Guest erinfay Posted December 12, 2008 Share Posted December 12, 2008 Hi I wonder if anyone has any info on what you need to do to transfer pensions as I am a bit confused by it all, my husband has one frozen from previous employment and one that he has been paying into for last 10 years (I think this one is a private one) does he need to speak to some one in the UK or Australia,and if so is there any that people would recommend, I think I read some where that it has to be done within a certain time but soooo confused :confusedxmas: has anyone got any ideas thanks Erinfay:wubclub: Link to comment Share on other sites More sharing options...
Mongrel Posted December 12, 2008 Share Posted December 12, 2008 The Commonwelth bank transferred me mine but theyuse pensiontransfers direct . I dropped one with mine but that was down to my company not answering emails fone calls with straight answers Mally PIO Turnip Link to comment Share on other sites More sharing options...
Guest erinfay Posted December 13, 2008 Share Posted December 13, 2008 Thanks for your reply But I am a bit dim:goofy: Do I start with a pensions transfer company or do i speak to employer/pension provider? Do I need a financial adviser, sorry but completley lost Just dont know where to start the ball rolling Thanks Erinfay:wubclub: Link to comment Share on other sites More sharing options...
Alan Collett Posted December 13, 2008 Share Posted December 13, 2008 First question: should you transfer your UK pension fund benefits to Australia? This is a function of (amongst other things) the tax position if you leave the fund benefits behind as against transferring to an Australian superannuation fund. If a transfer appears sensible, you then have to decide into which Australian superannuation fund you should transfer your UK pension benefits. Note that the Australian fund should be what is called a QROPS to meet UK Revenue requirements: Go Matilda - Your Gateway to Australia - News Please send me an email or a PM if you would like the name and contact details of someone with whom you might explore this issue more fully. Best regards.. Link to comment Share on other sites More sharing options...
Guest erinfay Posted December 13, 2008 Share Posted December 13, 2008 Thank you I have sent you a pm Erinfay Link to comment Share on other sites More sharing options...
Alan Collett Posted December 14, 2008 Share Posted December 14, 2008 Many thanks. You have a reply. Best regards. Link to comment Share on other sites More sharing options...
Guest alan_blue Posted December 18, 2008 Share Posted December 18, 2008 am i right in thinking you will pay tax when you transfer it over? Link to comment Share on other sites More sharing options...
Alan Collett Posted December 18, 2008 Share Posted December 18, 2008 Not necessarily - but you might. Best regards. Link to comment Share on other sites More sharing options...
Guest alan_blue Posted December 20, 2008 Share Posted December 20, 2008 can you give us some more info please allan? Link to comment Share on other sites More sharing options...
Alan Collett Posted December 21, 2008 Share Posted December 21, 2008 Please see my posting #4 above - feel able to send me a PM or an email. See also section 295-200 of the Income Tax Assessment Act 1997: SECTION 295-200 - Transfers from foreign superannuation funds Best regards. Link to comment Share on other sites More sharing options...
Guest cazbeckham Posted December 21, 2008 Share Posted December 21, 2008 Hi WE have pensions paid into our UK bank and pay UK tax on them before they reach our bank in UK. WE are then having a certain amount per month (ie our pension) transferred to our Oz bank using HIFX. Can we still do this all the time or will there be a time when we have to have it transferred from the companies our pensions come from to an OZ bank straight away paying OZ taxes rather than the way we are doing it? What I am trying to say is:- IS it OK to still have a pension paid into a UK bank with the tax being paid in the UK or should we have it paid straight into our Australian bank paying Australian taxes (we are permanent residents here) And if it is the latter how long do we have to sort this out. Thanks Caz Link to comment Share on other sites More sharing options...
Alan Collett Posted December 21, 2008 Share Posted December 21, 2008 Hello Caz. I hope all is going well. Re taxation: once you move to Australia as a permanent resident your worldwide income is assessable in Australia. The bank account into which your pension is paid is not relevant for the purpose of taxation in Australia. Under the UK - Australia Tax Treaty UK source pension income paid to a resident of Australia (other than those who hold temporary residency visas) is wholly assessable in Australia. In other words you should not be paying tax to the UK Revenue under the PAYE system. UK Revenue form FD2 applies. If you have been suffering UK tax on UK source pension income since you moved to Australia you should be completing this form and arranging a repayment of tax suffered since you departed the UK. You may be able to claim a tax deduction for what is called the undeducted purchase price of the UK pension. Tax deductions reduce the amount of your assessable income. Feel able to contact me via our office in Melbourne if you require any assistance with this and/or your Australian tax affairs - T 03 9935 2929. Best wishes for a Happy Xmas. Link to comment Share on other sites More sharing options...
Guest cazbeckham Posted December 21, 2008 Share Posted December 21, 2008 Hi Alan Yes all is very well thanks. Been here now for 9 weeks tomorrow and been in our new home in Buderim for 5 weeks on Weds. I will give you a call after the holidays prob around mid Jan. Have a great Christmas and New Year. Thanks again for all your help and Go Matilda with our visa Caz Link to comment Share on other sites More sharing options...
Alan Collett Posted December 21, 2008 Share Posted December 21, 2008 Thanks Caz. Speak soon. Best wishes. Link to comment Share on other sites More sharing options...
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