Superannuation

[paulswin]

Hey guys if anyone can help it would be great here goes been here 7 years am a citizen now but moving back to the Uk permanently and have a bit of super  I know I can’t tske it out until I’m 65 or whatever it is so want to try and freeze Mlc from taking fees and taxes out every month else I’ll have zero in 15-20 years!! They are saying they can’t stop the fees!   Any ideas what I can do!  Cheers

[garrychandi]

1 hour ago, paulswin said:

Hey guys if anyone can help it would be great here goes been here 7 years am a citizen now but moving back to the Uk permanently and have a bit of super  I know I can’t tske it out until I’m 65 or whatever it is so want to try and freeze Mlc from taking fees and taxes out every month else I’ll have zero in 15-20 years!! They are saying they can’t stop the fees!   Any ideas what I can do!  Cheers

You won't be taxed on your super fund as you already paid 15% when you got that paid into your account. If i were you i transfer my fund to low fee account and cancel all the insurance. I use Commbank, which charges $5 a month and you can see your fund balance in online banking with your other accounts.It also let you allocate your money in different types of assets. Don't forget you will also be getting income from your fund every year. So for simplicity sake you have only 10000 in your account and just say you get 3% return you will make more than enough to cover your fees. I highly suggest to cancel any insurance product as they are big culprit to eat your balance. i recommend commbank as it will bring all your super in one place with click of a button and you can see your balance and fees etc.Hope this help

Edited December 10, 2018 by garrychandi

[paulswin]

I didn’t think I could transfer it into a bank I was under the impression it has to stay with a superannuation company until I’m at retirement age

[garrychandi]

33 minutes ago, paulswin said:

I didn’t think I could transfer it into a bank I was under the impression it has to stay with a superannuation company until I’m at retirement age

Yes you are right, you can't withdraw it. When you open a super account say with comm bank, you will get a new account from which you can't withdraw. 

[NickyNook]

31 minutes ago, paulswin said:

I didn’t think I could transfer it into a bank I was under the impression it has to stay with a superannuation company until I’m at retirement age

You can’t transfer it to a normal CBA bank account but you could transfer it to one of Commbank’s super funds, which is what the other poster is referring to. Alternatively you could transfer it to any other super fund with low fees. Definitely cancel any insurances.

It’s not a given that your balance will consumed by fees. I haven’t made any contributions to my super fund for 5 years, yet the balance has grown by around 40% in that time..

[paulswin]

Thanks guys Mlc are taking out $71 a month and won’t cancel any fees they say that’s their charge!  When I get back to Uk I will look into getting that moved over

[Marisawright]

6 hours ago, paulswin said:

Thanks guys Mlc are taking out $71 a month and won’t cancel any fees they say that’s their charge!  When I get back to Uk I will look into getting that moved over

MLC charge ridiculous fees. Ring Australian Super or Hostplus and ask to transfer to them. It’s easy and their fees are much lower. With either of them, your super will keep on growing over the years and will be a nice nest egg on retirement. 

Then email them after you leave the country and instruct them to cancel all insurance because you’re no longer resident

 

[Chortlepuss]

I transferred my Super to Hesta - haven’t contributed much over last year but balance still growing. Industry Super funds charge lower fees I believe - the transfer is pretty easy and quick - the company to whom you are transferring make it very straightforward as they are incentivised to make it work. Just a form filling exercise as far as I remember- and yes, cancel all life insurance/employment insurance etc

[Rosiegirl]

If you were at preservation age and had retired you can get your super earlier - I hope, as this is our plan too.

I've found this online which should clarify.

  https://www.superguide.com.au/superannuation-and-tax/i-am-60-why-cant-i-access-my-super-benefits

[Marisawright]

49 minutes ago, Rosiegirl said:

If you were at preservation age and had retired you can get your super earlier 

  

Just watch out for tax implications. If you can withdraw the money before you leave Australia then there’s no tax. But if you wait until you’re back in the UK you can lose a lot in tax if you take a lump sum. Make sure you get advice 

[junepolaine@hotmail.co.uk]

hey there can anyone help with our problem we was told that we could transfer our superannuation back to the Uk with pension companies recommended through HMRC Gov,uk think its the QROPS scheme they told me they don't do it,and that we would have to find financial person to deal with this , has anyone else done this please.

thanks JUne 

[paulswin]

I don’t know anything about transferring it to a uk scheme or else I would have done that.  I think you’ll f8nd it has to stay in a pot in Oz unless you can prove you need the money or if you are a permanent resident not a citizen I know you can get it!