Joro Posted March 8, 2015 Share Posted March 8, 2015 Hi everyone, We are moving to OZ in the near future ,We hve perminent visas, we were sponsered by our Son who has citizenshp ,so we have a Parent Visa. Is it better to transfer our State pension to Australia, or keep it in the UK and transfer it over two or three times a year? Warm Regards Joan Link to comment Share on other sites More sharing options...
Johndoe Posted March 8, 2015 Share Posted March 8, 2015 A state pension isn't transferable and has to be paid from the UK. Mine's paid monthly but you can opt for quarterly or annually but then you are leaving a bigger lump to the vagueries of the exchange rate which may, or may not fall in your favour Link to comment Share on other sites More sharing options...
Marisawright Posted March 8, 2015 Share Posted March 8, 2015 Hi everyone, We are moving to OZ in the near future ,We hve perminent visas, we were sponsered by our Son who has citizenshp ,so we have a Parent Visa. Is it better to transfer our State pension to Australia, or keep it in the UK and transfer it over two or three times a year? You can't transfer your UK state pension to Australia, so I'm not sure what this question means. Do you mean, should you leave it going into your UK bank account or ask them to pay it into an Australian account instead? Link to comment Share on other sites More sharing options...
MARYROSE02 Posted March 9, 2015 Share Posted March 9, 2015 Remember too, that your UK state pension will be 'frozen' at the rate when you leave the UK, if you are going to be a permanent resident of Australia. I mean that you will no receive no 'cost of living' (or however they calculate it) increases on your UK state pension if you move to Australia. That is something to consider if it is your sole, or main, source of income. Regarding how it is paid to you in Australia, well, I guess you could have the money paid into your UK bank account and arrange a transfer to your Australian account. I do this with my Royal Mail pension. Or you could arrange to have it paid directly from your pension provider to your Australian account. (Something I could have done, and may look into.) Link to comment Share on other sites More sharing options...
Bridgeman Posted March 9, 2015 Share Posted March 9, 2015 Hi everyone, We are moving to OZ in the near future ,We hve perminent visas, we were sponsered by our Son who has citizenshp ,so we have a Parent Visa. Is it better to transfer our State pension to Australia, or keep it in the UK and transfer it over two or three times a year? Warm Regards Joan I suspect you mean is it better to have the pension paid direct to your Australian bank account or to have it paid into a UK account. If you have it paid into an Australian bank account you are at the mercy of whatever exchange rate the bank they use to make the transfer gives you ( this used to be RBS but I think it has changed now). It depends on how much control you want to have over your money. We have ours paid into a UK bank and transfer it when we need to, about every 2 months as we prefer to have control over this ourselves. Link to comment Share on other sites More sharing options...
Joro Posted March 9, 2015 Author Share Posted March 9, 2015 Hi Thanks for your reply,sorry I meant should I have my pension arranged to be paid directl to my Australian bank. Which will be froze, or keep my pension as it is being paid into my UK account,then transfer myself two or three times a year. Warm Regards Joan Link to comment Share on other sites More sharing options...
Joro Posted March 9, 2015 Author Share Posted March 9, 2015 Hi, Thanks for your reply. Regards Joan Link to comment Share on other sites More sharing options...
Joro Posted March 9, 2015 Author Share Posted March 9, 2015 Hi, Thanks for that I think I wil do as you do . Warm Regards Joan Link to comment Share on other sites More sharing options...
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