helepele Posted July 9, 2013 Share Posted July 9, 2013 Hi Just asking advice has any body used Globalqrops for advice on transferring UK pensions? Is it liable to transfer a 15 year pension over to Australia? Do you have to wait till 68?? Any advice gratefully received Hel Quote Link to comment Share on other sites More sharing options...
Guest The Ropey HOFF Posted July 9, 2013 Share Posted July 9, 2013 Why would you wait until your 68? You can draw your pension at 60 up until 2015 when the changes come in and millions get shafted. Personally I would leave it where it is, it is index linked and you are guaranteed a set amount and lump sum gratuity. If you draw it out, the chances are you will lose all the way round, you will risk putting it in a new fund, with no guarantees and will have to pay fees to a broker. We have decided to leave our public sector pensions here in the UK and draw them out at 60. Also if you should come back, apparently it's even more dodgy trying to bring them back to the UK. Think long and hard about it, you could get expert advice, but understanding pensions is a nightmare. Quote Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted July 10, 2013 Share Posted July 10, 2013 Hi Hel A Teachers Pension can be transferred to Australia but there are strict guidelines that have to be followed. Whether it is in your interests to transfer is another matter and professional advice should be sought for your situation. The 2 systems are very different in relation to what you have and what you would be transferring to, it may be that you cannot access the pension benefits in Australia at the same age as you may have been able to had they been left in the UK for example. There are lots of other differences. It looks as though you are still in the UK, is this correct? The reason I ask is that a Pension Transfer can happen at pretty any time (generally up to the age of 65) but it is advisable to make sure that you like Australia first and are settled with an intention to remain before embarking on a Pension Transfer. Personally I believe that there are only a few situations whereby looking into transferring before leaving the UK is sensible, one of these being if you have over $450,000 and even then it is not essential as can still be managed from Australia. Have a look at this thread also for some guidance http://www.pomsinoz.com/forum/financial-advice-ask-vista/169401-uk-pension-transfers-information-thread.html Kind regards Andy Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.