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Found 94 results

  1. Hi everyone ~ Happy Friday! So many of us have investments both here and in the UK: shares, rental income, pensions ~ here's a white paper we wrote with this specifically in mind: https://www.moneycorp.com/en-gb/news-hub/managing-investments-and-income-overseas/
  2. Susan from Moneycorp

    Retiring to Oz ~

    Morning Everyone! Happy Friday from sunny Sydney I've recently had a large number of older clients making the permanent move over here for various reasons: some coming to join their children and grand-children, some from the UK because of their thoughts on Brexit, others because, now retired, they want a different life based more outdoors with kinder weather/lifestyle etc. They've all needed to bring over house-sale proceeds, savings, UK pensions, share-portfolios etc - something we can help with too. Here's a blog we created specifically with this in mind: https://www.moneycorp.com/en-au/news-hub/retiring-to-australia/
  3. Anybody from the UK who has paid National Insurance Contributions for at least ten years is entitled a part UK state pension upon their retirement. If you've paid 35 years of National Insurance contributions you are entitled to a full basic UK state pension. It's possible to pay "Class 2" contributions if you've been working in Australia to make up complete missing years. For those who have not worked for some of those years, more expensive "Class 3" contributions can be made to improve your UK State Pension. For details on exactly how to do this, I would suggest you contact "British Pensions in Australia", an independent voluntary and campaigning organisation which has developed expertise in this area over many years (see https://www.bpia.org.au/ ). A basic full British state pension is currently £168.60 per week. If you retired before April 2016, the full basic rate of pension is £129.20 per week. Sadly though, British Pensioners living in Australia and many other mainly commonwealth countries have been disadvantaged over the years because the value of their UK state pensions has been "frozen" to that available on the date a person retired. Hence, for example, a person who retired in 2000 would not get £168.60 but instead would receive £67.50 per week. However, if Labour is elected on 12th December 2019, the situation improves for British pensioners living in Australia. Labour will apply the "triple lock" to UK state pensioners living over here. This means that the value of pensions will go up by at least 2.5% a year. For people retiring after Labour's new rules come in, it means that their pensions are "unfrozen". What you get as a full basic pension from the UK in Australia will always be the same as what you would get in Britain. For those who have already retired, the "triple lock" annual increase will be applied to the "frozen value". Labour's offering represents a real improvement for British state pensioners in Australia. Vote for the conservatives and nothing like this is on offer. If you have a vote in the UK elections, I would urge you to consider voting Labour to help secure this direct benefit in your standard of living. Labour's manifesto can be read at https://labour.org.uk/wp-content/uploads/2019/11/Real-Change-Labour-Manifesto-2019.pdf . The discussion on pensions is on page 76. The British Labour Party branch covering Australia and New Zealand can be contacted at australasia@labourinternational.net . Our twitter account is @AusNZ_Labour . See us on instagram at australasia_labour
  4. urbancoyote

    Sipp advice

    Hi I'm in my mid 30's and looking at emigrating to Aus near the end of the year. I have the option to put a lump sum in my uk Sipp of around 10k this year and the uk government adds 20% to this amount. This would bump up this pension to about 35k sterling so not that large by any means, so probably not worth transferring to a qrops etc so would keep it in Sipp. In the Uk, you then pay no capital gains or income tax for the life of the pension and you can take a one-off 25% taxfree withdrawal, with the rest taken out as income as you see fit in retirement. My questions are under current rules, if you are an Australian resident for tax purposes 1) Are the funds in your Sipp, taxed in Australia on capital growth and income each financial year, similar to other investments? 2) Are you taxed on the lump sum withdrawal and further income from the pension, at maturation. Given there is 20 years left it hopefully should grow substantially. Just looking for some advice before deciding whether it is worth putting the extra lump sum in the Sipp or not. Many thanks Mack
  5. SandBlasted

    Voluntary NI contributions

    Hi All Infrequent lurker here, first time posting and apologies if this has been asked before... I've just sent off the State Pension Statement Forms to DWP, but still trying to find further information about making voluntary NI contributions. Anyone here doing this? What amount should be contributed and specifically, is it worth it? I'm concerned because our Australian Super balances are very low for our ages(we wont qualify for Aus. state pension). TIA
  6. SimonandSian

    Pensions clarity

    Hi all, having read a few threads about pensions I am still none the wiser! We are migrating in January on a skilled independent visa (my wife and I are both 32) with two young children. At this stage we cannot be sure if we will be in Australia to draw our pension in 30+ years!! Any advice or guidance on what everyone else has done with their pensions (if anything would be greatly appreciated) I have an NHS pension (plus private as I only work NHS part time) and my wife has a teachers pension -- if that makes any difference Thank you in advance Simon and Sian
  7. Dawn & Nigel

    Alexander Peter

    Hi all, We have been in Australia for 8 years now, my husband will be retiring next June (2018) so is starting to look at the best options of moving/accessing his pension, he has two private pensions in the UK. We have been talking to a company called Alexander Peter, so was just wondering if anyone on here has heard of them or used them to deal with their pensions? Many thanks Dawn & Nigel
  8. Hi Was wondering if anyone on here has transferred a uk company pension into there oz company pension? If so, how hard was it to do? Any advise would be much appreciated. Thanks Matt
  9. Will a change in the budget may make older migrants reconsider moving to Australia? It is estimated more than two thousand new migrants will be barred from the age pension or disability payments in 2018 under tighter eligibility requirements announced by the government as part of the 2017 Budget yesterday. Pensioners and those claiming the disability support pension (DSP) will be required to have lived in Australia for up to 15 years continuously in order to continue receiving the payments. The savings measure will save $119 million over five years by imposing stricter residency rules for those claiming the two welfare payments. From July 2018, applicants will have had to have lived in Australia for at least 15 years continuously before being eligible for either the pension or DSP. Applicants will still receive their payments if they have either 10 years of continuous residence with at least five years of that time being during their working life – ie before they’re of age pension age – or if they have lived in Australia for a decade and never received any welfare for five years in total. The existing requirement is that an applicant must have lived in Australia for 10 years. The government estimates the measure will affect about 2390 people per year.
  10. Cerberus1

    UK Pension Transfers – Major changes again

    At the recent UK budget UK Pension Transfers to overseas destinations were again in the firing line. HMRC last made major changes in April 2015 and essentially because of these changes only people age 55 years and older can now transfer their private pensions to an Australian Superannuation Scheme with HMRC (Qualifying) Recognised Overseas Pension status (QROPS). From this time many UK expat Australian residents under age 55 have been exploring the option of transferring their UK Pensions to a QROPS scheme in a different country for example Malta or New Zealand however the announcement on budget night has essentially put stop to this being a viable option as HMRC announced a new 25% tax on transfers to overseas (QROPS) schemes with some exceptions. In addition to the new transfer tax being introduced there are a number of changes around how and when the pension money that has been transferred can be accessed and if withdrawals and or payments are made or taken from pension monies that have been transferred there may be tax charges/penalties levied by HMRC depending on how and when they are taken. Therefore the situation as things stand currently for UK Expats in Australia with regards to their UK Pensions is: Under age 55 There are no public offer schemes available in Australia with QROPS that can accept UK Pension Transfers in. Therefore if you do have a UK pension then leaving it in the UK until age 55 (currently) is typically your only option without being hit hard with UK taxes. However it may still be wise to consider reviewing your UK pension with an appropriate UK FCA regulated Adviser for some of the following reasons: • You have a defined benefit (aka final salary) scheme and wish to explore taking the lump sum offered and transferring it in a personal pension (currently transfer values are historically high for these type of schemes); • You wish to ensure that your money is invested in an appropriate risk profile you should ensure it is working as hard for you as it can within your desired risk level (you may be too aggressively invested or to cautiously invested for your situation). • You wish to be invested in a pension that allows you to invest in multiple currency options particularly Australian Dollars (currently sterling is weak against the Australian Dollar from a historical point of view however this may change going forward, if the change is in favour of sterling you may wish to have your monies converted to Australian Dollars at that point to then protect against future currency risk). Over age 55 It is possible to transfer a UK Pension to an Australian QROPS for someone who is over age 55. This is possible by way of arranging a Self-Managed Super Fund (SMSF) and having it made QROPS compliant or by using a public offer Super Fund which is a QROPS (which option suits will be based on numerous individual factors). A pension transfer to an Australian QROPS for someone that is resident in Australia is an exemption under the new 25% tax charge as follows: • Transfers to QROPS requested on or after 9 March 2017 will be taxed at a rate of 25% unless at least one of the following apply: o both the individual and the QROPS are in the same country after the transfer However note that if a person who does transfer to an Australian QROPS ceases being an Australian resident within 5 full UK tax years of the transfer being received then the tax charge can be levied. It may or may not be advisable to transfer a UK Pension to Australia as again it will depend on a number of individual factors) however financial advice is recommended to ensure A) it is advisable to move out of your current scheme and B) to navigate the complexities of a transfer (if of course a transfer is advisable) By Andrew Williams Financial Adviser (FPA Member AFP ®) Director - Vista Financial Services Authorised Representative No. 322874 Professional Investment Services Pty Ltd ABN 11 074 608 558 Australian Financial Services Licence No. 234951
  11. Andrew from Vista Financial

    UK Pensions/QROPS/OZ Superannuation - Table

    I have compiled a table below that outlines some prominent points for example taxation, retirement age and accessibility for Australian residents (excluding temporary) for the different types of UK Pensions versus QROPS (popular destinations for Australians) versus Australian Superannuation Schemes. For me from a tax, retirement planning and control perspective Australia will be the optimal destination to have your retirement monies if living in Australia for retirement. However clearly other factors need to be considered in terms of whether their are guaranteed benefits involved in a current scheme ie (final salary/defined benefit), contributions cap issues for transferring into Australia, wishing to access funds earlier than Australian retirement age permits and so on. In these cases then other destinations or leaving the original scheme as is could be the better outcome. *Autumn Statement in November proposed full flexible access for all QROPS, to match the flexibility of UK Pensions.
  12. Can anybody help? I moved to Australia as a ten pound pom with my family in 1955 when I was four. My wife arrived here from Scotland in 1970 also as a migrant family. Now 63 and on a Carer’s pension, my wife on a DSP, we are becoming increasingly frustrated by so many of the wrong directions in which we feel the government is heading and the ever increasing cost of living. Neither of us have become Australian citizens, (probably a mistake), so we remain as permanent residents. We still hold British passports but they have expired. Does anyone know if we were to move back to the UK, would we still receive our Australian pensions, would we qualify for a similar UK pension, and above all else, will it be cheaper to live there?
  13. Guest

    Frozen UK pensions

    There are over 250,000 people in Australia with a British pension some with a full pension some a part pension. This pension is frozen as soon as you arrive here. British Pensions in Australia, a 10660 strong non-profit volunteer association of British Pensioners, is fighting to have this immoral unfair Government ruling rescinded. A petition has been established and we invite all British expat who intends to stay here to sign this Parliamentary petition by visiting http:/bit.ly/Brit.Pensions. Thank you. Meanwhile consider joining BPiA by visiting our website http://www.bpia.org.au and reading about this issue and joining us using the application form supplied or by asking us questions about your own UK National Insurance pension eligibility. We all paid our stamps or NI in the UK so we we should all be treated equally. Expat who have migrated to the USA or Israel, Spain etc get their UK pensions indexed, we in Australia don't! Thanks Jim Tilley Hon Chairman BPiA
  14. Plan ahead by moving overseas with the experts! Moving to Australia is not without its ups and downs. To make sure you stay ahead of the game, it pays to be well informed. Everyone wants to start their new life down under with as much money as possible and there are a number of things you can do to ensure you make the most of your funds. Key topics always discussed on the forum include moving your possessions, shipping your car, shipping your pets, transferring your money to Australia, opening an Australian bank account and getting a mortgage. Poms in Oz is hosting its final webchat event of the year with leading experts in banking, currency exchange, financial/pensions advice, international removals, pet shipping and vehicle importation. The chat event will take place on Tuesday 27th November 2012 from 20:00-22:00 (UK Time). National Australia Bank, Moneycorp, PSS International Removals, PetAirUK, Vista Financial Services and Iron Lady Imports will be on hand to answer any questions you may have about your move. To participate, click on the 'chat' menu option at the top of the page. Clicking on chat will launch the chat software. There will different 'rooms' for each of the different companies. Unregistered guests can participate by following this link - Chat with Industry Experts, then, once the chat software has loaded, tick the 'Guest' option at the top of the chat window, then choose a username and click 'Login' and enter the 'Moneycorp, NAB, PSS, PetAirUK, Vista Financial Services or Iron Lady Imports' chat rooms. National Australia Bank [img2=right]http://www.pomsinoz.com/images/chat-nab.png[/img2] Rebecca Joils will talk about the Australian Banking system providing you with some insights as to what is different between the UK and Australia. She will also talk about how straight forward it is to open an Australian Bank account before you leave home and some of the services you should consider. Moneycorp [img2=right]http://www.pomsinoz.com/images/newmc.gif[/img2] Whether you are moving to Australia, or living there already, John Kinghorn will bring you the latest updates on the Aussie dollar and provide insight into the key factors influencing market movements. Exchange rates are constantly fluctuating and transferring your funds at the right time, via the right channel, can make a big difference to the amount of money you actually end up with. PSS International Removals [img2=right]http://www.pomsinoz.com/images/chat-pss.png[/img2] One of the key ingredients when you are moving overseas is the planning of your removal. Liam Witham will be on hand to offer advice and answer any questions you may have regarding the packing and shipping of your household effects, including what items you can ship to Australia, Australian Customs procedures and AQIS. PetAir UK [img2=right]http://www.pomsinoz.com/images/petair.png[/img2] Bob Ghandour, Veterinary Consultant and Director of PetAir UK will be on hand to discuss any aspects of shipping your pets to Australia. PetAir UK is a unique pet travel service run by specialised vets for ultimate peace of mind. We will transport your pets safely and comfortably - worldwide. No matter what the journey, we will remove the stress of complicated pet travel arrangements and ensure the best possible service to our clients and their much-loved companions is one of our highest priorities. We operate a 'one of the family' policy, where all animals are treated with the same respect and care as our own pets. We know how much it means to you that your beloved pet arrives safely and by using PetAir UK you can assure yourself you are providing the very best care for your pet. We offer truly comprehensive packages which provide absolute continuity from start to finish. Every client is allocated one of our personal veterinary consultants who will oversee every step of the process. From complex documentation and import permit applications through to last minute flight changes, nothing is a problem for our competent and dedicated team. Vista Financial Services [img2=right]http://www.pomsinoz.com/images/vista-financial.png[/img2] Andrew Williams is both a UK qualified and Australian practising Financial Adviser and Mortgage Consultant specialising in advising UK expats in Australia on the transition and development of their financial affairs. From assisting clients with securing their first Australian mortgage through to working with them to understand whether transferring their UK Pensions is in their interests, Andrew is able to help answer your questions and concerns on a wide range of financial planning matters. Iron Lady Imports [img2=right]http://www.pomsinoz.com/images/banners/ironlady.jpg[/img2] Iron Lady Imports is a small, Australian-based business that specialises in arranging transportation of vehicles from anywhere in the world to any port in Australia. For a fixed brokerage fee, we can help arrange your vehicle's import approval paperwork, shipping, customs clearance and registration in Australia. Aside from our fee, all other costs are invoiced to you directly - no hidden markups! We're also happy to advise you if it's worth bringing your car over before you start (that part's free!).
  15. Guest

    UK Pensions

    Has anyone trasnferred their UK Pension over to Australia in the last couple of months and if you have can you recommend any companies or any companies to avoid. We have been in Australia for 2 1/2 years and are thinking of transferring. We are living in Brisbane so any Brisbane companies would be favourable. Cheers Mike.
  16. Guest

    Teachers' Pensions

    I am hoping there are some teachers out there who might be able to help me. We have finally sold our house (hooray) and are planning the big move in the new year. I have been teaching in the UK for 10 years and have paid into my pension during that time. What happens to that money when I leave the UK? Can I transfer it over to a teachers pension scheme in Oz? If so, how do I go about this? Any advice would be much appreciated x
  17. Hi all I am an Ex Firefighter and my wife is a nurse. We have final salary pensions sitting in the UK. I know each case is different but I would be interested in knowing if any ex UK public sector workers have brought over their pension to put into their super? JOHN
  18. Folks, We've had some advice that it's good to consolidate our various UK pensions into one UK fund prior to moving it across to an Aus Super. Has anyone else done this & was it worth it? We're using Global Qrops - has anyone else? regards J & B
  19. Tracyb37

    GESB Pensions - any good?

    Hi all, after some advice re pensions. I transferred my UK Civil Service Pension over here a couple of years ago and have it in a BT superwrap account. I have been working for governement in WA for a couple of years now and someone suggested that I should put my super money into my GESB account, I have about $125k in my BT super at the moment. The question I have is, are the GESB accounts any good as I don't really understand all this superannuation stuff!!
  20. http://bit.ly/BritPensions This is a new e-petition in the long and difficult battle for fairness and justice to Poms in OZ (and in several other countries). My own pension was frozen for 13 years in OZ, but now that we are back in the UK it has risen to the amount it would have been had we remained in the UK. I feel very strongly that this is something which should be put right and hope that the 100,000 signatures can be collected so that the MPs can debate it in Parliament. Annual indexing is denied to those in some countries (inc OZ) but not in others (inc the USA!). Please sign if you agree.
  21. can i keep my uk bank account open to keep paying my uk pensions, then if needed to can i still pay uk pensions with oz account. can i also transfer money from oz account to uk account to pay uk pensions
  22. Andrew from Vista Financial

    Protect your position!! – UK F/S Pensions

    I recently posted a link regarding the Lord Hutton report which laid out proposed changes to the UK private pension system. I attach the outlined Lord Hutton proposals again for information http://www.gad.gov.uk/Documents/Press%20Releases/2011/IPSPC-Lord_Hutton's_Final_Report.pdf Within the proposals is the age at which private pension benefits can be taken to increase in line with State Pension age (age 66 from 2018 / age 67 from 2034 / age 68 from 2044) Probably the biggest news on this report was the proposed changes to Final Salary scheme pensions whereby benefits should be based on a ‘Career Average salary as opposed to ‘Final Salary’. It looks as though these changes have been accepted by the Chancellor. This could mean that the actual pension someone receives from the proposed ‘Career Average Salary’ basis as opposed to the ‘Final Salary’ basis will be much less. For deferred members that have already accrued pension benefits it seems as though these benefits will be protected at this stage and the final salary basis will still apply. Let’s hope for them that this remains the case as these people have already seen reductions in their benefits due to the recent changes in accrual from Retail Price Index (RPI) to Consumer Price Index (CPI). However the potential downside to all of this will be that due to these changes ‘Transfer Values’ are likely to decrease for people looking to transfer their pensions across to Australia. When the change from RPI to CPI was implemented transfers values reduced by around 20%, the new changes could also have similar effects. It is crucial that a transfer from a Final Salary scheme is not done based on these proposed changes as there are many other factors that will also play a part in the decision but you should also take these proposed changes seriously if you feel that you want to consider a transfer as it may be worth acting sooner rather than later. Protect your position – There are a number of ways that people may be able to protect their current transfer value before they potentially reduce again. Within these options it may also be possible to keep your money in Pounds so that you are not transferring into Dollars (if you believe that the exchange rate will pick up again in favour of the Pound). Regards Andy
  23. yumimumi

    nhs pensions and others

    hi i am a midwife in the uk i have had numerous pensions with companies i have worked for over the years since i was 16 and have now had an nhs pension from 1999 - 2002 and more recently 2009 to this present day. if we get to emigrate to australia, is it possible to transfer nhs pension and my other old ones over to oz. am really confused please help nicola
  24. Andrew from Vista Financial

    Changes to UK Pensions system

    Firstly - Final Salary Schemes There have been some fairly big changes announced to the UK pensions system of late which affects both Market Linked pensions and Final Salary pensions. Last year the Government announced the move to change the way that deferred members and members in payments benefits were increased and that change was certainly not a favourable one. The move was that the inflation measure used, the Retail Prices Index (RPI) has now moved to the Consumer Prices Index (CPI) which is historically much lower. Also last week Lord Hutton released his final report on the Independent Public Service Pensions Commission (IPSPC). There are a number of suggested changes to pensions but probably the most debated one being the proposed move from Final Salary Schemes to Career Average Pensions (CARE) To see the full report see here http://www.gad.gov.uk/Documents/Press%20Releases/2011/IPSPC-Lord_Hutton's_Final_Report.pdf Secondly Market Linked Schemes: The age at which someone must take an annuity or alternatively secured pension has been increased to age 77, this used to be age 75. This of course is a good thing for people an retirement age so that they do not have to lock in to an annuity rate at times when annuity rates are dismal like now for example. They can prolong having to buy a low yielding annuity in the hope that rates will increase in their favour and in the meantime can start what is known as pension drawdown which is effectively an income stream from their pension pot. A major change is that Annuities are no longer compulsory for certain individuals and that these individuals can cash out 100% of their pots. Unfortunately this will only be for individuals that will still have other lifetime pension income of £20,000. So although there are limitations to these changes it looks as though the UK are moving in the right direction for people with market linked schemes. Here in Australia having the flexibility to draw out up to 100% of your monies as a lump sum at retirement is one of the reasons the system is more sophisticated than the UK and, why paying into super/pension is something that people can see real benefit in. Regards Andy
  25. Guest


    Hi I have a quick question re pensions in Australia: We currently have a semi-decent pension in the UK of which my OH's company pays a proportion as one of his benefits. In Australia I realise that we have to contribute 9% superannuation towards his pension but do companies offer to contribute anything extra as a benefit like they do here? OH is considering a job offer but we have a lot of if's and but's before any committment is made and we don't want to find we are worse off at retirement than we would have been had we stayed in the UK. Thank you deb2