paulswin Posted July 31, 2019 Share Posted July 31, 2019 Hi guys just thinking ahead a bit! For the 7 years I was in Oz i had my superannuation fund. Now I’ve moved back just wondered how it all gets paid can I give them my uk bank details or is it best to keep my Oz bank open Not sure how it affects my uk pension too! I’ve only just turned 50 so got a few more years yet! Quote Link to comment Share on other sites More sharing options...
MARYROSE02 Posted July 31, 2019 Share Posted July 31, 2019 I'm not sure about the exact age restrictions but at a certain age - 55? 60? - you can access your super fund and take all the money as a lump sum or take a percentage out as an income and have that paid into an Aussie bank account or directly to your UK account. Under certain conditions you can access your super early - ill health perhaps but your super fund should be able to help with some of those questions. Some of those questions are relevant to me too, though not concerning moving funds to the UK. I've got a sum of money in a rollover fund which at 65, my present age, I'm intending to transfer into my super fund and then start generating an income stream. I have a UK employer super scheme - pension I should say I guess, which pays out every month into my Aussie bank account which means I am subject to the FX rates. Quote Link to comment Share on other sites More sharing options...
Martinbjulieb Posted July 31, 2019 Share Posted July 31, 2019 2 hours ago, paulswin said: Hi guys just thinking ahead a bit! For the 7 years I was in Oz i had my superannuation fund. Now I’ve moved back just wondered how it all gets paid can I give them my uk bank details or is it best to keep my Oz bank open Not sure how it affects my uk pension too! I’ve only just turned 50 so got a few more years yet! Definitely keep Australian bank account open, not even sure if you can get it paid directly into U.K. bank. But when it gets paid into Australian bank account at least you are in charge of the transfer and will be able to get better rates. We used HiFx to transfer money from the house sale and they were great. 2 Quote Link to comment Share on other sites More sharing options...
Marisawright Posted August 1, 2019 Share Posted August 1, 2019 It won't affect your UK state pension at all because the UK pension is not means-tested. If you have a private pension in the UK, it has nothing to do with that either. The first thing to do is write to your superannuation company and tell them you're living overseas, if you haven't already. Instruct them to cancel all insurances immediately, as they're probably not valid anyway now you're overseas. Also look at which company you're with. Recently there was an enquiry and it turned out that a lot of super funds were rorting people shamelessly and performing badly. If you're in one of those, the fees will erode your balance and it'll be hardly worth having by the time you can get your hands on the money. Moving to another fund is pretty painless. Hesta is one that's often recommended. The bad news is that if you take the money as a lump sum, you'll get hammered for tax by the UK government. However you may not have enough to be worth converting it to a pension. It's not a decision you have to make yet, anyway. The best plan is to leave it in the super fund as long as you can, then get some advice from a tax agent. 1 Quote Link to comment Share on other sites More sharing options...
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