Transferring a UK private pension

[supercow]

Dear POI

 

 

I'm in a bit of a financial conundrum, which I'm hoping some kind person might help me out with.

 

 

I should prefix this post by saying that I realise, I'm at fault, for not planning my finances very well. I'm quite ignorant when it comes to pension schemes and money matters in general, and I'm probably to blame for not planning well.

A few years ago, as a knee-jerk reaction to "old age worries" and trying to capitalise on the associated tax benefit (I'm a contractor using a limited company as a vessel for business),

 

 

I opened up a personal pension scheme with Virgin money, assuming that I'd easily be able to transfer said pension scheme, to the Super scheme in Aus when the time comes. I have been informed by Virgin, that they will in fact not transfer my pension at all to Aus, not even with a 40% penalty on transfer tax (not that this is a favourable option!). I am not eligible for a UK state pension, given that I've not yet got my british passport (never bothered, knowing that I'm moving to Aus).

 

 

I have no idea where to begin, who to ask for help or any ideas of what's possible.

 

 

Any pointers in the right direction would be greatly appreciated!

[Gbye grey sky]

You can transfer your pension to another UK provider who will. We have a pension SiPP with Fidelity and they make no charge for transferring.

 

the problem you will face at the moment though is that there are no eligible ROPS schemes available for you to effect the transfer following changes in the UK budget last April. This is being looked at and I am confident (hopeful) that this will be addressed by the Super schemes and HM Treasury but we will need to monitor the situation.

 

if I am incorrect on any of this hopefully someone more knowledgeable than I will step in and say.

[supercow]

Thanks very much @Gbye grey sky

 

It really isn't a large pot of gold, but I certainly don;t want to be losing any of it, just for the sake of it. Again, pardon my ignorance - if I transfer to Fidelity for example, do I have to keep paying into said account, until which time there's a suitable Super scheme in Aus that I can transfer that to?

[Guest The Pom Queen]

Hi @supercow have a chat with Andrew from Vista Financial especially with all the latest news. http://www.pomsinoz.com/forum/money-finance/235043-important-uk-pension-transfers-post-6-april-15-a.html

[Gbye grey sky]

Thanks very much @Gbye grey sky

 

It really isn't a large pot of gold, but I certainly don;t want to be losing any of it, just for the sake of it. Again, pardon my ignorance - if I transfer to Fidelity for example, do I have to keep paying into said account, until which time there's a suitable Super scheme in Aus that I can transfer that to?

 

I agree with TPQ. You are best taking advice. Transferring to another UK provider may be difficult if you are not in the UK but I am sure there will be a way.

[supercow]

For clarification Gbye, I am living in the UK on a permanent Visa, just didn;t bother getting the British passport due to my long term plans of going to Aus, so can transfer it while I'm still here (the headache of trying to juggle 3 passports would have been difficult to manage)

 

@The Pom Queen, you're a star, thank you kindly... I dropped him a message.

[Andrew from Vista Financial]

For clarification Gbye, I am living in the UK on a permanent Visa, just didn;t bother getting the British passport due to my long term plans of going to Aus, so can transfer it while I'm still here (the headache of trying to juggle 3 passports would have been difficult to manage)

 

@The Pom Queen, you're a star, thank you kindly... I dropped him a message.

 

 

Hi supercow

 

Msg received and response will be with you very soon