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Kari-dee

Aussie moving to UK permanently with British husband

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17 hours ago, Paul1Perth said:

You have to declare it, if you don't the taxman doesn't know. If you get caught later though they could probably hit you with a bill.

The taxman knows!

The Common Reporting Standard means you can't escape: https://www.ato.gov.au/General/International-tax-agreements/In-detail/International-arrangements/Common-Reporting-Standard-information-for-tax-agents/

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1 hour ago, Sloth said:

Yes, that's right - except that the Royal Commission showed that the big Australian banks hadn't been reporting properly for years. 

However, no one is suggesting that someone should try to get away with it.  It was just offered as an explanation of why someone was able to get their pension without paying tax on it in the past. 


Scot by birth, emigrated 1985 | Aussie husband applied UK spouse visa Jan 2015, granted March 2015, moved to UK May 2015 | Returned to Oz June 2016

"The stranger who comes home does not make himself at home but makes home itself strange." -- Rainer Maria Rilke

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3 hours ago, Sloth said:

Depends what the received money appears under. If it says pension from NHS or like my pension from the UK has my national insurance number on my bank statement the the ATO is going to know what it is. If it's just an income with a number attached and no reference and you don't declare it when you do your tax return then you take the risk they won't notice.

 

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On 24/02/2020 at 17:49, Home and Happy said:

Women get it at 65, men at 67. You don’t get it soon as you’ve paid up.  In most cases you will overpay by many years.  You are correct.  I have another 13 or so years to work and will be paying all my NI from now on as overpayment.  Coming back here without a pension is not a great move. The government are not likely to be bothered about anyone who has insufficient pensions and there are no handouts for someone who either didn’t pay enough NI or did not save for retirement. Many older EU migrants will have no state pension. A lot of returning immigrants who went to Australia will have no state pension and will get nothing from the government. That’s one heck of a price to pay just to get more sun and be able to brag to your mates that you live near a beach in Australia.

You had the option of keeping your NI payments up and compulsory super has been in Aus since 92. 

You telling me you didn't plan very well for retirement?

13 years is a long time to put money by. When you get your pension depends on the year you were born. I got my British pension here at 65 and 3 months. 3 months before I could try and claim the Aussie one. Don't get anything from that at the mo because it's means tested and the wife still works. Got a decent super pot though which I've started drawing down on.

Everythings OK with a bit of planning and you can live in the sun and near a beach too.

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On 16/02/2020 at 23:47, Lavers said:

Yes you can still claim it when you reach the UK retirement age but if you never paid anymore national insurance to the UK, then the amount will be what it was at the time you left the UK.

I've paid in 22years so mine will freeze at £120 a week (I think) unless I pay the remaining years which I'm not sure if its 8 or 13 now. If I pay the remaining years then I would have thought it then freezes when I pay them off.

The UK does a workplace pension where the employee pays in 5%, the employer 2.2% then you get 0.8% as a tax saving from the government. I think the government is already talking about scrapping the 0.8% already though.

So straight away with the Aus employers paying 9.5% super for you, we are onto a winner.

Not really on to a winner with Super, I spent many years in the police in the UK, when I retire, I will get a sum til the day I die, I get a yearly statement telling me my lump sum and amount I will get, I still pay into that pot even though I am  longer employed there, I will get a good living wage when I retire,  where as it is mentioned the super is a pot when it runs out you go on state hand outs ... my Friend did a few years on London Underground, he gets 195 pounds every 4 weeks, not a lot but it is for life and doesn't run out.  To be fair I have always also paid in to my own private pension as well as employee pension in both Australia and the UK.

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8 hours ago, Chris N Lora said:

Not really on to a winner with Super, I spent many years in the police in the UK, when I retire, I will get a sum til the day I die, I get a yearly statement telling me my lump sum and amount I will get, I still pay into that pot even though I am  longer employed there, I will get a good living wage when I retire,  where as it is mentioned the super is a pot when it runs out you go on state hand outs ... my Friend did a few years on London Underground, he gets 195 pounds every 4 weeks, not a lot but it is for life and doesn't run out.  To be fair I have always also paid in to my own private pension as well as employee pension in both Australia and the UK.

I bet with a personal pension not many actually get back what they put in anyway, so would that mean that you get better payments with your super or are they still hoping that you don't draw it all.

Being in the police force you will get a damn site better pension than me anyway (working in a trade) so if a company in Aus puts in 9.5% and I match that then that will be a lot better than in the UK where my company only puts in 2.2%

Is the police pension in Aus not similar to a final salary then? 

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3 hours ago, Lavers said:

I bet with a personal pension not many actually get back what they put in anyway....

That's a strange statement.  When you pay into a personal pension, the money goes into a fund which is invested in stocks, shares, bonds etc. Unless it's a very badly managed fund, that means your fund is eventually worth far more than you paid in (the same as superannuation) - and that can then be used to pay your pension. 

The big difference is that some UK personal pensions pay a guaranteed regular pension for life.  If you die young, then you're right, you may not get back what you put in. But if you live to a ripe old age, you will get back far more than you ever paid in. 

Nobody gets a pension like that in Australia, not even the public service.   You get superannuation, which is a pot of money and you just hope it doesn't run out before you do. 


Scot by birth, emigrated 1985 | Aussie husband applied UK spouse visa Jan 2015, granted March 2015, moved to UK May 2015 | Returned to Oz June 2016

"The stranger who comes home does not make himself at home but makes home itself strange." -- Rainer Maria Rilke

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2 hours ago, Marisawright said:

That's a strange statement.  When you pay into a personal pension, the money goes into a fund which is invested in stocks, shares, bonds etc. Unless it's a very badly managed fund, that means your fund is eventually worth far more than you paid in (the same as superannuation) - and that can then be used to pay your pension. 

The big difference is that some UK personal pensions pay a guaranteed regular pension for life.  If you die young, then you're right, you may not get back what you put in. But if you live to a ripe old age, you will get back far more than you ever paid in. 

Nobody gets a pension like that in Australia, not even the public service.   You get superannuation, which is a pot of money and you just hope it doesn't run out before you do. 

Hopefully we all live to a ripe old age....for me personally though my company pays in the bog standard 2.2% which isnt worth anything, although like you say the pay out is for life.

If a company pays 9.5% into a super for me albeit not for life, it will surely be worth more than the one I would get in the UK for life of 2.2%.

I did a super fund prediction and does it last 15yrs? I cant remember.

I projected my UK pension and if I carry on paying £200 a month for another 30yrs I get £70 a week when I retire after taking a 20% tax free lump of £20,000.

I could pay the 5% I pay in the UK into my Aus super and have 14.5% going into it  rather than 8% in the UK.

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1 hour ago, Lavers said:

Hopefully we all live to a ripe old age....for me personally though my company pays in the bog standard 2.2% which isnt worth anything, although like you say the pay out is for life.

If a company pays 9.5% into a super for me albeit not for life, it will surely be worth more than the one I would get in the UK for life of 2.2%.

I did a super fund prediction and does it last 15yrs? I cant remember.

I projected my UK pension and if I carry on paying £200 a month for another 30yrs I get £70 a week when I retire after taking a 20% tax free lump of £20,000.

I could pay the 5% I pay in the UK into my Aus super and have 14.5% going into it  rather than 8% in the UK.

Just did a super prediction and it has it running until im 90, so pretty much for the rest of my life.

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6 hours ago, Lavers said:

Just did a super prediction and it has it running until im 90, so pretty much for the rest of my life.

But that does assume you are fit enough to work till retirement age and that the sharemarket doesn’t crash at the wrong time


Scot by birth, emigrated 1985 | Aussie husband applied UK spouse visa Jan 2015, granted March 2015, moved to UK May 2015 | Returned to Oz June 2016

"The stranger who comes home does not make himself at home but makes home itself strange." -- Rainer Maria Rilke

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5 hours ago, Marisawright said:

But that does assume you are fit enough to work till retirement age and that the sharemarket doesn’t crash at the wrong time

That would only be the same as my UK workplace pension then.

I've been paying into my Scottish widows workplace pension for 4yrs now and it's made £20.

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Posted (edited)
On 10/03/2020 at 20:11, Lavers said:

I bet with a personal pension not many actually get back what they put in anyway, so would that mean that you get better payments with your super or are they still hoping that you don't draw it all.

Being in the police force you will get a damn site better pension than me anyway (working in a trade) so if a company in Aus puts in 9.5% and I match that then that will be a lot better than in the UK where my company only puts in 2.2%

Is the police pension in Aus not similar to a final salary then? 

The Police Pension I am referring to was the Met, It was instilled in me  as a young one, I was 16 and a trainee brickie, I hated it my mum, said finish the course so you always have a trade. I did as told, I couldn't handle the hassle of laying bricks so in 1993 when I was 18, I joined London Transport, and got a good pension from them, and that was final salary, I spent a few years with them then moved on to the Prison service and got a civil service pension, Nouvos  I think it was called then I spent my last 9 years in the UK in my old role... I cant recall what I am entitled to ( I get my yearly statement again soon, but it was in told about  18 years worth, plus I was paying 20 pounds a week into a private pension since I was 18 was told by my mum (an accountant) to do, I still pay extra today, as well as NI contributions for the future. 

 

My pension I pay into now is First State, I was not pre 88 pension here so not good ...  I could of gone with State Super but I have been with First since I got my first job in Australia, I am a citizen now but I am not sure on my future currently, now 44,  and making my last career move, I was moving back to the UK for a role , but what with all the crime, I got cold feet and felt I would regret leaving Australia.... I can retire at 50 and be ok, but I don't want to , my pension when I retire will see me ok, my mum died in 1998, and I was left her house in London, and I had my own place in Chingford London I rent both of them out in London and have done so for 8 years now, I have set up well by always forward planning, easy things, ie, I would rather save buy a cheap $5000 car than be tied to a bank loan for 5 to 7 years to drive a flash car. 

 

We took the plunge and purchased some land so will finally move out of our rental after 7.5 years .... 

 

 

Edited by Chris N Lora

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