Advice on Transferring Pension Pot from UK

[Guest The Picketts]

I know there have been threads regarding this before but I am now actively looking at the best way to transfer 4 pensions (from previous working history) to Oz. I do not wish to take out an annuity in the UK and think I understand the tax implications etc and that I have six months from arrival to sort it out.

 

Which companies who specialise in this have other PiO members used and are happy with. I am getting advice from the Commonwealth Bank next week but would like to 'shop around' for the best deal, I am based near Perth.

 

Looking forward to your replies - many thanks, Cheryl

[Guest dwaldron]

I'm doing it myself and it's actually straightforward if you don't want financial advice (mines only £7,000 so not worth it). It seems a slow process and mildly confusing forms but the nice people at AMP half filled them out for me so it's not so bad. Just get onto it pretty snappy as the pension wheels seem to move awfully slowly and that six months creeps up mighty quickly.

[Guest Liam]

Cheryl

 

You can do a lot of the groundwork yourself by contacting each of your pension funds and asking for a Payout or Transfer Quotation so that you can see how much is in each pension and what are the components.

 

You should also ask them for the documents they require to be completed to transfer your Pension to a QROPS (Qualifying Recognised Overseas Pension Scheme) in Australia. A QROPS scheme inAustrlaia is one which has signed up and agreed to the Terms of the UK Taxman on reporting required if people want to transfer from the UK to Australia without incurring the 40% withholding tax.

 

Lastly it always a good idea to ask for a person who you can contact at each Pension Office about the progress of your Transfer. Ask for a Direct Line and Email Address.

 

With this information you can then go to a Financial Planner and ask for advice on transferring your pension. By having done this groundwork you can ask for a lower fee (some providers charge up to 5%).

Many offer a cheap service to give you a report on if you should transfer. They get you to appoint them and as your advisror and they then hit you with the proposed 4-5% transfer fee and people often feel it is too late to back out......IT'S YOUR MONEY SO YOU CAN BACK OUT!

 

You should try and find an adviser that will do it for no more than 2% of the Funds you are transferring. If you can't find a planner one over there who will do it for a reasonable cost then please email me.

 

regards

 

Liam

[Guest The Picketts]

Thank you for your replies - I will got onto contacting my pension companies as soon as possible. I will see how much the Commonwealth bank advisor wants and may well come back to you Liam. I already have some of the paperwork mentioned so will hopefully get the lower fee.

 

Regards, Cheryl

[Guest wendy&co]

I know there have been threads regarding this before but I am now actively looking at the best way to transfer 4 pensions (from previous working history) to Oz. I do not wish to take out an annuity in the UK and think I understand the tax implications etc and that I have six months from arrival to sort it out.

 

Which companies who specialise in this have other PiO members used and are happy with. I am getting advice from the Commonwealth Bank next week but would like to 'shop around' for the best deal, I am based near Perth.

 

Looking forward to your replies - many thanks, Cheryl

 

 

Hi Cheryl

 

If you would like a recommendation for an advisor, I would thoroughly recommend UHY Haines Norton in Perth. Contact either Richard Swarbreck or Jane Cooper. Their website is www.uhynh.com.au and they are extremely helpful & knowledgeable in the pension area as well as other business migration issues.

 

Kind Regards.

 

Wendy