Guest Posted June 30, 2012 Share Posted June 30, 2012 Hi my name is Kate, I have been in oz for 4 years and I am now a perm resident. We are settled as a family and will be staying here indefinately. I have a UK NHS pension and I would like to know how to go about transferring it ( if I should?) obviously don't want to pay excessive fees for this so any info you have would be greatly appreciated. Many thanks in advance. KTJ :wink: Link to comment Share on other sites More sharing options...
Guest The Ropey HOFF Posted June 30, 2012 Share Posted June 30, 2012 This is such a complicated question and it is impossible to give you exact advice. We have over 50 years of public sector pensions between us and to us we see no sense in transferring them, we have had experience of private pensions and they are rubbish and not worth having so drawing it out and re-investing it will see it worth very little IMHO. Your NHS pension, is index linked and final salary which means its guaranteed a certain amount, if you take it out and pay god knows what fees and taxes and put it in another scheme, is crazy to me, but if you leave it here, the current exchange rate means its worth a lot less in real terms in Australia, but we have ten years to retirement and hopefully the uk has recovered from this long financial slump and the exchange rate goes back up to $2 to £1 but it's all a guess and it all depends on how many years you have and whether you intend on staying in Australia, I have heard if you move it over there, you can't bring it back and it is all a personal decision. Best of luck. Link to comment Share on other sites More sharing options...
Guest Posted July 1, 2012 Share Posted July 1, 2012 Hi! Thanks a lot for the reply. I have about 25 ish years to retirement so I could leave it I guess and hope that it's worth something by then! I just want to make sure I don't 'lose it' since I worked so hard for it in the first place!! Lol thanks again Cheers! :wub: Link to comment Share on other sites More sharing options...
Perthbum Posted July 1, 2012 Share Posted July 1, 2012 Depends how many years you ave got in. Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted July 3, 2012 Share Posted July 3, 2012 Hi my name is Kate, I have been in oz for 4 years and I am now a perm resident. We are settled as a family and will be staying here indefinately. I have a UK NHS pension and I would like to know how to go about transferring it ( if I should?) obviously don't want to pay excessive fees for this so any info you have would be greatly appreciated. Many thanks in advance. KTJ :wink: Hi Kate There are so many factors that come in to play that need to be considered to be able to allow you to understand whether a transfer may or may not be in your interests. The NHS scheme is as mentioned above a final salary scheme, this means that any benefits that you have built up in this scheme thus far are indexed with the cost of living each year until you reach your Normal Retirement Date (NRD). Once in retirement you start to receive these benefits as pension income and again they are indexed each year with the cost of living. This Pension is payable for life and upon death generally a surviving spouse pension paid of max 50% of the amount in payment at that time until the surviving spouse dies. This type of scheme is a guaranteed pension for life without any investment market risk to the member so to speak. However it is not risk free as there can be changes to the way the scheme works and also being in Australia additional risks due to currency fluctuations different cost of living prices and so on that could all have an impact. If the Pension was transferred to Australia the way in which you would receive your eventual benefits may be far different to the NHS fund and you would need to understand the options available to you. Essentially if transferred the monies would be invested according to the person’s investment approach and investment time horizon etc. These monies would then grow in line with how they are invested this could be Managed Funds (investment managers make the investment decisions), Direct Shares (ANZ, BHP etc), Term Deposits (1 year, 3 year etc) either with the assistance of a Financial Planner or on their own. Whatever the value of the fund at retirement is what a person receives. This can then be drawn fully or used to provide an income (whilst remaining invested) or even an Annuity purchased with the money (essentially an income for life). There are potentially extra taxation benefits in Australia and Australian Age Pension benefits of having retirement monies here rather than the UK as well as extra potential death benefits. However all of the above should be considered factoring in your retirement goals and objectives i,e what age do you wish to retire, how much income in retirement etc etc. Hope this helps, Andy Link to comment Share on other sites More sharing options...
Johndoe Posted July 3, 2012 Share Posted July 3, 2012 We've left ours...................the transfer fee was a ridiculous amount. Link to comment Share on other sites More sharing options...
Guest Posted July 3, 2012 Share Posted July 3, 2012 Thanks Andrew I have a lot to think about! I will need to seek Furthermadvice and find out exactly what it is worth and how much it will cost,to transfer etc. Then will check on investment options. I must admit I don't fancy leavingit over there in the hope that it might be worth something by the time I retire ( looks unlikely at the moment!!!) still thanks everyone for your comments I appreciate them immensely I will post my finding s when I get some. Cheers everyone :wubclub: Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted July 5, 2012 Share Posted July 5, 2012 Thanks Andrew I have a lot to think about! I will need to seek Furthermadvice and find out exactly what it is worth and how much it will cost,to transfer etc. Then will check on investment options. I must admit I don't fancy leavingit over there in the hope that it might be worth something by the time I retire ( looks unlikely at the moment!!!) still thanks everyone for your comments I appreciate them immensely I will post my finding s when I get some. Cheers everyone :wubclub: Hi Kate That's ok. Just a couple of further comments. Firstly, I would not be transferring based on it not being worth something when you retire. Although of course nothing is guaranteed in life it is very very unlikely that you will lose the benefits that you have accrued with the NHS. This is one of the safest pensions around. Secondly, I would definitely receommend that you seek professional financial advice in relation to you making a decision as to whether to transfer, make sure it is someone that has a sound knowledge in both systems. Take a look at the service we provide in relation to UK Pension Transfer Advice http://www.vistafs.com.au/main/page_uk_pension_transfer.html I do offer an initial compliementary consultation also. Feel free to get in touch if you wish to discuss further. Regards Andy Link to comment Share on other sites More sharing options...
Guest Morgeo Posted August 17, 2012 Share Posted August 17, 2012 Hi! Thanks a lot for the reply. I have about 25 ish years to retirement so I could leave it I guess and hope that it's worth something by then! I just want to make sure I don't 'lose it' since I worked so hard for it in the first place!! Lol thanks again Cheers! :wub: It could be worth checking on the cost of buying back years depending on how many you have already. You need 30 years for a full pension and that could be worthwhile if you only need to catch up a few years. Check it out ! Cheers, Link to comment Share on other sites More sharing options...
Johndoe Posted August 17, 2012 Share Posted August 17, 2012 It could be worth checking on the cost of buying back years depending on how many you have already. You need 30 years for a full pension and that could be worthwhile if you only need to catch up a few years. Check it out ! Cheers, 20 yrs last time I looked..............if you're talking state pension that is. Link to comment Share on other sites More sharing options...
Notts Posted September 13, 2012 Share Posted September 13, 2012 For the basic state pension it depends on age and gender (see below), but that is not relevant here as the OP has an NHS pension which depends on their service with the NHS. From direct.gov.uk Men born before 6 April 1945 usually need 44 qualifying years. Women born before 6 April 1950 usually need 39 qualifying years. Men born on or after 6 April 1945 need 30 qualifying years. Women born on or after 6 April 1950 need 30 qualifying years. Link to comment Share on other sites More sharing options...
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