UK pension Transfer

[AnnaBrisbane36]

Hi everyone, I have just found out that from April 2015, the UK have banned the transfer of UK public sector pensions to Australia. Does anyone know how I go about transferring it? And what the cheapest way would be? Thanks for your help

[winter1]

There are other threads on this have a look at

http://www.pomsinoz.com/forum/money-finance/214382-ban-uk-pension-transfers.html

 

There are various reasons why it is being banned, and just because it is is no reason to rush into a transfer as it might not be in your best interests anyway.

 

Treat any advice from a company that specializes in transfers with caution remember they are in it for a cut and sometimes large ones.

 

It is sometimes worth paying for independent advice from a reputable adviser. Andrew from Vista and Alan Collett have been on this site for some time and may be of help.

 

Remember they are banning the transfer of accumulated funds NOT drawing the actual pension when it is due to be paid out. This can be paid to you in Australia and you will receive annual CPI increases unlike the UK Government aged pension which is frozen at the level when you first receive it.

[vickyplum]

not sure this is entirely relevant, but I was advised to leave my public sector (NHS) pension where it is and not transfer it. So I have got that pension fund and my private pension fund, which includes current contributions and others from previous jobs/funds.

[Andrew from Vista Financial]

Hi everyone, I have just found out that from April 2015, the UK have banned the transfer of UK public sector pensions to Australia. Does anyone know how I go about transferring it? And what the cheapest way would be? Thanks for your help

 

 

Hi

 

Similarly to winter1, I think before looking to go ahead and transfer a pension it is more important to establish whether a transfer is appropriate for you and what the implications of transferring against leaving it in the UK are.

 

Yes the government have declared that public sector pensions that are unfunded can no longer be transferred except in limited circumstances (yet to be detailed, possibly living overseas falls into this category) from April 2015.

 

There can be reasons why monies held in the Australian Superannuation system might be beneficial however I urge people not to panic into transferring as there can be a number of reasons why leaving it in the UK might be the right approach for YOU.

 

You do not have to transfer and will be able to claim your pension from the UK when you retire.

 

My recommendation would be to seek professional advice from an authorised Financial Planner with understanding of both systems and be prepared to pay for the advice not through a company that offers “FREE ADVICE”, this is not actually advice in relation to where your benefits might be better placed taking into account your goals and retirement objectives this is generally advice on how to transfer and why you should transfer and on that basis certainly not impartial.

 

They are only paid if you transfer so of course will have a bias towards you transferring.

 

Kind regards

 

Andy