Pensions?

[RebeccaMatt]

I'm not 100% sure how my work pension works (have only been paying it for two years and work set it up?) But I am just wondering , what happens to my pension fund when I move over to Australia? I know there's works differently, does mine transfer over ? Just wondering as my work takes the money out of my pay automatically so I haven't really had to know the full in and outs of it all.. I probably should though !

[Parley]

You should ask your HR department.

[Quoll]

No, it won't transfer over automatically - you can transfer it yourself if you want to or you can leave it where it is. It's probably a good idea just yo leave it until you know if you want to stay in Aus because once Aus has your pension money they won't let it go until you are pensionable age so transferring is basically a one way street.

[Gbye grey sky]

No, it won't transfer over automatically - you can transfer it yourself if you want to or you can leave it where it is. It's probably a good idea just yo leave it until you know if you want to stay in Aus because once Aus has your pension money they won't let it go until you are pensionable age so transferring is basically a one way street.

 

Agree fully. And I would suggest that you ask for a pension valuation when you leave and keep that somewhere safe. Too many people lose track of all their pension pots as they move employment. Also if you ever did move it to Oz on the future the ATO (Australian Tax Office) might need to know how much, if any, the fund had grown in the meantime.

[RebeccaMatt]

Thanks for the info guys ! Its one of those things I've never really thought about until we were discussing bank accounts . I understand what you mean about not moving it over right away , it shouldn't be too difficult to move when we are already in Aus though, should it ? Really appreciate the help

[Gbye grey sky]

Thanks for the info guys ! Its one of those things I've never really thought about until we were discussing bank accounts . I understand what you mean about not moving it over right away , it shouldn't be too difficult to move when we are already in Aus though, should it ? Really appreciate the help

 

You would have a Super Fund with your Australian employer and should look at moving it using a QROP. Best to look into it at the time you envisage doing it. As Quoll has pointed out there is no point in doing it unless you see yourself spending your entire retirement in Oz really and that is a big call to make.