Pensions clarity

[SimonandSian]

Hi all, having read a few threads about pensions I am still none the wiser!

 

We are migrating in January on a skilled independent visa (my wife and I are both 32) with two young children. At this stage we cannot be sure if we will be in Australia to draw our pension in 30+ years!!

 

Any advice or guidance on what everyone else has done with their pensions (if anything would be greatly appreciated)

 

I have an NHS pension (plus private as I only work NHS part time) and my wife has a teachers pension -- if that makes any difference

 

Thank you in advance

 

Simon and Sian

[MTut]

Presuming those are both Final Salary arrangements (pretty certain they both would be), you just need to leave them where they are and then they'll pay you an income when you reach the specified retirement age.

[Ken]

No one under the age of 55 can transfer a UK personal pension to Australia. It used to be the case that you could, but HMRC tightened up the rules when they noticed that under very rare extenuating circumstances it's possible to access the funds in an Australian Super Scheme while under the age of 55 which is in breach of UK pension rules.

Even if you were able to transfer your pensions if they're defined benefit (aka Final Salary) schemes it's rarely worth the gamble of converting them to cash and hoping you can invest it for more than the scheme guaranteed. Even if they're defined contribution schemes you don't have any choice, you can't transfer them.

Your employer in Australia will have to contribute 9.5% on top of your salary to a Superannuation Fund of your choice. Even if you return to the UK that will have to remain here. You can't access it early (despite what I said in the first paragraph as those circumstances are extremely rare).