ph: 08 8381 7177
  6. Financial planning is about protecting your wealth as well as building your wealth. It is easy to think that we won’t get sick or hurt and ignore the need to protect the very thing that generates our wealth, our own health and our ability to work. But if accident or serious illness does occur the impacts can be devastating. It’s worth remembering that no matter how much expert advice you receive or how well you manage your finances there is always a risk that you could suffer an early death or serious illness or injury. Where that leaves you and your loved ones in the future depends on the wealth protection strategy you have in place. Risks you could face in the future may include: Emotional, physical or mental trauma Death or serious illness Loss of income due to temporary or permanent incapacity Damage to your house or other personal assets Theft and/or damage to business assets Public liability and/or professional indemnity risks Your financial plan should include a strategy to minimise risks that could jeopardise both your present and future plans. In simple terms, if you cannot afford to lose something then you should try to protect your exposure. Insurance can provide a cost-effective protection mechanism. This may take a combination of personal, general and health insurance policies. There are many different aspects to insurance and it is best to tailor a package that suits your needs as well as your budget. How the Strategy Works Personal risk insurance protects your wealth accumulation strategy by providing money if you are no longer able to earn an income due to disability, trauma or death. The money received can help with medical bills, loan repayments and living expenses. Many people often underestimate the importance of personal insurance which has led to a problem with underinsurance in Australia. It is important that you consider having enough cover to replace your income and cover expenses so that the personal tragedy does not create financial tragedy. You can apply for insurance to cover you in the event of death, temporary or permanent disability, or trauma (critical illness). Outlined below is a brief outline of types of personal risk insurance. Life Insurance The most common type of cover is life insurance (term life insurance). Life insurance will pay a lump sum to your estate or specific beneficiaries in the event of death or in some cases, terminal illness. The advantage of life insurance is peace of mind that your death will minimise any financial hardship for your loved ones. Life insurance can be used to pay off debts, provide an income for dependents, cover funeral expenses and generally assist in maintaining your family’s lifestyle in the event of your death. With this type of cover, your family would not be burdened by debt and may be protected from selling assets to pay debts or cover living expenses. Total and Permanent Disability Insurance Total and Permanent Disablement (TPD) can prevent you from working and require expensive medical treatment and ongoing care. TPD insurance aims to provide a lump sum if you suffer an illness or injury and you: Are permanently unable to work again or Are unable to care for yourself independently, or Suffer significant and permanent cognitive impairment. TPD insurance pays a lump sum which can be used to pay for medical expenses, ongoing care costs and to meet living expenses for you and your family. The definition of TPD can vary and may include options for a range of occupations, including homemakers. Options that you can choose from include: Any Occupation TPD: The benefit will be paid if you are unlikely to be engaged in any gainful business, profession or occupation to which you are reasonable suited by your education, training or experience. This definition is generally less expensive than an Own Occupation definition but for some people may be harder to meet. Own Occupation TPD: The benefit will be paid if you are unlikely to ever be engaged in your own occupation again. Own Occupation TPD provides a generous definition as it is specific to your occupation and is particularly suitable for specialist occupations. The premiums for this type of definition are more expensive than Any Occupation TPD. You should discuss your circumstances with your financial planner. Trauma Insurance A serious illness or injury can prevent you from working for a period of time and may require expensive medical treatment. Trauma insurance (also known as critical illness, crisis or recovery insurance) aims to provide a lump sum upon the diagnosis of a specified illness or injury such as life threatening cancer, stroke or heart attack. Trauma insurance pays a lump sum which can be used to pay medical expenses and reduce any financial pressure while you focus on recovery. This payment is made regardless of whether you are able to return to work, and is designed to relieve financial pressure at a time when you are under great stress. Child Trauma insurance can be added to your policy to cover a seriously ill or injured child. This provides a lump sum to help you cover medical treatment and eases financial worry for parents who may need to take time off work to provide care. Income Protection Insurance Income Protection insurance aims to minimise the financial impact of sickness or injury by replacing income lost during a prolonged absence from work. A monthly benefit will assist you to meet living expenses and debt repayments. Income Protection policies will usually pay a benefit up to 75% of your gross income (some policies may pay higher) after a waiting period. Payments continue for a set term or until you return to work. Generally premiums for income protection are fully tax deductible. Waiting period: This is the time period that you must be off work before an income benefit is payable. Waiting periods range from 14 days to two years. Generally, the longer the waiting period, the lower the cost of the income protection insurance. Benefit period: Starting at the end of the waiting period, the benefit period is the maximum time the benefit is paid. Options range from two years, five years or until a specified age such as age 65. Types of contracts include: Agreed value: The monthly benefit is agreed at the time of application and will not reduce even if your income decreases after your policy commenced. This option provides certainty and peace of mind on how much income you will receive. If details of your income are provided at the time of application the benefit can be guaranteed so that no further financial assessment is required at the time of claim. Indemnity value: The monthly benefit paid depends on your earnings at the time of a claim rather than at the time of application. If your income at the time of claim is lower than it was when the policy started, the monthly benefit may be reduced accordingly. Details and proof of income will be required at the time of claim. You can generally claim a tax deduction for the premiums paid on an income protection policy to reduce the effective cost but any income payments received are considered taxable income. Business Expense Insurance Business expense insurance can help to keep your business running if you are unable to work due to temporary illness or injury. This may be particularly appropriate for a sole trader. This type of insurance will usually cover up to 100% of your eligible business expenses, for example rent/lease payments, interest costs, accountant’s fees, telephone, electricity, etc. However, not all expenses are covered so you should check the policy wording before taking out a policy. Alternatively, if you run a larger business you may need to consider life, trauma, TPD or income protection insurance to cover ‘key’ employees or your business partners in case they die or become disabled and are unable to work. This type of insurance protects your business in the event of the loss of a person who makes a significant contribution towards the profitability or stability of the business. As an example, ‘key person’ insurance may provide the business with a lump sum that could be used to either hire a temporary replacement, cover costs of training a new staff member or just compensate the business for any reduction to profit. The premiums may be deductible as a business expense depending on the insurance purpose and the proceeds may also be considered taxable income. Premiums Premiums for all types of personal insurance will vary with age, gender and smoking status. Occupation and medical history may also affect the cost of premiums. Premium options include: Level premiums: The premium rate is fixed when you start the policy and does not change as you get older except in line with CPI indexation. Level premiums are initially higher (than stepped premiums) but will be more stable over time. This can help with affordability and reduce the risk that premiums will become unaffordable as you get older. Stepped premiums: The premium rate increases each year according to your age. Stepped premiums are initially more affordable than level premiums but over time may become more expensive. However, this option can provide you with flexibility as your needs change over time. Your financial adviser can assist in determining which premium option is most appropriate for you. Ownership Life, TPD and income protection policies can be owned personally or through a superannuation fund. Trauma insurance can be owned personally. When held within a superannuation fund, the policy is owned by the trustees usually for the benefit of the member. When making a choice of how to own the policy you need to consider the advantages and disadvantages of each option. Inside Superannuation In Personal Name Advantages · Premiums are paid using contributions into the fund (e.g. employer contributions) or your superannuation savings – this can help to ease your cash flow. · Tax concessions on contributions may reduce the effective cost of the premiums (e.g. salary sacrifice to cover the cost of premiums) · In some funds you may be eligible for automatic acceptance (for some cover) which means you will not have to provide evidence of health or income · The claim proceeds are usually tax-free · Claim proceeds will be paid directly to you, your estate or nominated beneficiary as appropriate. This ensures the money is available when you and your family need it · A wider range of benefits and features may be available · Income protection premiums are generally tax deductible Disadvantages · The policies may have less benefits and features than those offered outside superannuation due to legislation restrictions · Tax may be payable on claim proceeds, depending on circumstances and rules at the time · Your disposable income will be reduced as you need to pay premiums from your after-tax income · Premiums need to be paid from after-tax money and so may be a higher cost to you than premiums inside superannuation Taxation How insurance premiums and claim proceeds are taxed will depend on the type of insurance policy and beneficiary, but will also depend on whether you choose to hold the policy inside or outside of superannuation. You should seek specialist taxation advice to check the taxation applicable to your circumstances. Inside Superannuation In Personal Name Premiums · Premiums are deductible to the fund · Not deductible except for income protection policies Claim Proceeds · Life policy – the proceeds are taxable only if paid to a non-tax dependant · TPD – if you are under age 60 when you take this money out of superannuation tax may be payable · Income protection – the benefits are assessable income to you and are taxed at your marginal tax rate · The proceeds from a life, TPD or trauma policy are generally tax-free. However, the benefits from an income protection policy are assessable income and taxed at your marginal tax rate Application and Underwriting When applying for insurance you will need to complete an application form providing both personal and medical information so that the underwriter can assess the application. Some applicants may also need to undergo a medical examination and/or blood tests or a report may be requested from their usual doctor to determine whether to accept or decline the cover. Depending on your circumstances and health you may be asked to pay an additional premium, known as a loading, if you have an unfavourable medical history or display higher risk factors for developing chronic illness such as being overweight or high blood pressure. In some cases, the life insurance company may apply an exclusion to your policy. For example, a decision may be made to not cover your for high risk activities and sports or a pre-existing injury/illness. This means that if an event occurs that is excluded, the benefit under the policy will not be paid. Many policies are guaranteed renewable. This means that as long as you pay the premium you will continue to receive cover regardless of any changes in your circumstances or health. If you do not pay your premiums, your insurance will lapse. Some life companies may provide a short window of opportunity to pay your overdue premiums to maintain the cover if you have missed the due date. If your policy lapses and your health or circumstances have changed it may impact on your ability to get the same cover at the same premium. It is important to understand the benefits included in your policy, and optional extras. Benefits included are at no extra cost however optional extras may increase your premium. Your financial adviser can discuss the features of the recommended policy with you.
  7. Thanks and all good taken as such Andy
  8. Fair enough then, there is no other video I can post but what I will do is a glossary to cover the nine points that it details changes of.
  9. There are some BIG changes coming to Superannuation from 1 July 2017. Watch this short video for an overview of them:
  10. Just to add, I am not saying you are wrong more if you have read this somewhere it would be good to know where from?
  11. No problem. You say: "My understanding is that once in Australia, any sums withdrawn from the drawdown scheme no matter how frequent or size, would come under the category of "income" and not "lump sum" and therefore, I would pay tax on each withdrawal at my MTR". Can I ask how you have come to this understanding? This is actually one of the areas that advice should be sought on as I do not believe that it is a straight forward answer. Certainly the UK will class it as income but I am not so sure it is clear the ATO will IF it is actually taken as a lump sum, so there seems to be some conflict. Another point here is that I do not believe that the Double Tax Convention covers lump sum pension withdrawals. Regards pension income in my opinion IF a person is an Australian Resident and draws private pension income from a UK pension (including drawdown pensions) Australia has taxing rights and the pension can be paid gross from the UK. However I am a Financial Planner and not a Tax Adviser and would as previously suggested urge to seek appropriate advice. I understand that at this stage you are just trying to do some initial research before seeking advice which is understandable. Hope this helps, good luck and let us know how you go. Regards Andy
  12. Sure, my email is in my signature.
  13. Hi Just for clarity what type of advice are you actually requiring? Mortgage advice will come from a Mortgage Broker not a Financial Planner and tax advice from a Tax Adviser. It would help if you could give a brief outline of where you think you may require advice and that way the recommendations are likely to be more appropriate. Regards Andy
  14. Hello and apologies for the delay, I do not seem to be getting email notifications since the forum was upgraded. You essentially have three options...the first of course you are aware of. The second is a transfer to Australia however this would seem to only be an option if you are to move to Australia prior to age 65. The reason being is that UK Pension Transfers are typically seen as contributions to superannuation, currently there is a $100,000 per financial year limit (there is also the ability if under age 65 to use the bring forward rule which allows the use of effectively two future financial years (thus allowing $300,000 in one hit)) and to be able to contribute a person must be either under age 65 or if over meet the 'Works Test' If a person has transferred a UK Pension to an Australian Super Fund and is permanent resident (Citizen) and has met a full Condition of Release they are able to withdraw funds as and when they wish and if over age 60 tax-free (from an Australian perspective). From a UK perspective and assuming the receiving Australian Scheme is a QROPS a person will not pay UK tax on withdrawal if they are an Australian tax resident and withdraw benefits similarly to how they could have been withdrawn in the UK and at the appropriate age (55+) which is essentially up to a 25% Pension Commencement Lump Sum (PCLS) and then income in the form of flexi access-drawdown. Thirdly you could leave the pension in the UK and access it from Australia therefore if drawing from a UK pension as an Australian resident - Lump sum withdrawals are assessable in accordance with the foreign super lump sum benefit payment rules: https://www.ato.gov.au/Individuals/Super/In-detail/Withdrawing-and-paying-tax/Super-lump-sums-from-a-foreign-super-fund/ Income payments are assessed for tax under foreign income rules (typically at a person's MTR). I hope this helps but I recommend that before making such a decision you seek suitable professional advice. Kind regards Andy.
  15. Hello randl I do not believe that First State Super are a QROPS in which case no it would not. Really the only options at the moment for transfers to Australian Super Funds for over 55s are: A) Have a Self-Managed Super Fund opened and registered as a QROPS OR an existing Self-Managed Super Fund registered as a QROPS with a Trust Deed update; B) Become a member of the only retail (public offer) super fund on the ROPS list being the Tidswell Master Trust. Option A requires typically a high minimum balance to make it viable and also the desire to take on the responsibility of running (being responsible) for their own Superannuation Fund including staying abreast of Australian and UK regulations.....certainly not for everyone. Regards Andy