Dan Collins

It sounds like you should talk with Christine Keen of Global QROPS. I spoke with her last week & satisfied with her groups' knowledge & tax links. She has infrastructure you might need, which sounds more complicated than most queries here. They also have Australian based financial advisers to help you, and most importantly, work with UK adviser. Still, judge for yourself and shop around. Expert advice from UK on trusts will be important for high net worth individuals, and beyond the scope of most (including me). Hope that helps.

Oh, my last post seems to have gone missing????? What a shame. I did want to point out in the email in response to Andy's comment that there are many Australian based businesses that push the 6 month rule too. Only last week someone from Perth posted a bulletin on LinkedIn. This isn't a good look for the industry, though will give credit to you Andy, as you often recommend the opposite - chill. I love New Zealand, but could I say I want to live there permanently within 6 months of settling. Even after 10 years I still might be a little homesick. Tarby777 You make a valid point on fixed fees though. With a % based method of fees, a person with £100,000 pays more than a person with £75,000. Whilst there is a higher professional indemnity risk for the adviser, if they are only dealing with one pension provider, you've got to ask is that fair for the same work done? This will depend on how the % based fee works, but for others reading, ask what do you do for that extra cost, and how roughly how many hours will it take of your time? Time based charging is becoming more popular in the UK, as the industry moves to banning commissions January 1 2013. I do have real concerns though about the 'non-advice' component of the service. This is where a client goes to an adviser and says 'I want this done and I don't want your opinion on it'. Unknown to the client, there could be implications of which could harm them in the future or even right now. I echo Andy's comments that this can be costly and if down the line you're unhappy, you may have little recourse to complain or be compensated. A pension transfer can appear a transactional thing, but the risks make it worth getting advice. Good, impartial advice will cost. ASIC's own website (FSA equivalent in Aus) says 'A duty for financial advisers to act in the best interests of their clients, subject to a 'reasonable steps' qualification, and place the best interests of their clients ahead of their own when providing personal advice to retail clients. There is a safe harbour which advice providers can rely on to show they have met the best interests duty. This is intended to be the minimum standard of compliance with the best interests duty.' A prudent adviser would ask themselves if they could place their client's interests ahead of their own by not doing this transaction. http://www.asic.gov.au/asic/ASIC.NSF/byHeadline/Future%20of%20financial%20advice thelowsinAus Getting back to the advice from the company first mentioned. A high cost service may seem unreasonable, but so too can the outcome of a very low cost service. On appearance, the first company has some highly skilled people (according to the website) with one even qualified to advise on defined benefit schemes. That's good if you have such a pension, as the FSA requires higher standards on people who advise on such schemes. I don't know these people by the way. I would expect they have an Australian adviser who is paid to complete the advice on the receiving fund, as a UK adviser cannot provide advice on an Australian super (pension) fund. At least this way you have two sets of professional opinions reaching the same conclusion, as well as two sets of professional indemnity insurance and two financial services compensation schemes (UK & Aus) available if something went wrong with the advice. Shop around when the time is right and ask questions on how they arrive at the charges. Its your money after all. Hope that helps.

You seem busy with the move and perhaps pensions weren't on your mind. TomJonesDad makes a good point about his experience. You really need to know that you want to live out your days in Aus. Sure, the 6 month window is attractive and I suppose you could equate the loss of tax savings with the fees you'd pay the 'pension specialist'. Nonetheless, if comes back to the dilemma if you want to return at some stage, an 'if' I know, you may have complications in bringing your pension back or being unable. You'd soon forget that tax you 'saved'. Sometimes accepting the tax for the option of more time can work to your favour. No-one knows when and how currency will move, but I gather you have a few years til retirement anyway. Given you might need a couple of years to really know you'll stay, maybe that tax is worth 'paying'. Just a thought.... Yes, you can do this yourself, but there are disadvantages to be examined and potential problems later on avoided. Being good at paperwork is very important, but so is knowing the risks and implications and strategies is essential. For example, as a UK IFA, I come across many pensions with guarantees that you don't see any more in Australia. This might apply to you and for this reason, it is very important to have advice that isn't contingent on completing a transaction. You do need to pay for independent advice, but shop around when you're ready to do so. You've every right to ask, what are my other options, what are the risks, what will you do for that fee, and for how many hours work. Hope that helps.

A new start but sounds like a stressful position to be in right now... I'd suggest getting in contact with a broker I know, but don't want to get in trouble with advertising the details here. DM if you want the details or go to someone you might already know. He can at least tell you if the remortgage is possible in the timeframe and your circumstances or whether something even simpler can be done with your lender right now. At least if you know more about the time you have to make your decisions, maybe you can take some pressure off. After all, if you can rent it out like most folk here, with maybe some equity, you can sell it whilst in Aus - no more stress. You'll be able to monitor the estate agent's activity over the phone and on the net, along with the help of a pushy relative to keep your property 'top of mind'. Hope that helps.

You'll need a mortgage broker for the house, not an accountant. Many in Aus won't be able to help you regarding a UK mortgage, though a recent thread exists on this topic for an Aus resident. A financial adviser provides transactional advice usually on individual products, super, insurance etc. I'd recommend a financial planner who can compare the two scenarios using software, modelling your assumptions. That way you can make an objective comparison on the risk you need to take for the benefit, versus sitting tight and moving the money later. Look for a Certified Financial Planner at http://www.fpa.asn.au/. Hope that helps.

Interesting idea - like buying equities but with houses instead. For this to work, you need Aus house prices to fall and UK prices to rise in line with each other but opposite, plus the exchange rate to bend back in your favour to return the £UK to Australia, then buy a house in Aus at the bottom price. That's a lot of 'ifs', and you will also need the people buying your place in the UK to behave themselves and follow through and settle when expected - all whilst you watch your exchange rate flutter about. Some on here will tell of their plight in reselling the home numerous times over months or longer. The Hoff talks sense and like anyone else, I can't comment on the likelihood, just the risks that might face. Expert with a rear vision mirror. I don't want to appear negative as you're at least thinking of ways to give you and your family a better start in Aus. Renting feels like dead money, but at least you have a deposit happening and getting better all the time. You have the option to sit out and buy at a time that suits you and feels affordable. Interest rates are at least better in Aus and you can at least have your cash sitting earning something to offset the cost of the rent. A person with a non-earning spouse may want to split the assets into their name to reduce the potential tax payable, though in itself can still affect family tax benefits. Hope that helps.

Good luck HiFx don't charge fees. Brokers can make their money on fees or the the spread between the retail exchange rate they give you and the wholesale cost of the money, only accessible by the big boys. It might be a fraction but it is a 'quasi' fee as such, but the net $ in your pocket counts. Take into account the fee you might pay at the receiving end though. You might want to call both up with the same deal and get a quote to compare the net $ outcome. Maybe explain the future deals you want as well and see who is more accessible and has the sharpest pencil. Word of caution, you will need to make an application to the broker, which could take time given their is money laundering and checks on you to carry out. Some might be quicker than others though. In case you missed it, there is more info on transferring money here http://www.pomsinoz.com/forum/money-finance/160831-aus-1-52-a-2.html#post1935945855 Hope that helps mate.

I saw this link today on a website and thought back to this post. https://www.commbankuk.co.uk/mortgages/?bluskymovetoaustralia_Aug2012 They seem to lend up to 80%. Anyway, hope it might help. Cheers

We'll have to disagree on living in Bali, things have improved dramatically for the average working person in retirement. I don't think Bali beckons for younger folk with 30-40 years of super contributions, except maybe for a holiday. I do agree that the UK will adopt more of the Aussie system, but only in time. They need to get everyone over this first major step of self-provision, having not even moved away from defined benefit pensions as yet, which did occur in Australia in the 90s. Add in the pension 'mis-selling scandals' and breaches of trust by financial institutions (still), and maybe it's no wonder it will take much longer to make that change. Knowing both pension systems well, I think the move to 12% contributions in Aus will almost reach self-provision and something to leave your kids when you're gone.

Good points to consider. This will show up in a credit check on your file. It would be best to outline in the application to the lender before submission, the reason for the directorship and duties plus details of shares you might own. In most cases this shouldn't pose an issue, though it could be a problem if you have given any personal guarantees, which will also show up on your credit file. Unlikely, but just pointing it out. You could also check with your bank for piece of mind. If you're unsure about your legal duties, you might want to check http://www.asic.gov.au/asic/asic.nsf/byheadline/Your+company+and+the+law?openDocument or get additional legal advice about your responsibilities, even if they appear to be minimal and routine. Hope that helps.

You both make good points. I hope that one day the pollies sort indexing between Australian & Britain. This link encourages me, but with the UK deficit to continue for some time... http://www.telegraph.co.uk/finance/personalfinance/offshorefinance/9519928/Britain-agrees-to-open-frozen-pension-talks-with-Australia.html though I wonder. I think the Australian pension system though, is a pretty fair supplementary state benefit by comparison to other countries. Don't get me wrong, live on the Aged Pension alone, and I can assure you it won't be enough. Top up with super and you're starting to look at a reasonable retirement. I'm encouraged by the huge difference I've seen in pensions over the years in Australia. The reality is that a boy born in Britain had a life expectancy of 40.2 in 1841, now it's projected to be 78.8 in 2020! No wonder Treasurers around the world are worried. You could hand out this state benefit years ago without probs, as people only lived a short time. Something had to change and is one reason the Aus government is better than most right now. This change in Aus started back in 1992 when the SGC system of compulsory employer contributions kick started personal savings. Unless you worked for a bank or the government, the average person had to rely solely on the state benefits. Now with SGC growing to 12% by 2020, that lifestyle will improve for a person living in Aus. The UK starts an opt out equivalent scheme only next month - 20 years later. That will be the start of better things to come, I hope, in the UK, but it will take more than a generation to have an effect. Without SGC, maybe the Aus pension might be higher than right now. Who knows? Little do people know that the bones of the Aged Pension in Aus, actually started on a state by state basis before the UK pension system. It is though, very different to the UK one. It is a non-contributory pension, meaning you don't need X years to qualify. It also cuts out when your assets (excluding the home) exceed a certain level. This means if you're Sir Bufton Tufton and mummy left you with 'just' $30 million, you wouldn't get an Aged Pension in Australia, but you would get a State Pension in the UK. Some in the UK argue that even the wealthy should get a pension, to ensure they remain 'interested' in the pension system. Yes, I nearly drove through a red light when I heard a 'socialist' in fact say that on Radio 4 last month! Coming back to my point, the means test in Aus is a reasonable supplementary state benefit. It seems to work well, as even if your very comfortable, you're most likely to get something. Even a concession card has good benefits. You must though, generally, meet the two means tests at your Aged Pension Age: Assets Test You have more $232,500 but less than $1,032,500 in assets (excluding the home). The benefit shades out completely at $1,032,500 Income Test You 'earn' less than $268 (couple) per fortnight. Additional income is reduced by 50 cents less in pension for each dollar over $268. When you calculate the two benefits, the lower Aged Pension outcome 'wins'. Most often people under the new system, which changed about 2006, come out as 'income tested' in some if they have a high level level of super. Even though $268 pf looks tight, don't be misled, as there is a method by which they judge 'income' from bank accounts, allocated pensions etc, that means actual income can be higher. It is not straight forward but can be worked out with Centrelink easily enough. The above is a quick guide only, so check out http://www.humanservices.gov.au/customer/services/centrelink/age-pension What will you get? up to $1048.20 pf (combined) or £26,253 pa, but less if you are single. It might seem a lot to people reading this in the UK, but when taking into account living expenses, means a top up pension is certainly needed. If you rely solely on the Aus government with your retirement, you will have a tough life, same as you would in Britain - ok, maybe not in France but cost of living will vary there though it will be warmer. It seems harsh to rely on people to save extra, but the SGC system will make more of a difference to the young and future generations. Employers weren't impressed at the time about it, but it is actually now doing a lot to improve the lives in Aus. I'm hoping Britain's system works in the same way, though here (UK) you must personally contribute to the pension and the employer is expected to put out 3%, not 9-12% as in Aus. Unless a person has very large financial resources in Australia, most are likely to get something reasonable from the government. That's my experience as a financial planner in Australia. Maybe a full entitlement even; if they live long enough to reach the Aged Pension age. But that's another thread in that one... Cheers

A difficult decision, but hope in making it you can enjoy the time remaining in Aus. Good luck

You've got to be careful when relying solely on a Call Centre. Complain later that 'Bob said this to me', and they'll say, 'Bob Who? Pay us the money'. It will be sorted out in your final tax return which you can lodge back to the UK. The Centrelink part, the Family Tax Benefit, can only be truly calculated once they know officially how much you earned. You try your best to make sure it is accurate, and if you have a steady income usually it is fine. In your case, things might not be consistent when planning to leave. I was only suggesting to perhaps overestimate your income, to minimise the potential overpayment you could have. You'll still get the money if you by the end of the year you are due. For the same reason, expect Centrelink to want their money if you owe them. Come back if there are any problems. Hope that helps.

It's your taxable earnings that are the issue here. Might be a good idea to consider overestimating your income if you feel it is very likely you will leave. This way, once you complete your final return back in the UK, you will still receive a balancing payment from them. You'll miss out on some cashflow, but better this than receive a letter asking for the difference. Hope that helps.

I'm 100% with the coffee. Thanks for sharing the experience. I'm sorry it didn't work out. A good friend spent 2 years in Melbourne, had a laugh but decided it wasn't right for him, the family and the dog. His approach to living in the UK has changed completely since he came back. For some, including us, you learn as you travel that anywhere can be rubbish or brilliant - just depends on what you want to make of it. Good luck with things mate.

Hi Holding International Shares shouldn't be a problem in Aus. You won't be able to transfer the shares onto the Australian system though, as they exist on a different exchange. These things are all electronic these days, so less hassle than back in the 90s. I'd check with your UK provider, just in case there are more practical reasons not to deal with them overseas, as you can move share trading companies now. There might be issues setting this up whilst abroad. Re HMRC, you should have a look at these links http://www.hmrc.gov.uk/international/tax-incomegains.htm or http://www.hmrc.gov.uk/international/tax-return.htm I hope that helps

'Discuss my time at University' - must've taken them all day to think of that one to lure a reply from you. Very handy experience to know. Thanks for sharing it.

Good luck in July 2013(?) Perhaps go with an account which was easiest to open here and smoothest to kick start in Aus. You can always move later on when things have settled and it's perhaps a few dollars for the facilities. The biggest problem in choosing your bank whilst living in the UK, is that a branch might be 20km away where you settle. Sure you can use the net or ring, but if you are required to go in and sign, well.... Don't forget Credit Unions too. Most are pretty much under the radar and have websites that look like they were built in the 1950s, but many don't have account fees. If you want to see the bigger choice out there, go to http://www.canstar.com.au/transaction-accounts/ These guys, formerly known as Cannex, rate most banks, loans, and insurance products but is not a commercial site like moneysupermarket.co.uk etc. Hope that helps.

With plug change, everything should be ok. *crosses fingers* Depending on the washer, some parts may be an issue, but taking it makes sense if it will cost you more NOT to take it. You could always run it into the ground if parts are a problem - save you £300ish on a new one anyway. You'll have enough to spend. We brought a Westinghouse fridge over and intend to do the same. Hope that helps. Cheers

Hi lamchopsy One more winter to go then for you? Nice one. As an Aussie born, former Australian qualified financial planner (9 years), now UK IFA/Financial planner (2 years), I can vouch for the differences in the two systems. For this reason, moving between them should not be a transactional experience. Anyone moving a pension or investments to Australia, should consider their long term plans and the new benefits, and compare the options with the risks, taxes etc. When an Aussie adviser recommends you get advice from your UK adviser before moving, actually do this, to ensure you are protected by the Financial Services Compensation Scheme in the UK. You have a bit of time still, so I'm sure you can look around for a bit. With IT, the world is now a very small place, and whilst you might not think a UK adviser can help, you might be surprised. Good luck in March. Hope that helps. Cheers Dan (Cheshire)

Hi Francine I'm sorry to hear about this. It does seem unusual. I would expect that you signed an agreement with an FX company prior to placing the order, as well as received terms and conditions? Otherwise they would be unable to trade with you. Then there is money laundering to think about. Lots of important steps to allow you to become a client. It sounds like you placed a market order to achieve a 1.58 rate with a 'stop loss' (covers you in event rate falls dramatically) of 1.53 for a defined time period. Is that correct? This order would normally be recorded and completed by verbal agreement, with the broker repeating the limits and asking you to confirm. You can usually hear the beeps on the phone. From my experience, the terms & conditions, the contract, the order and the placement all follow each other, then the money of course. I'd suggest you go back to them and talk through your concerns. If you doubt the transaction, you should be able to ask for confirmation of the market movement, or perhaps explain why your order was placed. Maybe there was something misunderstood at either end. The live feeds you might see on the net, are generally the rate at which banks and brokers buy and sell money to each other. Individuals get a slightly different (worse) deal known as a market spread. Only a little bit, but this is how they make their money on your transaction. That's how the system works with an FX company. They are stilll often better than a bank, but it might be the reason why you doubt the 1.53 limit being breached. Anyway, you don't want to stress over it. Talk to them. On £100,000, a 1c difference means $1,000, which is the reason FX makes the most gut-wrenching experience of migrating - either way. I hope this helps. Cheers

Let's hope not. A long time ago, that happened; in Victoria, WA... This was one of the reasons the 'six pillars policy' was created. Actually it was a Labor policy, though please don't take this as any endorsement as I don't do politics. This stopped a large 'pillar' bank taking over another pillar and drastically reducing competition, and increases a failure risk to the economy. Something that DID happen in the UK and, well, you know the rest. AMP and National Mutual (as it was known then) were taken out in the late 90s and it became the 'four pillars policy'. There was much argument at the time the policy was too restrictive, but perhaps with hindsight, it was good it was never dismantled completely. Having said that, CBA snaffled Bankwest from HBOS in 2008. This was a big WA concern and in some way, a pillar at the time, for that state. So, there you go. The risk is always there, don't get me wrong, but the strength of the pillars in Aus (relative the world) brings confidence to the average person on the street. In fact, during the run up in the GFC, there were no guarantees on bank accounts. I don't think Aussies even contemplated they could lose their money until very late in the day. Working now in the UK, I think the policy remains a key strength to the Aus banking system. It's not impossible, but at least there's a plan to reduce any contagion. Cheers

That's really helpful. Thanks for coming back on it. Barclays seemed to have covered themselves quite well. Nice one

Hi Richard Well, sounds like a brilliant week. I posted something similar last night regarding a prospective move to BrisVegas (Brisbane). As I'm from Melbourne, I think a $110,000 is good income, though as nice as it sounds, alot will be offset by higher living costs. Check out this link for more info http://www.liveinvictoria.vic.gov.au/living-in-victoria/cost-of-living/cost-of-food-and-groceries . Where you move can also make a difference to your standard of living, as the house costs will be considerably higher in some areas, but can't say too much more there without more info. You might also have to pay a road toll to get to work but it might be worth the sanity. Car costs are going to shock you, but if you have one car, with you taking the train to work, you might enjoy a better standard of living. You might also want to consider health insurance too, particularly if you've never had it before. Only a few years ago you paid more tax if you didn't have an approved hospital cover with a registered health fund, but now this is not a problem at your stated income. Still, check out the info on rebates you will get on taking out cover http://www.privatehealth.gov.au/healthinsurance/incentivessurcharges/mls.htm . Family Assistance You have one child, then you may be eligible for some family assistance, but Family Tax A does start to shade out just below your income. Bugger! However, this will all depend on the future number of children in your family and any tax deductions. There are two types of assistance though, Family Tax A & B. They are kind of like the Child Benefit here (UK), though you can earn up to $150,000 and get Part B. Quite a contrast to the rules that come in January 2013 in the UK. I did a blog on this recently http://www.poppyredifa.co.uk/news/articles/child-benefit-planning.aspx <<Moderator, this is relevant information - I think. Please delete this link if it is a breach, as not keen to get on the wrong side of PIO, but think it is relevant to compare the treatment of family benefit in Aus to Child Benefit in the UK on higher incomes. There's a big difference. Cheers >> Whilst you may be unlikely for Part A, it will all depend on your assessable income. Get familiar with this website http://www.humanservices.gov.au/customer/enablers/centrelink/family-tax-benefit-part-a-part-b/ftb-b-income-test as your wife's second income could affect things, but not if it is below around $5000. Her work might take time anyway to reach this level. Call Centrelink in the UK on 0800 1695 865 (at no cost) to sound out how your situation might be. These guys are as keen as HMRC, so if you're overpaid, they will come looking for their money back. It's always best to overestimate your income, though given you'll be employed, this might be unlikely a problem. It's always a nice surprise to get something back. Child Care This will be expensive, but if your wife is working from home, you should be able to keep it at a minimum. You would be able to get some support at your income, but do look at this link for more info http://www.humanservices.gov.au/customer/enablers/centrelink/child-care-benefit/income-test Also, there is a handy estimator here too https://www.centrelink.gov.au/RateEstimatorsWeb/publicUserCombinedStart.do Anyway, I hope that helps. Cheers

I strongly recommend the extras on health insurance. We all hope we'll never need an op, and as often the case with insurance, we never do. It's the few who need it, funded by the majority. Fair enough. At least with options though, you cover stuff like physio, glasses you ordinarily would spend money on anyway. We always ran up a tally each year to compare the value of having the cover and also for tax preparation. Cheers