Best way to receive existing private pension

[Geoffandgill]

Hello everyone, we are in the early stages of planning our eventual move to Australia on a contributory parent visa. Doesn't seem to be any problems with regards state pension as this is covered by " Australia Individual Form " which must be completed once we are there. Main problem seems to be getting an additional private pension paid, seems the only ways available to my pension provider are 1. Send me a monthly cheque in sterling or 2. retain my uk bank account which it is currently paid into and then transfer at regular intervals to eg, NAB account at a cost.

Any better ideas would be gratefully received.:skeptical::skeptical::skeptical::skeptical::skeptical::skeptical:

[Metoo]

Hi Geoff,

 

i have the same dilemma, I am going with option B. except we will be using the money as our going home fund, so instead of transferring it to Aus we will save it all up in UK bank account until we come back for a visit and then draw it all out. Spend what we need to for our holls and bring the remainder back with us in cash.

[ancient brits]

Hi Geoff,

 

 

 

i have the same dilemma, I am going with option B. except we will be using the money as our going home fund, so instead of transferring it to Aus we will save it all up in UK bank account until we come back for a visit and then draw it all out. Spend what we need to for our holls and bring the remainder back with us in cash.[/QUOT

 

That is exactly what we do as I draw a final salary pension from when I worked for a very large retailer in the Uk. We also pay for our flights from this too and use it for buying Xmas presses online for family in the Uk.

Works for us.

[Mike@Bonbeach]

We too came out on a CPV(2007).

I just advised my pension provider of change of address and gave them my Australian bank details and the transfers happened.

I would imagine that any pension provider would be able to do the same.

Good luck anyway

Mike

[Geoffandgill]

Hi Mike, sounds promising thanks. Can you say which bank and how much per transaction. Eg NAB quote $22 for each transfer

Regards Geoff

 

ps. Could you give he an idea of exchange rate you receive via your bank transfer, would be really Useful for decision making.

Thanks

[Keith and Linda]

Yep! same as metoo & ancient brits for my wife's pension, it goes into our UK bank which we kept open and has proved extremely useful for reasons already mentioned, it also comes in handy for family and friends transferring spending money from UK to Aus. larger sums can/should be transferred by using Money corp, Hifx or similar.

[Mike@Bonbeach]

Hi

Can't say how different the exchange rate is. For a year or two I did check each month, comparing published rates against what we received, it was always a bit less but as it takes anywhere between 4-6 days from pension pay date in the UK to when it appeared in my account, it seemed quite pointless to carry on. My best estimation was about 2-3 cents less than published amount by non-bank money transfer companies.eg, Moneycorp. We are with CBA and have found them to be very responsive to any query by me.

Mike