Migration and the likely effect on my pension

[GeoffL]

I hope my apologies are in order to the forum:

 

First, for not fully reading the pension forecast I received. In the small print was a statement that I may also be entitled to an additional pension (under the old rules), which I hope would be taken into account in establishing my "starting amount" under the new rules. The value of the additional pension was not given, but the two pensions together would be more than the £105 pw cited in the forecast statement.

 

Secondly, for being potentially misinformed regarding whether armed forces and other government service pensions are frozen on emigration to Aus. My info came from a variety of sources and, on re-checking, I found this claim on Martin Lewis's site (money-saving expert), ARRSE and others, including a couple of posts by ex-servicemen who wrote that their AFPS75 pensions were frozen on emigration to South Africa and Canada respectively. There are even references to this on this site -- albeit at least one was later corrected. FWIW, I tried to get the 'gen buzz' from Equiniti, but the person I spoke to said that she couldn't comment on hypothetical cases -- so I'd actually need to go before I could find out. It didn't seem to matter that this is a major factor in deciding whether to stay or go.

[kimboslice]

Hi

quick question about my pension.

we have got a parent visa143 in progress. Should be in aus, fingers crossed in 2017.

i will be 55 in 2018, can I have the 25% payment if I am living in Australia, or can you only draw that if you are living in the uk.

mark

[winter1]

Hi

quick question about my pension.

we have got a parent visa143 in progress. Should be in aus, fingers crossed in 2017.

i will be 55 in 2018, can I have the 25% payment if I am living in Australia, or can you only draw that if you are living in the uk.

mark

 

I assume you are talking about the25% tax free lump sum from your pension. I also assume that you are in a scheme that allows you to take your pension at 55. You can take your lump sum in Australia however you will be taxed on any increase in value from the time you entered Australia or were granted permanent residency after you had entered Australia. If your PR visa was granted whilst in the UK then it is the date you arrived.

It is always useful to find the value of the lump sum at the time you are first liable to be taxed in Australia. Also that that value is based on the AUD value on the day you arrived and the day you draw it.

Some people in the last few years had a lower tax liability as the AUD was a lot higher in value on the day they drew it than when they first arrived.