katiesevenfour Posted April 7, 2015 Share Posted April 7, 2015 Hi, all Can anyone confirm whether I have to be working before I am able to transfer my three UK pensions across into an Australian super? I have seen conflicting advice on the Internet. I'd like to transfer the funds (even though they don't amount to a large pot of money) to Australia so that I can manage the investment of the funds and add to them when I'm working. My partner has an AMP super and we've been very pleased with it. So they're a company I'm interested in. The six month deadline is ticking away so I need to make an informed choice. My permanent residency came through in March 2015. Any thoughts/previous experiences welcome. Many thanks! Quote Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted April 7, 2015 Share Posted April 7, 2015 Hi Don't worry too much about the 6 month timeline, it is not a deadline therefore pensions can be transferred at anytime, you will only pay tax on the growth of the funds not the entire amount so not as onerous as may sound. Are you aware of the changes that have taken place recently in relation to certain pensions not be able to be transferred and others requiring UK Advisers advice? Regards your question and working in Oz a requirement, no it is not. Regards Andy Quote Link to comment Share on other sites More sharing options...
Gbye grey sky Posted April 7, 2015 Share Posted April 7, 2015 Hi, all Can anyone confirm whether I have to be working before I am able to transfer my three UK pensions across into an Australian super? I have seen conflicting advice on the Internet. I'd like to transfer the funds (even though they don't amount to a large pot of money) to Australia so that I can manage the investment of the funds and add to them when I'm working. My partner has an AMP super and we've been very pleased with it. So they're a company I'm interested in. The six month deadline is ticking away so I need to make an informed choice. My permanent residency came through in March 2015. Any thoughts/previous experiences welcome. Many thanks! I assume that all 3 are privately funded pensions and not public sector pensions. First of all I would recommend that you are confident that you will one day be retiring in Oz because to go to he trouble and expense of transferring them could be counter productive if you end up retiring back in Europe (remember you cannot transfer it back out). As Andy says I would totally disregard the 6 month 'deadline'. The tax will be minimal probably and only applies at a low rate and to growth in the value of the fund. It is more important to make the right decision than a fast one. Whether or not you ultimately use a QROP to transfer them I would recommend consolidation as having 3 small pension pots is rarely better than a single larger one due to costs. Quote Link to comment Share on other sites More sharing options...
katiesevenfour Posted April 8, 2015 Author Share Posted April 8, 2015 Hi Don't worry too much about the 6 month timeline, it is not a deadline therefore pensions can be transferred at anytime, you will only pay tax on the growth of the funds not the entire amount so not as onerous as may sound. Are you aware of the changes that have taken place recently in relation to certain pensions not be able to be transferred and others requiring UK Advisers advice? Regards your question and working in Oz a requirement, no it is not. Regards Andy Thanks, Andy Yes, I was aware of the recent changes. My pensions are with banks and a housing company, so private. Thanks also for confirming that I don't need to be employed at the time I transfer. Do you know why the AMP checklist requests proof of employment as part of their required documents? Quote Link to comment Share on other sites More sharing options...
katiesevenfour Posted April 8, 2015 Author Share Posted April 8, 2015 I assume that all 3 are privately funded pensions and not public sector pensions. First of all I would recommend that you are confident that you will one day be retiring in Oz because to go to he trouble and expense of transferring them could be counter productive if you end up retiring back in Europe (remember you cannot transfer it back out). As Andy says I would totally disregard the 6 month 'deadline'. The tax will be minimal probably and only applies at a low rate and to growth in the value of the fund. It is more important to make the right decision than a fast one. Whether or not you ultimately use a QROP to transfer them I would recommend consolidation as having 3 small pension pots is rarely better than a single larger one due to costs. Thanks also. Gbye Grey Sky It's a terrific idea to consolidate the pensions and something I'll definitely do! Quote Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted April 9, 2015 Share Posted April 9, 2015 Thanks, Andy Yes, I was aware of the recent changes. My pensions are with banks and a housing company, so private. Thanks also for confirming that I don't need to be employed at the time I transfer. Do you know why the AMP checklist requests proof of employment as part of their required documents?[/QUOTE] No problem, not too sure why they ask this, sorry. Also I am sure you are aware but the particular fund should be a QROPS Super Fund!! Andy Quote Link to comment Share on other sites More sharing options...
katiesevenfour Posted April 11, 2015 Author Share Posted April 11, 2015 Thanks, Andy Yes, I was aware of the recent changes. My pensions are with banks and a housing company, so private. Thanks also for confirming that I don't need to be employed at the time I transfer. Do you know why the AMP checklist requests proof of employment as part of their required documents?[/QUOTE] No problem, not too sure why they ask this, sorry. Also I am sure you are aware but the particular fund should be a QROPS Super Fund!! Andy I am aware about the QROPS requirement. Thank you again for your info! It's much appreciated. Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.