So confused

[gemstone]

I find all this pension/super stuff very confusing and I know I need to speak with a financial advisor. However I am currently looking at the discharge papers for my uk pension transfer and I'm wondering whether it is worth it. Me uk pension is very small as I was only in teacher pensions for 6 years. If I send it over to hesta I know I will pay tax on whatever has accumulated since I left the uk. If I leave it in the uk I have been informed that I will lose 20% in tax because I am a non resident for tax purposes. I know exchange rates and potential growth factors in the hesta account are all a gamble as no one can predict what will happen over 30 years. I am just so torn as to what to do and more than aware of the ban that is creeping up on me. Does anyone have any advice or previous experience in this.

 

thanks

gemma

[NicF]

Do you know where you are going to retire? If you are definitely going to retire in Australia then it might be worth bringing your pension fund over. If you are definitely going to retire in the UK then it is worth leaving it where it is as you can't move it back to the UK once you have transferred it here. If you are uncertain then it may be worth paying for professional advice as this will take in to account the value of the fund, any tax issues and your personal attitude to risk. Personally I am hedging my bets and leaving my UK pension fund in the UK. I have no idea at the moment about where I am likely to retire and if I do retire in the UK then I would be better off with my pension fund still there. Having said that my pension fund is a private one and not impacted by the ban so I can still move it over later if my circumstances changed.