mr luvpants Posted April 29, 2012 Share Posted April 29, 2012 Hi I'm interested in knowing if anyone brought over their pension or did something else with it. I have a Fire service pension and have been in discussions with a company that says that they can get hold of my pension and transfer it into a trust fund in Belize and from there I am able to withdraw the funds as I will be the only share holder. Basically I could take the funds now (tax free) as a personal loan payable on death to me (who will be dead!). I know it sounds a bit dodgy but I have done extensive research on the company and shareholders and its all legit. The other option is that I transfer the funds to my Qsuper account. I really would live to hear from anyone who has had the same dilemma or anyone who can point me in the right direction. Many thanks JOHN Link to comment Share on other sites More sharing options...
Guest littlesarah Posted April 29, 2012 Share Posted April 29, 2012 I have a bit in a NHS pension (10 years full-time service), which I've left there for now. I wasn't able to transfer it within the tax-free window due to my work being fixed-term, and I've left it for now, partly because I haven't got round to thinking about it, and partly because the exchange rate isn't so great, though it may be that I'd get a greater return by investing it into my super here that would offset the tax I'd have to pay. At some point I'm going to have to give the matter some proper thought, but for now I'm leaving it put. I reckon that I could build up a pretty decent amount of super in Australia (I was 35 when I arrived, so I'll have at least 25 years contributions, and my employer makes a decent contribution). The amount I have in the NHS fund is probably not that great, in the scheme of things, and I wouldn't feel comfortable having a complex offshore arrangement; I'd rather just have my money in the UK or here, pay whatever tax is due and keep things simple. In the longer-term, I anticipate transferring my NHS pension (I'm lucky that my fund here is QROPS), paying whatever tax is due and putting the remainder into the accumulation component of my super account. The question for me is probably 'when?' rather than 'if?' Link to comment Share on other sites More sharing options...
Guest Guest66881 Posted April 29, 2012 Share Posted April 29, 2012 If you do transfer it all and you decide to go back to the UK when ever, you will not be allowed to take any of it back with you. Link to comment Share on other sites More sharing options...
walkerfamily123 Posted April 29, 2012 Share Posted April 29, 2012 If you do transfer it all and you decide to go back to the UK when ever, you will not be allowed to take any of it back with you. This is the same advise we got told. We dealt with a company called monteford international http://www.miplc.co.uk/ 'Matthew Deane' he was very helpful. Basically putting the pension into an offshore setting meant that if you came back to the UK you could bring it back with you.....If you transfered to Australia directly then wanted to leave you lose the transfered and paid in value. Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted April 29, 2012 Share Posted April 29, 2012 Hi I'm interested in knowing if anyone brought over their pension or did something else with it. I have a Fire service pension and have been in discussions with a company that says that they can get hold of my pension and transfer it into a trust fund in Belize and from there I am able to withdraw the funds as I will be the only share holder. Basically I could take the funds now (tax free) as a personal loan payable on death to me (who will be dead!). I know it sounds a bit dodgy but I have done extensive research on the company and shareholders and its all legit. The other option is that I transfer the funds to my Qsuper account. I really would live to hear from anyone who has had the same dilemma or anyone who can point me in the right direction. Many thanks JOHN John I have followed your do I don't I transfer issue for quite a while. One piece of advise, do not do this!!!! I cannot express myself enough, this strategy could cost you thousands, in fact up to 55% of your pot in UK tax as this is a breach of the rules. Feel free to contact me if you like and I will demonstrate to you the potential implications. Regards Andy Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted April 29, 2012 Share Posted April 29, 2012 This is the same advise we got told. We dealt with a company called monteford international http://www.miplc.co.uk/ 'Matthew Deane' he was very helpful. Basically putting the pension into an offshore setting meant that if you came back to the UK you could bring it back with you.....If you transfered to Australia directly then wanted to leave you lose the transfered and paid in value. Hi Walkerfamily Is this what they said or do you mean that the money remains in Australia invested until you can access it? Regards Andy Link to comment Share on other sites More sharing options...
Alan Collett Posted April 29, 2012 Share Posted April 29, 2012 John Do you have the website of the company that is promoting the "transfer to Belize" strategy? Feel able to PM it to me if you do. Also, if transferring to Australia you have plenty of other options as the receiving super fund. Let me know if you want details of our financial planning/pension transfer person in Qld. Best regards. Link to comment Share on other sites More sharing options...
walkerfamily123 Posted May 1, 2012 Share Posted May 1, 2012 Hi Walkerfamily Is this what they said or do you mean that the money remains in Australia invested until you can access it? Regards Andy you can transfer it in but not back out of australia basically. Link to comment Share on other sites More sharing options...
Perthbum Posted May 1, 2012 Share Posted May 1, 2012 Did you get a job in the police? If you did you can transfer it into there pension. Link to comment Share on other sites More sharing options...
Guest stevenw8971 Posted May 1, 2012 Share Posted May 1, 2012 Hi John, I'm a firefighter in Strathclyde at the moment, I spoke to our pension office Strathclyde pension fund who said I could transfer now, defer it for now and transfer later, just defer it and collect at 60 or, if I wanted the cash could transfer it into a private pension, then sell on the rights to one of these "companies" probably for a large commission. I also spoke to the pension guy at SFR who said that when i know what i want to do just drop him a line and they'll sort everything for me(next week, month, year or decade) with regards to transferring to OZ. Steven Link to comment Share on other sites More sharing options...
Perthbum Posted May 1, 2012 Share Posted May 1, 2012 Hi John, I'm a firefighter in Strathclyde at the moment, I spoke to our pension office Strathclyde pension fund who said I could transfer now, defer it for now and transfer later, just defer it and collect at 60 or, if I wanted the cash could transfer it into a private pension, then sell on the rights to one of these "companies" probably for a large commission. I also spoke to the pension guy at SFR who said that when i know what i want to do just drop him a line and they'll sort everything for me(next week, month, year or decade) with regards to transferring to OZ. Steven Are you thinking of joining the fire service over there Steve? Or are you going down a different job road. Link to comment Share on other sites More sharing options...
Guest stevenw8971 Posted May 1, 2012 Share Posted May 1, 2012 I'd like to join the fire service there, but thats unlikely at the moment(no-one seems to be employing). I'm refreshing my IT skills at the moment just incase, so I have something to fall back on. But will do anything to start off with. Link to comment Share on other sites More sharing options...
Perthbum Posted May 1, 2012 Share Posted May 1, 2012 I'd like to join the fire service there, but thats unlikely at the moment(no-one seems to be employing). I'm refreshing my IT skills at the moment just incase, so I have something to fall back on. But will do anything to start off with. I find a lot of firefighters become dissalustioned with the job and leave or try and get out early on the sick, have you got the 4 on 4 off up there or ha,ve you changed the shift system. Link to comment Share on other sites More sharing options...
Guest The Ropey HOFF Posted May 1, 2012 Share Posted May 1, 2012 Hi John the wife and i have pensions like yourself and we aren't bringing them over, they are guaranteed to give you a certain income, if anyone draws a pension out and put it into another pension, you will be making a massive mistake in my opinion, i have just drawn out a personal pension that was running for 20 years because i was forecast to get back only what i had paid in, not a penny extra after 20 years and in the last 5 years i lost thousands, pensions are and have been doing crap over recent years, we are sticking with the good pensions and good gratuities we have because ...... they are guaranteed. Best of luck mate, financial advisers will tell you different because they will hope to make money out of you. Link to comment Share on other sites More sharing options...
Guest stevenw8971 Posted May 1, 2012 Share Posted May 1, 2012 I find a lot of firefighters become dissalustioned with the job and leave or try and get out early on the sick, have you got the 4 on 4 off up there or ha,ve you changed the shift system. Yeah, we have the 4 on 4 off, but we have a 5 watch system, based on a 10 week cycle, 7 tours (8weeks) 4 on 4 off 18 days off, then start again. Feel like i'm never at work, great for watching my boys tho, not good for holidays, but thats life. Link to comment Share on other sites More sharing options...
Perthbum Posted May 1, 2012 Share Posted May 1, 2012 Yeah, we have the 4 on 4 off, but we have a 5 watch system, based on a 10 week cycle, 7 tours (8weeks) 4 on 4 off 18 days off, then start again. Feel like i'm never at work, great for watching my boys tho, not good for holidays, but thats life. And you want to give that up Steve along with a decent pension, I would honestly think long and hard befor leaving a job in the fire service that you might not be able to get back into, have you asked if they will havle you back if you find oz is not for you. Link to comment Share on other sites More sharing options...
Guest stevenw8971 Posted May 1, 2012 Share Posted May 1, 2012 And you want to give that up Steve along with a decent pension, I would honestly think long and hard befor leaving a job in the fire service that you might not be able to get back into, have you asked if they will havle you back if you find oz is not for you. Don't really want to it up from a work point of view, but my boys have been stuck in house since Oct, rain rain and more bloody rain. We currently have free higher education here but as soon as the SNP government are out that'll be scrapped. Myself and wife will survive, but theres nothing for the boys. Pension will soon be hammered, when i retire I'll get about half of what a firefighter gets now, plus lump sum will be taxed. SFR are taking people back and transfers in but are not actively recuiting so are doing it on an individual basis Link to comment Share on other sites More sharing options...
Perthbum Posted May 1, 2012 Share Posted May 1, 2012 Don't really want to it up from a work point of view, but my boys have been stuck in house since Oct, rain rain and more bloody rain. We currently have free higher education here but as soon as the SNP government are out that'll be scrapped. Myself and wife will survive, but theres nothing for the boys. Pension will soon be hammered, when i retire I'll get about half of what a firefighter gets now, plus lump sum will be taxed. SFR are taking people back and transfers in but are not actively recuiting so are doing it on an individual basis Fair play Steve, give t a go and if you can make it out there in another proffesion I wish you all the best. Link to comment Share on other sites More sharing options...
pintpot Posted May 2, 2012 Share Posted May 2, 2012 I'd have to be convinced VERY hard to ever convert a defined benefits pension into a cash sum to transfer into a money-purchase scheme. Can't see how it's ever going to work out in your favour I have about 14 yrs in a defined benefits scheme in the UK, another 6 years of a money purchase fund (peanuts) and now contributing to Oz super. IMO having some pension in the UK and some in Oz is a pretty good hedge against currency/cost of living fluctuations, depending on where we end up. And having some defined benefits sum is a good hedge against stockmarket & bond value fluctuations. Whatever we decide and wherever we end up living, I've got no intention of transferring pensions Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted May 2, 2012 Share Posted May 2, 2012 you can transfer it in but not back out of australia basically. Thanks. I just wondered about your statement when you said that "you lose it". I wondered whether this was what you were told by this Adviser or whether you meant that you cannot transfer it back. Although it cannot be transferred back until a condition of release is met it certainly does not mean you lose it. The money does and always will belong to you and will still be invested in accordance with your instructions. It can then be accessed when a condition of release is met (generally retirement). Regards Andy Link to comment Share on other sites More sharing options...
brightonbee Posted May 3, 2012 Share Posted May 3, 2012 Not transferring or messing with my UK pension is one of my better financial decisions! Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.