Don Logan Posted June 17, 2018 Share Posted June 17, 2018 (edited) Hi, We have PR and have decided that we'll likely want to return the UK in the next year. We've been here 2.5 years. I understand that we won't be able to take our super home with us when we leave- is that correct? If it remains here then what happens to it? Does it just sit there until we turn retirement age and if so then can we get the periodic payments paid into a UK bank account? Thanks Edited June 17, 2018 by Don Logan Quote Link to comment Share on other sites More sharing options...
VERYSTORMY Posted June 17, 2018 Share Posted June 17, 2018 No, you can't take it. It will remain in Australia until your preservation age (retirement) it will though continue to be managed and grow. Do though stop any insurance attached to it as that carries fees which will deminiaturise it Quote Link to comment Share on other sites More sharing options...
Don Logan Posted June 17, 2018 Author Share Posted June 17, 2018 Thanks. So I take it that you can get the payments made out to a foreign bank account when the time comes to draw it? Quote Link to comment Share on other sites More sharing options...
s713 Posted July 17, 2018 Share Posted July 17, 2018 Similar position. So, if I leave mine in Australia until I reach preservation age in the UK, what then? Can I just draw lump sum and transfer it to a UK account? What are the tax implications? And is it easy to just transfer a few 000ks of dollars to the UK? Sorry to hijack thread but similar questions. Thanks in advance. Quote Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted July 17, 2018 Share Posted July 17, 2018 (edited) Hello The tax implications that will apply are likely to be UK tax implications only. When a person meets a full condition of release in Australia (typically retirement) then they can access their superannuation tax-free (unless it was an untaxed fund (government fund) and as much as they wish. This is all on the basis of the member being a permanent resident/citizen. Regards Andy Edited July 17, 2018 by Andrew from Vista Financial 1 Quote Link to comment Share on other sites More sharing options...
s713 Posted July 17, 2018 Share Posted July 17, 2018 Thanks Andrew. If said individual is not a citizen and PR has lasped @ preservation age, then does that change the process of releasing the lump sum or incur any taxation? Quote Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted July 17, 2018 Share Posted July 17, 2018 (edited) Hi Not as I understand it. The situation would differ if you exited Australia as a temporary resident only. Hope this helps. Andy Edited July 17, 2018 by Andrew from Vista Financial 1 Quote Link to comment Share on other sites More sharing options...
s713 Posted July 17, 2018 Share Posted July 17, 2018 Thanks Andy. 1 Quote Link to comment Share on other sites More sharing options...
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