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Lee Blowers

Taking my Super out

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I am leaving Australia for good in 6-8 months time & want my super as its around $130,000 after 10 years employment  !!

Im a permanent resident but won't be coming to Australia again so want my super as the funds will help me set back up home !!

How does this work being a permanent resident  ?

Im willing to Revoke my visa & can I then take it ?

Im confused so please help !

Thank you

Lee Blowers 

 

 

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Being a permanent resident your are not able to withdraw your super until retirement age.  Yes it probably is unfair.

Edited by Peach
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Can't be done.  Relinquishing your visa would make no difference.  

It's not bad news really.   Your superannuation is just an investment fund, and like any investment fund, it will go on earning interest and growing for the next xx years until you reach retirement. Then it will provide a nice little pension in your old age.  

Your first step should be to ensure you're with a good super fund, not just whatever fund your employer chose.  Some of the biggest retail funds are some of the worst performers. It's very easy to transfer the money to a better super fund - just choose your new fund and they'll help you organise it all.    Hostplus is often recommended.  Get that done before you go.

Then once you're settled in the UK, write to them with your new UK address and instruct them to cancel all insurances (they're probably not valid if you're overseas anyway, and it will save you a bundle in fees).  

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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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4 hours ago, Lee Blowers said:

I am leaving Australia for good in 6-8 months time & want my super as its around $130,000 after 10 years employment  !!

Im a permanent resident but won't be coming to Australia again so want my super as the funds will help me set back up home !!

How does this work being a permanent resident  ?

Im willing to Revoke my visa & can I then take it ?

Im confused so please help !

Thank you

Lee Blowers 

 

 

I really do not know the In's and Out's but could you withdraw some under the Covid Early Release rule ?as some people are doing this since Covid hit? I doubt you could withdraw it all but you maybe able to get some. See if this link helps - https://moneysmart.gov.au/covid-19/accessing-your-super

             Cal x


If you don't go after what you want, you'll never have it. If you don't ask, the answer is always no. If you don't step forward, you're always in the same place...

If you get a chance,take it, If it changes your life,let it. Nobody said it would be easy they just said it would be worth it...

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20 hours ago, Lee Blowers said:

I am leaving Australia for good in 6-8 months time & want my super as its around $130,000 after 10 years employment  !!

Im a permanent resident but won't be coming to Australia again so want my super as the funds will help me set back up home !!

How does this work being a permanent resident  ?

Im willing to Revoke my visa & can I then take it ?

Im confused so please help !

Thank you

Lee Blowers 

 

 

Hi Lee

The Departing Australia Superannuation Payment (DASP) is only as mentioned available to temporary residents as mentioned above: https://www.ato.gov.au/individuals/super/in-detail/temporary-residents-and-super/super-information-for-temporary-residents-departing-australia/

Can I ask how old you are please?

Thanks

Andy 

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Financial Adviser (FPA Member AFP ®) Specialising in UK Expat Advice and Pension Transfers / AR-322874 /AFSL-234951

SMSF Accredited Adviser / UK SIPP Authorised Adviser 

Director  - Vista Financial Services – www.vistafs.com.au 08 8381 7177

 

Please note that my advice is general advice only and professional financial advice should be sought for your own personal situation.

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