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Andrew from Vista Financial

Retirement Planning (UK Pensions/Transfer)

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Good afternoon

Having seen many Facebook/Linkedin Ads virtually daily from companies (many offshore) offering to transfer UK Pensions I thought that I would just remind members/viewers this is an area that we (Vista) specialise in and are working with UK expats in this space daily and further that we are licensed and regulated (and based) here in Australia (we also engage the services of regulated UK FCA Advisers where appropriate).

I personally have provided Advice to hundreds of poms that have moved to OZ to plan effectively for their Australian retirement which includes advising on transferring UK Pensions (or not), Superannuation (inc SMSFs) and Investments.

I established Vista specifically for this purpose 13 years ago and we still have ongoing working relationships with most of the clients that we have assisted over these years.

Feel free to reach out if you or someone you know is looking to work with a reputable professional and expert in this field and I will be more than happy to arrange to have an initial conversation.

Regards

Andy

 

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Financial Adviser (FPA Member AFP ®) / Tax (Financial) Adviser (TPB)

SMSF Specialist Advisor™ (SSA™) / UK SIPP Authorised Adviser 

Specialising in UK Expat Retirement Planning Advice and Pension Transfers 

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

AR-322874 /AFSL-234951

 

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

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I found deciding which company to contact a bit overwhelming.

However, I eventually put on my big girl pants and contacted Vista Finance. When I told them how much I had in my pension, they recommended I did not use them, or anyone, as I stood to lose more than I would gain.

I was bowled over - no hard sale, just honest advice. They didn’t even shut me up lol, but patiently answered my questions despite there being no gain to them whatsoever.

So, if you’re nervous, like I was, but want friendly, knowledgeable, and honest advice from an established company; try Vista 🥳.

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On 01/05/2022 at 11:01, Lazy Cow said:

I found deciding which company to contact a bit overwhelming.

However, I eventually put on my big girl pants and contacted Vista Finance. When I told them how much I had in my pension, they recommended I did not use them, or anyone, as I stood to lose more than I would gain.

I was bowled over - no hard sale, just honest advice. They didn’t even shut me up lol, but patiently answered my questions despite there being no gain to them whatsoever.

So, if you’re nervous, like I was, but want friendly, knowledgeable, and honest advice from an established company; try Vista 🥳.

Hi LC

Thank you for taking the time to post this, much appreciated and very glad you were abloe to get some benefit out of contacting and speaking ot us 🙂

All the best Andy


Financial Adviser (FPA Member AFP ®) / Tax (Financial) Adviser (TPB)

SMSF Specialist Advisor™ (SSA™) / UK SIPP Authorised Adviser 

Specialising in UK Expat Retirement Planning Advice and Pension Transfers 

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

AR-322874 /AFSL-234951

 

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

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Can you please advise  if we come to oz as permanent residents and have a UK pension paid into a UK bank and then transfer it whenever needed do we get a levy/penalty charged on it? 

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Posted (edited)
1 hour ago, Barnyrubble said:

Can you please advise  if we come to oz as permanent residents and have a UK pension paid into a UK bank and then transfer it whenever needed do we get a levy/penalty charged on it? 

No, I have been transferring mine for 17 years, no cost at all, sorry didn’t mean to post straight after the no.

Edited by ramot

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50 minutes ago, Barnyrubble said:

No you cant help or no there is no levy?

No there is no levy or penalty.   If you're referring to income tax, then for tax purposes, it doesn't matter when you physically transfer the money to Australia.  What counts is when you actually receive the money, even if it's paid into a UK bank account.  Transferring the money between countries doesn't attract any levies at all, (except of course any fees that the bank might charge, which is why most people use a service like Wise).


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

My new novel, A Dance With Danger, is due out August 2022

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We are led to undersrand that altho its a tax free pension in the uk we will have to pay 32.5% tax on that in Australia.  My pension will transfer at about $15k and i will earn $20k employed.  So is any of that liable to tax do you know.  Aged 70.  

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The pension is treated as income by the ATO. There are some offsets though. Best to check with an accountant who understands foreign pension income. 


So many wineries ......so little time :yes:

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Posted (edited)
1 hour ago, Barnyrubble said:

We are led to undersrand that altho its a tax free pension in the uk we will have to pay 32.5% tax on that in Australia.  My pension will transfer at about $15k and i will earn $20k employed.  So is any of that liable to tax do you know.  Aged 70.  

As answered on another thread, it's treated as income.  However you'll get a tax-free threshold, which is currenlty $18,200 a year.  That means that anything you earn up to that amount is not subject to tax at all.  It's only income above $18,200 that is taxed.  There are other offsets and expenses you may be able to claim too, but they will depend on your individual circumstances. 

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

My new novel, A Dance With Danger, is due out August 2022

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Posted (edited)
On 29/05/2022 at 18:05, Marisawright said:

As answered on another thread, it's treated as income.  However you'll get a tax-free threshold, which is currenlty $18,200 a year.  That means that anything you earn up to that amount is not subject to tax at all.  It's only income above $18,200 that is taxed.  There are other offsets and expenses you may be able to claim too, but they will depend on your individual circumstances. 

There is a Low Income Tax Offset of $700 (this year there's also a Low and Middle Income Tax Offset but it's supposed to be the final year - have to wait for the Labour party budget).

This mean anyone whose income is less than $21,884 will end up paying no tax at all because the offset covers their tax bill (and in 2022 with the minimum LMITO of $675 anyone earning less than $25,436 will end up paying no tax at all - although there will be a small amount of Medicare Levy to pay).

As you've said there are other offsets and expenses (the most relevant when talking about pensions is whether or not the pensioner is entitled to SAPTO - the Senior and pensioners tax offset which not only is an offset in it's own right but gives a bigger tax free threshold for the Medicare levy) which will allow more income before paying any tax.

Most of the allowable deductions for expenses are work related. One that isn't is your tax agent fee, so even if your income is $1million just pay me $1million and it's all going to be tax free and I'll be able to get a refund of any tax you've paid! Some people are so obsessed with paying less tax and/or the size of their refund they'll probably think that's a good deal and not a joke!

Edited by Ken

Chartered Accountant (England & Wales); Registered Tax Agent & Fellow of The Tax Institute (Australia) www.kbfayers.com

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