Gosh the last 12 years have zoomed by since leaving the UK to live here in Australia and resident for tax purposes. This year I turn 60 and am entitled to receive my UK Defined Benefits Pension at the normal scheme retirement age. I have decided not to take a lump sum and simply want to receive the standard payments monthly.
I've received a letter from my Pension scheme in the UK asking for my wishes in terms of lump sum/monthly payment options and wanting to know which bank account to pay the funds into.
I've searched online for information and indeed this forum but can't find anything that seems to explain how I go about arranging for my pension payments to be paid with no UK tax taken off at source. I am hoping that I can arrange to pay all taxation in Australia from day 1. I've seen mentions of P85 form needing to be completed and also mention of needing to get the ATO to fill in a form and send to my pension provider. I filled in P85 when I left the UK and have that letter retained, but there was no mention of an NT tax code for example so that doesn't maybe seem relevant. I have searched on the ATO website and the only information I can find is how to apply for a tax off-set once I have been taxed by the UK... just what I'm hoping to avoid.
Is there anyone on this board who has gone through this and managed to work out what to do with success? My pension is due to be paid in September this year, so I have a little time to get things organised if possible.
How to Get Ready to Receive UK Pension
in Money & Finance
Posted
Gosh the last 12 years have zoomed by since leaving the UK to live here in Australia and resident for tax purposes. This year I turn 60 and am entitled to receive my UK Defined Benefits Pension at the normal scheme retirement age. I have decided not to take a lump sum and simply want to receive the standard payments monthly.
I've received a letter from my Pension scheme in the UK asking for my wishes in terms of lump sum/monthly payment options and wanting to know which bank account to pay the funds into.
I've searched online for information and indeed this forum but can't find anything that seems to explain how I go about arranging for my pension payments to be paid with no UK tax taken off at source. I am hoping that I can arrange to pay all taxation in Australia from day 1. I've seen mentions of P85 form needing to be completed and also mention of needing to get the ATO to fill in a form and send to my pension provider. I filled in P85 when I left the UK and have that letter retained, but there was no mention of an NT tax code for example so that doesn't maybe seem relevant. I have searched on the ATO website and the only information I can find is how to apply for a tax off-set once I have been taxed by the UK... just what I'm hoping to avoid.
Is there anyone on this board who has gone through this and managed to work out what to do with success? My pension is due to be paid in September this year, so I have a little time to get things organised if possible.
Thank you heaps everyone!