Want to move Super (UK) Pension from Aus back to UK

[dunesurfer]

Hi there,

 

Hope someone can help me with advice. Maybe had a similar issue.

 

I went to Australia on a 457 and within 6 months transferred my UK pension to Australian Super.

Australian Super kept this in a separate account. Let's call this SUPER1.

 

They created a new account for while I was working in Australia for the Super I will accumulate while working in Australia, to not mix it with my UK Pension. Let's call this Australian Super account, SUPER2.

 

Now comes the confusing part which sounds like Australian Super is trying to do a fast one on me.

 

I left Australia, still on 457 going back to UK. I will be able to claim Super, but at a staggering 38% tax taken off.

 

Not this is fine for SUPER2 which was while I was in Australia.

 

But Australian Super says I will be charged 38% on the Pension, SUPER1, which I brought over from the UK too!!

At first they wanted me to combine SUPER1 and SUPER2 but I didn't want to do that because I feel anything protecting SUPER1 will be lost, and feel they wanted to trick me.

 

I want to transfer my UK SUPER1 that is stuck in Australia, back to a UK pension fund.

 

What are my rights? Is Australian Super pulling a fast one on me? And what could anyone suggest I do?

 

SUPER1 is currently invested till July '15, so I can't do anything with it yet, but I want to get my story straight. It is money I set aside for pension and that does NOT belong to Australia.

 

Any ideas?

[Marisawright]

I went to Australia on a 457 and within 6 months transferred my UK pension to Australian Super.

Australian Super kept this in a separate account. Let's call this SUPER1.

 

They created a new account for while I was working in Australia for the Super I will accumulate while working in Australia, to not mix it with my UK Pension. Let's call this Australian Super account, SUPER2.

 

I left Australia, still on 457 going back to UK. I will be able to claim Super, but at a staggering 38% tax taken off.

 

Not this is fine for SUPER2 which was while I was in Australia.

 

But Australian Super says I will be charged 38% on the Pension, SUPER1, which I brought over from the UK too!!

At first they wanted me to combine SUPER1 and SUPER2 but I didn't want to do that because I feel anything protecting SUPER1 will be lost, and feel they wanted to trick me.

 

I want to transfer my UK SUPER1 that is stuck in Australia, back to a UK pension fund.

 

What are my rights? Is Australian Super pulling a fast one on me? And what could anyone suggest I do?

 

SUPER1 is currently invested till July '15, so I can't do anything with it yet, but I want to get my story straight. It is money I set aside for pension and that does NOT belong to Australia.

 

 

I'm perplexed why you ever transferred your pension to Australia when you were on a temporary visa, it was unnecessary and as you've now found, costly, but that's done so no point crying over spilt milk.

 

What do you want to do with the money after it's transferred to the UK? Are you going to leave it in a pension fund until you retire, or do you want the cash? Because if you're just going to leave it in a pension fund/investments, there's an easy solution - don't move it. The money will sit there in your Super funds, earning interest and growing, and you won't have to worry about tax at all. Then when you retire you can convert it to a pension which can be paid from Australia. It will be taxable in the UK but not at that level.