calNgary Posted November 14, 2005 Share Posted November 14, 2005 hiya all just wondering if anyone has any infomation on what to do with our pensions if we get the go ahead to move to oz,also i have a long term savings account for my son which i have had about 4yrs,would i have to cash this in before we move as i have read somewhere about being taxed on childrens savings on enterting oz ,any advice or a point in the right direction grateful ,,thanks cal xx Link to comment Share on other sites More sharing options...
Guest BrerRabbit Posted November 14, 2005 Share Posted November 14, 2005 Hi Cal, i just saw a pensions advisor at work last work and asked exactly the sdame questions. his answers were - leave your pension where it is for the moment until your certain you are settled in australia and then trasnfer them into a pension fund over there. In Oz, apparently, pension contributions are compulsory and your employer will have something set up for you to pay into (if you choose to go with their choice). Pensions in UK can not be cashed in before you leave. You can ffreeze your pensionin the UK if you don't wish to continue paying in it for the minute and resume payments later. Childrens savings - not sure about his one. I'll have to find out hough because we have 2 childrens accounts with a few quid in them! Anyone else know the answer?? Cheers, hope this helps Link to comment Share on other sites More sharing options...
calNgary Posted November 15, 2005 Author Share Posted November 15, 2005 thanks for that its a great help and if i hear anything about the kids accounts i will let you know ,once again thankyou cal x Link to comment Share on other sites More sharing options...
Guest forshac Posted May 15, 2006 Share Posted May 15, 2006 Doe anyone know of a company that can support transferring pensions to OZ. I have spoken with Xpat Prism and wondered if anyone has used them..If so, feedback would be good. They have explained that we have a 6month window for transferring pensions afterwhich it is not possible. Also they have said that as long as the current transfer value is arounf c£15k then we should be transferring.. Any insight to what you guys have done since moving to OZ would be great. Not keen on freezing and then paying 40% tax later on, and would like to maintain the momentum of paying. Thanks Link to comment Share on other sites More sharing options...
Guest ABCDiamond Posted May 16, 2006 Share Posted May 16, 2006 Childrens savings - not sure about his one. I'll have to find out hough because we have 2 childrens accounts with a few quid in them! Anyone else know the answer??Cheers, hope this helps As far as the UK bank is concerned, you can keep the Childrens accounts open. As far as tax is concerned, you should declare it to the ATO, however: However, minors who are residents of Australia do not have to lodge a tax return if they earn less than $772. This is because the low income tax offset of $235 offsets the tax payable on income less than $772. http://www.ato.gov.au/individuals/content.asp?doc=/content/20046.htm Link to comment Share on other sites More sharing options...
Guest PlatOz Posted May 16, 2006 Share Posted May 16, 2006 Doe anyone know of a company that can support transferring pensions to OZ. I have spoken with Xpat Prism and wondered if anyone has used them..If so, feedback would be good. They have explained that we have a 6month window for transferring pensions afterwhich it is not possible. Also they have said that as long as the current transfer value is arounf c£15k then we should be transferring.. Any insight to what you guys have done since moving to OZ would be great. Not keen on freezing and then paying 40% tax later on, and would like to maintain the momentum of paying. Thanks Hi Forshac, You can try this company, they are excellent, I have used them and also recommend all my clients to them because they specialise in the U.K/Aus pension market. godfreypembroke.com.au Tony Link to comment Share on other sites More sharing options...
Guest PlatOz Posted May 16, 2006 Share Posted May 16, 2006 Hi Cal, i just saw a pensions advisor at work last work and asked exactly the sdame questions. his answers were - leave your pension where it is for the moment until your certain you are settled in australia and then trasnfer them into a pension fund over there. In Oz, apparently, pension contributions are compulsory and your employer will have something set up for you to pay into (if you choose to go with their choice). Pensions in UK can not be cashed in before you leave. You can ffreeze your pensionin the UK if you don't wish to continue paying in it for the minute and resume payments later. Childrens savings - not sure about his one. I'll have to find out hough because we have 2 childrens accounts with a few quid in them! Anyone else know the answer?? Cheers, hope this helps Hi, Just gave forshac the same info but left off the www. :? here is the link which will help you also. http://www.godfreypembroke.com.au Tony. Link to comment Share on other sites More sharing options...
Guest Brendan Posted May 17, 2006 Share Posted May 17, 2006 I know about emploers paying 9% super into a personal pension scheme. However, Is it correct that immigrants qualify for an Aussie old age pension when they have been working there more than 10 years. My main concern is my wife who will probably be working part time when we come over. Cheers B Link to comment Share on other sites More sharing options...
Guest ABCDiamond Posted May 18, 2006 Share Posted May 18, 2006 I know about emploers paying 9% super into a personal pension scheme. However, Is it correct that immigrants qualify for an Aussie old age pension when they have been working there more than 10 years. My main concern is my wife who will probably be working part time when we come over. Cheers B Yes, after 10 years residency, you do qualify for the full Australian State Welfare pension. HOWEVER. This pension is Asset and Income tested. Income Test for Pensions Assett Test for Pensions It is not a fully funded Age pension in the same way that the UK one is. ie: we do not pay into this fund specifically. The 9% compulsory employer paid one is supposed to cover that similarity. Link to comment Share on other sites More sharing options...
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