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Found 139 results

  1. 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
  2. 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?
  3. 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.
  4. 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!
  5. 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.
  6. 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
  7. 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?
  8. 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
  9. thunee71

    pension fund trasnfer

    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
  10. 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!
  11. 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
  12. watneyni

    Pensions - transfer or not?

    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
  13. vickyplum

    Voluntary NI contributions

    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
  14. grahamffc

    Citizenship = Pension?

    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?
  15. 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
  16. 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
  17. 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.
  18. 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
  19. Guest

    Pension Benefits

    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
  20. 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!
  21. Hi all! I have a question regarding the Superannuation pension scheme. As far as I understand it, superannuation is a compulsory element where employees are required by law to pay a proportion of their salary into a superannuation fund, which can be accessed when the employee retires. Now I wonder what will happen to this money if I decide to leave OZ after living and working there for few years? I suppose that the amount of money will stay unchanged until the moment I reach the retirement age and then I will be able to access the money. Am I right here? Thanks in advance! Eugene
  22. Tarby777

    Pension transfer company

    Hi all, Has any heard anything good or bad concerning John Horvath of Gold Vision Financial Services t/a World Pension Transfers in WA? I'm thinking of using him for some QROPS pension transfers, but would sleep easier if I found out that he has some satisfied customers here... TIA Tarby
  23. Tarby777

    Cost of pension transfer

    Hi all, I'm looking to bring my existing UK pensions over to a QROPS-compliant Aussie superannuation scheme. The companies I've spoken to so far - such as PTD - charge a %age of the pot, which seems awfully unfair for folks like me who have been paying in for quite a while... surely the cost to them in bringing the money over for a given individual is linked more to the number of UK providers they have to deal with and any complexities they encounter rather than the size of the pot.... So... my question: do you know of a reputable outfit who will do the transfer for a fixed(ish) price? TIA Tarby
  24. Hi All, Am moving to Melbourne in April with my Wife and just starting to sort out finance side of things. As I understand when we leave the UK we cant pay any more into an ISA or Pension. What isn't clear is how these can be managed if we decide to leave them open and don't transfer them to Oz? Does anyone know if you can move ISA providers, buy sell funds etc when not in the UK? Any thoughts on the long term exchange rates? Only looks like the pound is going to get weaker from this side :-( Cheers for your thoughts.
  25. I've read lots of threads about private pensions schemes being transferred to Oz..... its probably been asked before, but I must have missed it......but does anyone know what happens to your UK State pension......... like most of us, my OH has worked and paid tax since he was 15 and is now just turned 45.... I wondered, is all this money lost & gone forever???????????????? :skeptical: