ali Posted September 21, 2006 Share Posted September 21, 2006 I know there were changes in April regarding transfer of pensions. i don't want to end up paying 40% tax on my pension and want to transfer it, but am having alot of trouble finding out info. i know Aus companies now have to have certain requirements - can anyone help or have they been given advise?? :? Link to comment Share on other sites More sharing options...
Guest Gollywobbler Posted September 23, 2006 Share Posted September 23, 2006 Hi Ali Try having a look at the Tax & Money section of the forum on Go Matilda. The reason why I suggest this specifically is because Alan Collett (who owns Go Matilda) is a chartered accountant as well as being a migration agent. He now lives in Oz most of the time and has done the Ausralian tax exams too, so his advice is almost certainly accurate. http://gomatildaforums.com/6/ubb.x?cdra=Y&s=321607117 Cheers Gill Link to comment Share on other sites More sharing options...
ali Posted September 23, 2006 Author Share Posted September 23, 2006 Thanks Gill Link to comment Share on other sites More sharing options...
Guest IanL Posted September 23, 2006 Share Posted September 23, 2006 I'm no expert at all, but really look into this as it's virtually impossible to take your pension (Super) out of Oz before you retire. So if you transfer then decide to move back to the UK your pension will be locked up til you retire. I couldn't release any component of mine when I moved back to UK. Some of it might come under a voluntary component and I believe if enough hoops are jumped through you can release that under some circumstances. If it were me I'd leave it in the UK until you're really sure you're not going back. Link to comment Share on other sites More sharing options...
ali Posted September 23, 2006 Author Share Posted September 23, 2006 The problem is, if I leave it in UK, when I do get it I'll have to pay 40% tax if I'm still in Aus. I really don't intend to return to UK (although without the benefit of a crystal ball who can say). I've been paying my pension for 24 years, which under the nhs scheme means I've got 28 years as they double up after 20 - so I want to get the most I can from it. Ali Link to comment Share on other sites More sharing options...
Guest IanL Posted September 24, 2006 Share Posted September 24, 2006 Then why don't you leave it in the UK until such a time you are sure you won't return, and don't take out citizenship, then return to the UK 'permanently' then have a change of heart after you've withdrawn your pension. :wink: Of course if you never intend to access the money before you retire then just withdraw it now and pay into whatever fund you choose when you are here. Link to comment Share on other sites More sharing options...
ali Posted September 24, 2006 Author Share Posted September 24, 2006 Thanks Ian, No offence, but I think I'll speak to an advisor, as I do want to look at transfering my pension to an HMRC or QROPS registered scheme. Ali Link to comment Share on other sites More sharing options...
motherof2 Posted September 24, 2006 Share Posted September 24, 2006 Ali would mind posting the advice your given on NHS pensions when you get it as I'll be in the same position? thanks Sue Link to comment Share on other sites More sharing options...
ali Posted September 24, 2006 Author Share Posted September 24, 2006 Sue, I'll do that, pensions agency havn't been particularly helpful, just told me that any scheme had to be registered and to let them know a contact person when I have one - I wanted a bit more advise. I've got a job at Armadale Hospital, but their scheme isn't registered and won't do a roll over. I think you have about 6 months from arriving to transfer, which in the grand scheme of things probably isn't a long time, so am trying to sort out anything I can now. Have you got a job lined up yet? We fly on January 6th - can't wait. Ali Link to comment Share on other sites More sharing options...
Guest Alison1967 Posted September 24, 2006 Share Posted September 24, 2006 Sue, I'll do that, pensions agency havn't been particularly helpful, just told me that any scheme had to be registered and to let them know a contact person when I have one - I wanted a bit more advise. I've got a job at Armadale Hospital, but their scheme isn't registered and won't do a roll over. I think you have about 6 months from arriving to transfer, which in the grand scheme of things probably isn't a long time, so am trying to sort out anything I can now. Have you got a job lined up yet? We fly on January 6th - can't wait. Ali Ali That is exactly the advice that I was given, don't think they were being unhelpful though. If you want more info perhaps get advice off independent financial advisor who knows about it and i wish you good luck in getting one that does as I had no luck. Can you not join a scheme that is recognised, you don't have to join the work one? Good Luck with it anyway. Ali Link to comment Share on other sites More sharing options...
motherof2 Posted September 24, 2006 Share Posted September 24, 2006 Hi Ali, haven't got a job yet, too soon as we are in very the early stages of the process ie skills assesment bit. We're hoping to go on hubby's visa in 2008, as he'll be the main worker to start with. We thought it best that one of us is around to help settle the kids in etc. My background was A&E and now sexual health and contraception in the community, so hopefully it won't be a major problem to get work once out there. Sue Link to comment Share on other sites More sharing options...
Guest IanL Posted September 24, 2006 Share Posted September 24, 2006 No offence, but I think I'll speak to an advisor, as I do want to look at transfering my pension to an HMRC or QROPS registered scheme Oh yeah absolutely. I was just thinking out loud :wink: Link to comment Share on other sites More sharing options...
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