millers Posted July 3, 2017 Share Posted July 3, 2017 Also, any pro's and con's? Thanks Quote Link to comment Share on other sites More sharing options...
NicF Posted July 3, 2017 Share Posted July 3, 2017 No, not unless you are over 55 and your super fund is one of the few ROPS funds in Australia. 1 Quote Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted July 3, 2017 Share Posted July 3, 2017 As Nic says Millers, only people age 55 and above now can consider a transfer to Australia. How old are you and what type of pension/s do you have? Andy Quote Link to comment Share on other sites More sharing options...
millers Posted July 4, 2017 Author Share Posted July 4, 2017 16 hours ago, Andrew from Vista Financial said: As Nic says Millers, only people age 55 and above now can consider a transfer to Australia. How old are you and what type of pension/s do you have? Andy Hi Andy I'm 42 with a private pension with DSG (Currys/Dixons). Paid in for 14 years. Dave Quote Link to comment Share on other sites More sharing options...
Collie Posted July 4, 2017 Share Posted July 4, 2017 22 hours ago, Andrew from Vista Financial said: As Nic says Millers, only people age 55 and above now can consider a transfer to Australia. How old are you and what type of pension/s do you have? Andy Hey Andy, Do you know if it is the same with an Irish pension (PRSA)? Quote Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted July 5, 2017 Share Posted July 5, 2017 22 hours ago, millers said: Hi Andy I'm 42 with a private pension with DSG (Currys/Dixons). Paid in for 14 years. Dave Thanks Dave. So as mentioned above a transfer to Australia can only be considered once (at this stage) you are age 55+, so a while to go for you yet. However there may be merit in reviewing your current pension in any event and certainly if you are intending to remain and retire in Australia. The reason being, If it is a defined contribution scheme to ensure that it is structured appropriately for you, in other words is it aligned to your risk profile...if it is remaining there for the next 13 years you want it to be working for you (but within your comfort zone), we came across a client who unbeknown to him had had his money sitting in cash for 15/20 years so has lost out on some big returns. You may also wish to consider a scheme that offers the ability to convert to funds in Australian Dollars at a given time in the future on the basis of, IF the exchange rate moved favourably for sterling in say 7 years the monies could be converted a that rate and locked in for eventual transfer to Australia. If it is a defined benefit scheme (given the size of the company this could very well be the case), then a review could be worth while given the historically high (Cash Equivalent Transfer Values (CETVs)) for these schemes at the moment, if it does prove worthy (following advice (mandatory if the value is over 30kGBP)) then a sideways move to a private pension could be the outcome and then arranged as above (ie investment risk appropriate and in a scheme with the ability to convert to Australian Dollars). A simple request to your pension company for a transfer value would be the first port of call in either case. Hope this helps Regards, Andy 1 Quote Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted July 5, 2017 Share Posted July 5, 2017 18 hours ago, Collie said: Hey Andy, Do you know if it is the same with an Irish pension (PRSA)? Hi Collie I answered this on Perth Poms for you, you may have missed it: https://www.perthpoms.com/topic/18398-transferring-uk-contribution-pension-to-australia/ Regards, Andy Quote Link to comment Share on other sites More sharing options...
Collie Posted July 5, 2017 Share Posted July 5, 2017 I did - thanks. Think I'll just leave it over there and let it grow (hopefully). It had pretty good growth last year Quote Link to comment Share on other sites More sharing options...
k9pjuice Posted July 5, 2017 Share Posted July 5, 2017 I wouldn't worry, you'll have the experts cold calling you from the UK when you get here. I'm not kidding. Quote Link to comment Share on other sites More sharing options...
kissofthegypsy Posted July 7, 2017 Share Posted July 7, 2017 Hi. Im 44 and been here 8 years but have some health issues. Is it possible to extract early from the UK state pension if you are under ill health? Thanks Sean Quote Link to comment Share on other sites More sharing options...
Tom Offshore IFA Posted July 13, 2017 Share Posted July 13, 2017 Hi Millers, The only reason I would ever suggest someone transferring would be if you have a DB scheme in the UK, DC schemes are probably just as well staying in the UK. Let me know if you need to know anything else, happy to help... Thanks, Tom Quote Link to comment Share on other sites More sharing options...
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