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About dilby

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  1. Hi all - I’m an Aussie dual national that had lived in the U.K. all my working life. I’ve got a pension that I’ve built up through my own business and know that if I cash this out in retirement I’d generally get 25% tax free and then be taxed on the rest according to normal income tax (which is a good old whack). However if I moved to aus and transferred my pension to an Australia super fund does this mean I’d avoid this tax? I’ve read up and can see that you don’t pay tax for super withdrawals unless it’s an ‘untaxed’ fund which as far as I can tell is quite rare and more for public servants. Can anyone help on this at all? Might be another reason to head back! ps. Please note im not referring to the state pension here but my own personal contribution pension. Thanks!
  2. Hi all - I'm Australian by birth but moved to the UK at the age of 21 where I've worked self employed for the past 10 years. My wife and I are likely to move back to Australia in the future, and therefore obviously will need to move our pensions. This whole world is very confusing to me, and I can see there have been some major changes recently that unfortunately confuse me even more! But essentially I'm wanting to know if there is a specific type of pension fund I need to be using here that will allow me to move my pension back to Australia, or if it's actually the Australian fund I'm transferring to that needs to be the specific kind. Our IFA at the time set up a pension for us both 2 years ago, after we stated our requirements. He told us he'd found a QROPS approved account and we paid him to set it up for us. He then promptly dropped off the radar however and the pensions company told us that wasn't accurate info. From what I can read, I can transfer pensions FROM any uk account, but only TO some Australian accounts. Is that correct? Any thoughts, experiences welcomed! Thanks so much!
  3. dilby

    pension planning

    Hi Andrew - Thanks so much for your reply. I've since seen your other excellent article here (http://www.pomsinoz.com/forum/money-finance/222771-uk-pension-transfers-advice-service.html) and here (http://www.pomsinadelaide.com/forum/pensions-mortgages-ask-vista/34766-uk-pension-transfers-information-thread.html). However the 'Ban on UK Pension Transfers' link seems to be not working. We run a limited company, so from what I can see, a good option might be to pay ourselves a pension through that, and then if we move and wish to transfer to simply find a qualifying scheme on the UK. However does the information on the link that isn't working change this? I don't like the word 'Ban'! Thanks again for your help.
  4. dilby

    pension planning

    Hi all - I'm an Australian (UK and Aus passports) and have been living in Wales with my wife for the past 9 years or so; we have no firm plans when to move back but know we will in the near future, and so all of our major financial decisions take this into consideration. Although I've just turned 30, we are self-employed and therefore (although it's no real excuse) only now started looking into setting up a pension. We had an IFA around to our house, and when he heard we would be moving back to Australia in a few years he was concerned about the complications of transferring pension funds etc. This was however before the reforms so I'm not sure if this would change things? He said in our situation he'd recommend a good stocks and shares ISA. I was hoping some of you could give me your two pence (or cents!) on how you have tackled pensions. Have many of you managed to transfer your pensions over? Did it create issues? And have the pension reforms benefited you? Many thanks - I appreciate any help I can get