Walmerironman Posted February 21, 2023 Share Posted February 21, 2023 Hello I have been looing into transferring three private pensions from the UK with the objective of a) Paying off our mortgage and b) with the balance adding to my Super.The idea being to off load a variable rate mortgage and plough what I am now paying for that mortgage into my Super. I was wondering if anyone on here has recently done this and are they able to give me an idea of the costs involved please? I am happy to private message as I am not keen on giving divulging specifics online. Quote Link to comment Share on other sites More sharing options...
Marisawright Posted February 21, 2023 Share Posted February 21, 2023 Be very very careful. If you take a lump sum and bring it over to Australia, you can lose a big chunk of it in tax 1 Quote Link to comment Share on other sites More sharing options...
Steve Elliott Posted February 22, 2023 Share Posted February 22, 2023 I have messaged you as this is indeed a complex area full of potential potholes. Also be particularly wary of non Australian licensed financial advisers offering free advice on this as you can be pretty much assured you will not receive advice which will be in your best interests. 1 Quote Link to comment Share on other sites More sharing options...
Marisawright Posted February 22, 2023 Share Posted February 22, 2023 I agree with Steve. You need a specialist who's familiar with both UK and Australian tax/pension regimes. Most ordinary Australian advisers/accountants wouldn't have a clue. I'm not familiar with Steve, but you could also talk to @Andrew from Vista Financial or if you just want to understand the tax implications, @Alan Collett. A lot of people think, "I'm settled in Australia, of course I should move my UK pension over". It ain't necessarily so. For one thing, you'll have to pay tax when you bring the money over, and it can be an eye-watering amount. You may actually be better to leave it where it is, and just draw it as a pension when the time comes. There are so many variables, it's not possible to say what might happen, everyone's different. 2 Quote Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted February 22, 2023 Share Posted February 22, 2023 (edited) 13 hours ago, Walmerironman said: Hello I have been looing into transferring three private pensions from the UK with the objective of a) Paying off our mortgage and b) with the balance adding to my Super.The idea being to off load a variable rate mortgage and plough what I am now paying for that mortgage into my Super. I was wondering if anyone on here has recently done this and are they able to give me an idea of the costs involved please? I am happy to private message as I am not keen on giving divulging specifics online. Hi Walmerironman This scenario sounds similar to an enquiry that I recently received (and replied to via email yesterday). If it was not you then feel free to contact me directly on andrew@vistafs.com.au and I will let you know if we are in a position to assist. Regards Andy Edited February 22, 2023 by Andrew from Vista Financial 2 Quote Link to comment Share on other sites More sharing options...
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