The Raillys Posted February 11, 2016 Share Posted February 11, 2016 I am so upset, as I was born in New Zealand and moved to Uk in 2004. I got myself a financial advisor and set up a private pension. I never had intentions of retiring in the UK and I made sure my pension could be taken with me when I left. Now as we wait for Visa's I have discovered I cannot take my pension to Australia with me. I cannot transfer it for another 17 years! There is quiet a sum of money there and I would like to keep it close. (Also while the exchange rate is good it makes sense to transfer it) It seems completely unfair the Uk Government can tell me what I can and cannot do with my money. I don't want to spend it! I just want to keep saving in the country I intend to retire. Please sign my petition and maybe the government will help make it fairer. https://petition.parliament.uk/petitions/121268/sponsors/PkYIWzLBz5qI51gaWoQs Thank you Link to comment Share on other sites More sharing options...
The Raillys Posted February 11, 2016 Author Share Posted February 11, 2016 Is anyone else in the same position? Link to comment Share on other sites More sharing options...
NicF Posted February 11, 2016 Share Posted February 11, 2016 Don't move to Australia if you are not happy with the UK rules - the Australian government have been preventing people taking their super out of the country for years. To be fair to the UK government they are not actually preventing you from taking your pension fund out of the country they are simply specifying the type of fund you can transfer it to. Unfortunately most Australian super funds do not conform to the new regulations so you cannot transfer your pension fund in to them. If you are really desperate to move your pension fund then I would suggest taking some advice as there may be other options for transfer, although it won't be in to an Australian fund. Link to comment Share on other sites More sharing options...
The Raillys Posted February 11, 2016 Author Share Posted February 11, 2016 The Australian Government is not stopping people under 55 taking their pension. That is the whole problem. I don't think I will get another pension after this. I think I would rather put my money into property. Link to comment Share on other sites More sharing options...
NicF Posted February 11, 2016 Share Posted February 11, 2016 The Australian Government is not stopping people under 55 taking their pension. That is the whole problem.I don't think I will get another pension after this. I think I would rather put my money into property. I think you need to look at the Australian system more carefully. As a citizen or permanent resident you cannot transfer your super out of the country. I know because my OH is a citizen and he looked in to it while living in the UK. You can access your super funds under 55 under certain circumstances such as financial hardship, but you cannot jus transfer them out because you have left the country. Link to comment Share on other sites More sharing options...
The Raillys Posted February 11, 2016 Author Share Posted February 11, 2016 I just wanted one pension I could pay into regularly, but clearly I can't. Link to comment Share on other sites More sharing options...
Gbye grey sky Posted February 11, 2016 Share Posted February 11, 2016 The problem is that the UK provides tax relief on pension contributions and, to some extent, considers that the government will get some of that tax when we take our pension. When we remove it to Australia and retire there UK Plc loses out. I suspect that this is part of the motivation behind changing the rules to make it more difficult to move your pension. You are a long way from retirement and the rules are sure to change again. Having a pension pot in the UK and a Super Fund in Australia is not the worst thing in the workd anyway. Look at it perhaps as a way of hedging your bets and managing the risk. Link to comment Share on other sites More sharing options...
The Raillys Posted February 11, 2016 Author Share Posted February 11, 2016 thanks for your positivity! It is appreciated. Link to comment Share on other sites More sharing options...
Gbye grey sky Posted February 11, 2016 Share Posted February 11, 2016 The rule changes last year caught out the Australian Pension Industry. They are, I am sure, lobbying the UK Government. Ultimately though I would expect some of them to introduce a fund for ex-pats that is compliant with the UK rules assuming their lobbying does not bear fruit. The market will dictate this and there will be more and more like us as time goes by. Rest assured they want our money in their Super Fund so they will come up with something before too long I'm certain. Link to comment Share on other sites More sharing options...
Keith and Linda Posted February 12, 2016 Share Posted February 12, 2016 The rule changes last year caught out the Australian Pension Industry. They are, I am sure, lobbying the UK Government. Ultimately though I would expect some of them to introduce a fund for ex-pats that is compliant with the UK rules assuming their lobbying does not bear fruit. The market will dictate this and there will be more and more like us as time goes by. Rest assured they want our money in their Super Fund so they will come up with something before too long I'm certain. I transferred mine along time ago but the big thing then was that fees were eating into the fund and being a non uk taxpayer anymore I was not allowed to pay any money in, not even to cover the fees, not sure if that still applies these days, but maybe worth a check for you guys. Link to comment Share on other sites More sharing options...
The Raillys Posted February 12, 2016 Author Share Posted February 12, 2016 I transferred mine along time ago but the big thing then was that fees were eating into the fund and being a non uk taxpayer anymore I was not allowed to pay any money in, not even to cover the fees, not sure if that still applies these days, but maybe worth a check for you guys. I stopped paying into mine, 6 months ago and yes it is depleting due to fees.. Doubt anything will be left by the time I hit 55 Link to comment Share on other sites More sharing options...
DT55 Posted February 12, 2016 Share Posted February 12, 2016 I stopped paying into mine, 6 months ago and yes it is depleting due to fees..Doubt anything will be left by the time I hit 55 But this wouldnt change by moving your pension here. You still pay fees here. Cant you move your pension to one with lower fees? Im in a similar position. I have some of my pension in the UK and some in OZ so Im at the mercy of both exchange rates and the stock exchange. Doesn't worry me toouch to be honest Link to comment Share on other sites More sharing options...
Gbye grey sky Posted February 12, 2016 Share Posted February 12, 2016 But this wouldnt change by moving your pension here. You still pay fees here. Cant you move your pension to one with lower fees? Im in a similar position. I have some of my pension in the UK and some in OZ so Im at the mercy of both exchange rates and the stock exchange. Doesn't worry me toouch to be honest Yes to this. I moved mine to pay lower fees but even so in normal circumstances the fund should grow over and above any fees. Pension pots will almost all have fallen in the past 6 months as many are invested in equities and that has nothing to do with fees. The FTSE 100 has fallen by 25% in the past 6 months so bound to impact on pension. I have a fairly balanced portfolio but still taking a hit right now. Only really an issue though if you need to access the pension now. Link to comment Share on other sites More sharing options...
rammygirl Posted February 12, 2016 Share Posted February 12, 2016 Second that we moved hub us UK pension pot to a SIPP with higher fees than where it was sitting in what turned out to be a poorly managed scheme. It grew steadily despite us not making further contributions as it was better managed. Yes it does take the odd dip, like now, but it has grown well above inflation despite the fees. Link to comment Share on other sites More sharing options...
Ken Posted February 13, 2016 Share Posted February 13, 2016 The problem is that the UK provides tax relief on pension contributions and, to some extent, considers that the government will get some of that tax when we take our pension. When we remove it to Australia and retire there UK Plc loses out. I suspect that this is part of the motivation behind changing the rules to make it more difficult to move your pension. Sounds a good theory but unfortunately doesn't fit the facts. If you move a pension fund anywhere in the world then UK Plc loses out but QROPS Pension funds are still approved throughout the world it's only Australian ones that have been clamped down on. The problem is peculiar to Australian funds in that in an emergency a person under retirement age (and even under 55) can access his Super Fund. If you don't allow that then you can't be a Regulated Australian Super Fund (SMSFs and government schemes are established under different laws which is why they are still able to be QROPS). This has always been the case in Australia and so no Regulated Australian Super Fund should ever have been allowed to be a QROPS but originally this rule was overlooked by the UK government (it is after all extremely rare for someone under 55 to be allowed to access his Super Fund). The Australian government isn't prepared to change the law and the UK government isn't prepared to change the law so there's really no prospect of a QROPS compliant scheme appearing (an Australian fund that's only open to people over 55 has been suggested as way to get around the QROPS rule but none currently exist). Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted February 15, 2016 Share Posted February 15, 2016 I am so upset, as I was born in New Zealand and moved to Uk in 2004. I got myself a financial advisor and set up a private pension. I never had intentions of retiring in the UK and I made sure my pension could be taken with me when I left. Now as we wait for Visa's I have discovered I cannot take my pension to Australia with me. I cannot transfer it for another 17 years! There is quiet a sum of money there and I would like to keep it close. (Also while the exchange rate is good it makes sense to transfer it) It seems completely unfair the Uk Government can tell me what I can and cannot do with my money. I don't want to spend it! I just want to keep saving in the country I intend to retire. Please sign my petition and maybe the government will help make it fairer. https://petition.parliament.uk/petitions/121268/sponsors/PkYIWzLBz5qI51gaWoQs Thank you Hello This thread gives a bit of an idea as to how this all came about and updates along the way: http://www.pomsinoz.com/forum/money-finance/235043-important-uk-pension-transfers-post-6-april-15-a.html Unfortunately for sub 55s, there is still a stalemate between ultimately HMRC and super funds, it may well be that a solution is found but this may take some time yet. Regards Andy Link to comment Share on other sites More sharing options...
The Raillys Posted July 7, 2016 Author Share Posted July 7, 2016 The petition is now here https://petition.parliament.uk/petitions/121269 Link to comment Share on other sites More sharing options...
Parley Posted July 7, 2016 Share Posted July 7, 2016 Not quite as successful as the Brexit petition. Link to comment Share on other sites More sharing options...
Perthbum Posted July 7, 2016 Share Posted July 7, 2016 The petition is now here https://petition.parliament.uk/petitions/121269 7 already, from acorns oak trees grow. Link to comment Share on other sites More sharing options...
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