laf Posted March 28, 2022 Share Posted March 28, 2022 Has anyone had experience of using BDH Sterling to transfer a UK pension. Are they a good choice? Quote Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted March 28, 2022 Share Posted March 28, 2022 Hi Iaf They are certainly one of the more reputable firms to deal with in my opinion. 1 Quote Link to comment Share on other sites More sharing options...
Marisawright Posted March 28, 2022 Share Posted March 28, 2022 If Andrew thinks they're OK then I'd say they're OK. I would just say, a lot of people think, "I'm moving to Australia, of course I'll transfer my pension". It's not as simple as that, and in fact many people don't do it, because of the costs and risks. They just leave their UK pension where it is - then when they retire, they receive a pension from their UK fund and a separate pension from their Australian fund. The problem is that you can't just transfer your pension into one of the big, reputable Australian super funds. Last time I looked there was only one super fund you could transfer to, and its track record is unknown. So you need to decide if you trust them with your money (super funds aren't covered by the bank guarantee system). Because of the lack of choice, most people set up their own personal super fund (called a 'self managed super fund' or SMSF) instead. Andrew (above) specialises in those. They're great if you have a large pension pot, AND you are absolutely certain you're settled in Australia till the day you die. But they have their downsides, too. The large pension pot is necessary because running a SMSF is expensive, and if you only have a small balance, the expenses can wipe out your profits. Opinions vary how much you need to make it worthwhile. The most common figure seems to be $200,000 but I've seen some people put it much higher. Also bear in mind that you have to run the fund yourself, which is time-consuming, and you have to consider whether you have the investment expertise to do so - either that, or pay a professional to run it, pushing your expenses up even more. As for being sure you are settled - I have personal experience of this. My partner and I had a joint SMSF. We separated, and he decided to move to the US. That's when we discovered that you can't have a SMSF if you're no longer legally resident in Australia. So then we had to go through the process of dismantling the fund, which was painful and costly. 1 Quote Link to comment Share on other sites More sharing options...
Jon the Hat Posted March 29, 2022 Share Posted March 29, 2022 I certainly wouldn't do it when the exchange rate is 1.74! 1 Quote Link to comment Share on other sites More sharing options...
Alan Collett Posted March 29, 2022 Share Posted March 29, 2022 10 hours ago, Jon the Hat said: I certainly wouldn't do it when the exchange rate is 1.74! You can hold GBP denominated assets in a Self Managed Super Fund ... Best regards. 1 Quote Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted March 29, 2022 Share Posted March 29, 2022 51 minutes ago, Alan Collett said: You can hold GBP denominated assets in a Self Managed Super Fund ... Best regards. Also with the retail QROPS 1 Quote Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted March 29, 2022 Share Posted March 29, 2022 (edited) 11 hours ago, Jon the Hat said: I certainly wouldn't do it when the exchange rate is 1.74! It also takes several months from the start of the process to the monies being paid usually, maybe even longer now with all the new FCA regulation that has come into effect with UK Pension Transfers, the exchange rate could change vastly between that time but as said having the ability to collect and hold/invest in sterling counters this. Andy Edited March 29, 2022 by Andrew from Vista Financial Quote Link to comment Share on other sites More sharing options...
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