Super Annuation

[ozzy81uk]

Hi guys,

 

I know there are some threads here around this but i would like to know what happens to your super when you relocate back to the UK.

I am 35 and have lived in Australia for 7 years as a permanent resident and are looking at returing to the UK but will probably obtain citizenship soon (in case we decide to come back in the future).

From what I've read I can't access the super until i reach 60 years old.

If the money is just sitting there and im not paying into it, will there be taxes and fees being taken off it until i can access it or does it just sit there?

 

Thanks

 

Danny

[Gbye grey sky]

No taxes.

 

Cancel all insurances as these will wipe out the capital over time. Invest in a fund with low fees and the capital should hopefully grow.

 

My wife left Oz in 1999 and returned last year. In the intervening 16 years her Super had more than doubled in value after fees.

 

You cannot access it until you are 60 (maybe 55 under certain circumstances).

[suesmalls]

Hi there

 

I am also looking at this based on impending move to UK - I am Australian and have been paying into Super for my whole working life (nearly 48). You will need to talk to professional and get it rolled over into another account to reduce fees. You can't touch until preservation age and here's the bombshell - when you access it from UK you will need to pay tax on it as income.

That is of cause you find some way to hide it or Trust Funds set up etc - but you'll have some time to sort that out.

 

Andrew from Vista Financial on this website can assist - I made contact with him but I'm currently busy focusing on getting house ready for sale. But there are a quite a few companies who can assist - remember to try a few so you can get feel for what's best for you.

 

good luck