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Tax advice on UK Private Pension lump sum & transfer to Aus
ClareU posted a topic in Financial Advice: Ask Vista
HI, I am hoping someone can please give me some guidance and answer a few questions regarding taking a lump sum in the UK and declaring the tax in the UK and AU. I am a duel British/Australian citizen living in Australia since 2002. Having turned 60 I have a UK PP in the amount of 18,000 GBP to access. The money is only available as a lump sum or as an annuity so I want to take the full amount. I know that the first 25% of the value of the fund is tax free so I should receive 4,500 before being taxed. I am told that the remaining 75% will be taxed at 40% so that would leave me with an additional 8,100 GBP. I am assuming I declare this amount but converted in AU $ on my tax return, so around $22,000. My first question is: can I deduct from this, the amount that was in the fund before I became resident in Australia? My next questions are: Once I receive the funds, do I apply to HMRC for a tax rebate on the basis that I should have been taxed on a lower income threshold? And also, if I then receive a rebate do I also declare that on my Australian tax return? Finally, can I offset all the tax I end up paying in the UK? I have not earned an income either here or in the UK for the last couple of years. Hope this is laid out clearly enough to make sense, I am finding it pretty confusing! Many thanks for any assistance you can provide! -
Hi, It’s been a while - life, hey, but I hope you’re all well. Turns out I need to claim my UK pension from Royal Mail, and I don’t know what to do. The guys at Vista Finance were absolutely wonderful and told me that given how little is in the pension, i would lose more than I’d gain by formally transferring the pension. I’m a Aus citizen with a small lump sum in England and an annual pension of something like a couple of thousand £pa. If I give the pension people my Australian bank account details, will the bank automatically convert it and if so, will there be charges or just a slightly lower conversion rate? With the lump sum, I obviously want to lose as little as possible as there’s not much TO lose ! I know I will pay tax on the money, and whilst I think that’s fair, again, I’d like to pay as little as possible…would it help if I put the money in my Super? I’ve tried asking the bank but whilst the person in International was lovely, when I asked about charges, she told me she “didn’t think so” . We went to a financial advisor, (not Vista as it was a different issue) but they didn’t help at all. I’m hoping that someone on here has actual experience that can help guide me . TIA LC
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Has anyone had experience of using BDH Sterling to transfer a UK pension. Are they a good choice?
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I am looking at managing my UK pension while my wife and I are deciding our long-tern plans for Australia (on a 4 year visa ending in 2022, but considering going for Permanent Residency). I have been speaking to a company called AHR Wealth Management and wondered if anyone has any experience with them. They give pensions advice, including investment advice and seem to know their way around both UK and Aus systems, especially the intricacies of moving pensions around should we decide to stay in Aus. Their website and LinkedIn profiles have a lot of personal citations, but it would be good to get a first-hand view from this forum if anyone has dealt with them. Thanks Stephen
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I have some questions regarding private pension scheme in the UK. I am over 55 years old. 1. I am going to remain in Australia, does it make financial sense to move the private pension over to an Australian super fund? 2. I can take a 25% tax free lump sum in the UK since turning 55. Is this taxable in Australia if I move it over? 3. How do agents that help to move pensions across and give tax and financial advice make their money when providing their services? Regards TJT
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It has been some years since I posted on here but now I am in need of advice. The story, I emigrated to Oz over nine years ago at three months over the age of 65 and was already in receipt of the UK State pension, my company pension and a small annuity, the total being just over £1400 a month. On emigrating I have used MONEYCORP to transfer £1400 every month to my bank in Oz and everything has gone perfectly for nine years until this week. In the past I have elected to fix an agreed exchange rate rather than accept the floating rate and this contract is due to end next month. I was contacted by MONEYCORP to remind me that the contract was coming to an end and to contact them and informing me of the various options open to me for the continued transfer of money. There were three options, £1400 from UK at a floating rate, £1400 from the UK at a mutually agreed fixed rate for up to two years and finally a fixed amount of AUS $ to my Oz bank at a floating rate. on speaking to MONEYCORP they said that they are withdrawing from this service, that none of the options are open to me and thanks for your custom. Bye Bye. This is not a complaint against MONEYCORP and as I said at the beginning their service has been very good and I’ve been very happy with them. They have simply stopped offering this service. i cannot be the only person this has affected and I am looking for advice from people who have been put in the same position of names of reputable companies ect who would be willing to take over where MONEYCORP have left off. many thanks for reading. mamba
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Hi I am 61 and a dual national (UK/Aus) and have a couple of Private Pensions in the UK from previous working, I am currently unemployed and planning to self fund retire or work part time, earlier this year I closed and withdrew the balance of one of my pension funds (not much 20k or so ) as it did not allow me to Draw Down from it and wasn't performing well. The money is sat in my UK bank account currently and as I was an Australian Tax Payer I claimed my Tax back that the Inland Revenue automatically stopped. I now need to fill in my 2020 Oz tax forms and was wondering:: A) Do I have to declare these as earnings as I am self funding retiree,not claiming anything at all atm? B) I also have an Australian Super but did not draw the $10,000 Covid payment that was allowed earlier this year so can I offset some of the UK super for that?
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I appreciate the need for detailed advice as to pension transfer arrangements. However, does anyone know if it would be possible to: (1) take 25% of an UK SIPP tax free in the UK before becoming tax-resident in Australia; (2) transfer the balance to an Australian QROPS/SMSF without crystallising a tax charge in the UK; and then (3) make further payments into the fund in Australia (getting whatever tax benefits are available for such payments from time to time in Australia). I am 55 but anticipate working for 10+ years still.
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Hi All, I work in a community advocacy role and lately I've had a few people pop up with some issues around QROPS / UK-Aus Pension Transfer issues. I know a little bit about it but I'm trying to find out more - particularly peoples' real-life experiences. What has been your experience in this space? Positive, negative, companies to avoid, positive companies, live issues, old issues... anything will help!
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Hi all I'm trying to organise Undeducted purchase price information for my UK teachers' pension. I have located and downloaded a form issued by the Australian government but am a bit foggy about the next step - do I send the form to the Australian tax authority for help, or do I contact Teachers' Pensions' and ask for information? I'm hoping there might be a retired UK teacher out there who can offer advice. Thanks in advance.
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Parents now Permanent resident what about tax UK/or AU ???
mcgkerry posted a topic in Money & Finance
Hi all My parents have their permanent residency here now :-) Yeahhhhhhh They get only a UK State pension paid directly into a bank account in AU. Dad got a letter from his UK bank where he only has a few hundred pounds and no deposits going in asking to verify where he is resident for HMRC For tax ??? Question: I assume we say resident in AU ? Question: His total state pension income is aprox 21K au dollars depending on exchange rates and mums is even less probably about 10K....so will he get a tax bill here now ??.......which they cannot afford :-( Thanks in anticipation Kerry -
Hi there, I have now moved back to Sweden and I'm looking for ways to return to Australia. I have almost worked 2 years before returning back to Sweden and I have the option to take out my REST money. Someone has adviced me to not take those money in order to get the PR easier in Australia again. Is this really the facts. It's quite a lot of money hanging there and I want to be sure. Any ideas?
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Hi, I'm sure this question has been asked before but I don't seem to be able to find a thread about pension transfers as yet. What I am wanting to know is whether or not myself and my wife would be better off transferring our NHS pensions to a similar scheme in Australia or leaving them here? We are moving to Melbourne in August and I have a job in a hospital in Melbourne. I'm not really sure what the pension/super scheme on offer is or really what we should do for the best. We have been in contact with a pension agent but not yet comitted to anything. Any help would be greatly appreciated. Cheers Steve
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Hi . I am working in Ireland for 10 years and I am now a Irish citizen.I am in the process of migrating to OZ..Can I transfer this pension fund to OZ??? Help Thanks D
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HMRC List of Pension Schemes in Australia that you should be able to transfer to
Guest posted a topic in Money & Finance
The HMRC publish a list of Qualified Recognised Overseas Pension Schemes (QROPS) around the world. These are arrangements that meet certain criteria and to which the HMRC will allow a transfer to take place. It only includes the arrangements that want their details published, but this should be any commercial scheme really if they want the business! If you are considering transferring pension benefits to an arrangement in Aus, you can check this list to see if the HMRC would permit it. http://www.hmrc.gov.uk/pensionschemes/qrops.pdf Usual warnings about speaking to a qualified financial advisor apply! -
I have a question that perhaps should be posted elsewhere (money and finance?) but I'll try here... I moved back to the UK in March and I've not regretted it so far, had a great time I do have a reasonable amount of Superannuation stored in an Aussie employer scheme (public sector fund) I have been told several times that unless special circumstances apply I cannot access these funds until I am 65. It is possible the rules will change. THese apply to me as I hold PR at the moment, so I am treated as a resident even though I now live overseas My question is, what happens if I lose my PR status completely? This could happen if I fail to renew my RRV (I will need one next time I travel back) for example and then travel in a few years on a tourist visa. I'll then have no status in Australia and presumably different rules can apply? The Super fund are not that helpful, they just read the rules out to me Cheers, Melon
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Hi, Just got my PR... so now have 6 months to transfer my pension, tax tree. I have found that Australian Super transfers are free and others (like BT) can change $1300 advisory and then 4.65% on the transfer :-( My question is....what happens if i just leave my pension in the UK until I am 65/70 and then then just transfer the funds to AUS on an adhoc basis? Would this attract any tax etc. My Scottish widows pension has been performing at 60% over the last 5 years, so a little nervious to move it! Cheers Nick
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Does anyone has experience of paying voluntary NI contributions back to the UK whilst in Australia? This hadn't occurred to me until my partner mentioned something about needing to pay NI for 30 years, to qualify for UK state pension! The process seems simple enough but just wanted to see how it works in real life. ta
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Once someone becomes an Australian citizen (ie after 4 years on PR) are they entitled to an Australian State Pension, even if they were to leave the country?
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Unclear as to what happens with pensions & Super when moving back to UK
Belinda posted a topic in Money & Finance
Hi there, I am English and 14 years ago, moved to Australia to be with my Australian partner. I have never really felt like Australia is "home" but have tried hard for my partner and we have bought a house in Melbourne and previously lived in Newcastle and Paramatta. For various reasons, including going through breast cancer, we are thinking of going back to the UK to settle. The main kicker is the awful exchange rate........ really wish it had got a lot better after 14 years, but it is what it is ! The other real decider for us is UK pensions, as we are not getting any younger, my partner is 50 and I am 40. My partner could earn a good wage in the UK and works in the finance/law sector and work in IT/admin but pensions worry us. Before I left the UK, I had spent a lot of the time being a student and so wouldn't have accumulated too much toward the national pension. I've worked ever since being here in oz, apart from when going through breast cancer and if we removed our Super, once again the exchange rate would be a disadvantage and leave us with less. What I really can't seem to find is some definitive information about the UK pension for us. A friend of ours said that you need to have worked for 30 years there before you can get the pension in the UK, is this the case ? We looked at buying to let whilst still in OZ, so that we had something to go to there, having saved some money up here for a year or so, but every mortgage lender in the UK want a lot of UK pounds in an account, before lending to you and we don't have as much as they want, which is between 30-50 thousand UK pounds. So unfortunately, had to give that idea the flick. Would love some information, if anyone can assist it would be much appreciated, Belinda -
I'm just doing my Oz tax return and wondering whether you have to pay oz taz on UK NI and pension contributions that you made in that year. It's a slightly unique situation, whilst we were in Australia I was receiving maternity pay and then we returned in March this year so had 4 months of full pay in the tax year. I've entered my income and tax paid but can't see where I could off-set the NI & pension as you don't pay tax on those in the UK. I do have to declare all these and other foreign income as we were resident for tax purposes. Anyone know any answers I looked around on the internet and can't see anything relevant. Thanks
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Most of the text I have read with respect to UK pensions relates to either transferring the fund to Australia or taking money out as retirement income, but that's not my question... When I was in the UK I set up a SIPP. Now I have left the UK and I was in Australia for the whole 2011-12 tax year. I haven't touched my SIPP in any way (no transfers, no money in or out). It is still there in the UK and it earned some dividends; these were paid straight into the SIPP and have stayed there (to be withdrawn in the distant future). My question is, do I have to declare these dividends to the ATO on my Australian personal tax return? I think the answer is No, but I really hope someone can give me a definitive answer (or point me to someone who can give me one). Thanks v. much in advance.
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Hi all, I'd like to to find out at what point I technically become a permanent resident. The reason is that I need to transfer UK pensions over to a QROPS approved superannuation fund and there is a 6 month period from when you become a permanent resident to transfer pension funds over without being taxed I currently live and pay tax in the UK. I was granted a permanent residency visa p640 sub class 100 in Dec 2009. I then had 12 month period to activate visa by visiting Australia within 12 months of it being granted, which I did in Dec 2010, by going there for a 2 week holiday. Anyhow we are now in the process of moving over for good and plan to arrive in Nov this year, I'll also be contacting the UK tax office to let them no that I'll no longer be a UK tax paying resident. So my question is am I already deemed to be a permanent resident from the time I activated my visa when I visited in Dec 2010 or will it be when I arrive this November? I hope the above made sense. Regards Mark
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Hi - I found the the company below very helpful in sorting out my pension benefits - it gave me a clear view of my benefits and what I could do One of the options enabled me to draw some income and in the event of my death the remaining fund went to my wife/kids- normal pensions stop when you die Left your pension funds in Good old England- (spread with a number of Ex- Employers) Why not put them into ONE POT and you can then see the options available for you Email dave@cmsfinancialltd.co.uk Thanks
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Ok this is a big one! Oz Pensions/Superannuation
whoiam posted a topic in Financial Advice: Ask Vista
I have tried reading up on this as much as i could--but i understand there are many on here who can possibly explain a bit better and clarify a few queries! Here in the Uk there is a state pension and then you get any occupational pension if you've worked etc etc. What about in Oz land? I've seen that when you work you get to contribute to a super fund--which you can choose or you can even manage your own. But as I see it these super funds are private initiatives run by private companies. Now these are my queries-- 1. What if a person never worked or has worked only for a short while--what happens then? 2. Is there a government provision for pension for all above a certain age??? Would be glad if any one who knows anything about the Oz pension system can post what they know--because this could be helpful for those coming after me as well. Many thanks in advance!
