Lord Mayor

Hi Andrew

Thank you for this information.  I think the only consideration I had was that I am not completely sure we will never return to the UK and as such my understanding is that

We could be then hit with a hefty tax bill from the HMRC if we became UK residents again.  Also as a final salary pension guarantees a number of things such as Life assurance, widows pension etc as such it may outweigh the value of benefit I could convert it to.  The costs of transferring and administering etc I understand are also quite high.  I am Happy to discuss direct with you if you think I am missing a big opportunity.

Cheers

LM

Hi Andrew

Thanks for this info.  I have a defined benefit pension with a UK Bank.  I am 55 and considering taking a Pension commencement tax free lump sum and then receive a lower pension( some stage between now and 60).  I understand the pension I would draw is taxable as foreign income in Australia, however my question is will I have to pay tax on the TAX Free pension commencement lump sum here too.  Is the applicable funds earning aspect only for full lump sums( apologies if I am a little confused) or would that apply if I simply drew my pension each month?  FYI, I am a duel citizen and have been a permanent resident for 5 years.