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Guest TheHollies

pension transfers

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Guest TheHollies

My husband has a small uk pension besides his main pension with his current employer. We have been looking into transferring them over once we are settled in Oz. A few months ago, there was an advert for help in transferring pensions in the Australia & New Zealand magazine and it said that you can transfer pensions into a SIPPS account which you can then 'borrow' upto half of whatever is in the account. I now cant find this info, think the magazine has been thrown away, just wondered if anyone has done this themselves and if it works out ok???

 

 

:unsure:

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Hi Kirsty

 

Hope someone does reply to this as that would be great for us !!

 

Emma and Gang


Sept 07 Pathway D gone 6th Nov 08 TRA Passed 26th Feb 09 Visa lodged 21st Mar 09 SS sent 9th Jul 09 SS approved 25th Feb 10 CO 17th Mar 10 GOT IT May 10 validated april 11 oneway

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Guest TheHollies

Hi Emma

 

Someone replied on another thread in regards to this, seems that it can be done but the money that comes out the pension has to be put into something 'similar'. Wish I could find the mag as it said on there that you can borrow upto half whats in the fund and use it to emigrate. Might have to do some more research.

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Hi Emma

 

Someone replied on another thread in regards to this, seems that it can be done but the money that comes out the pension has to be put into something 'similar'. Wish I could find the mag as it said on there that you can borrow upto half whats in the fund and use it to emigrate. Might have to do some more research.

 

Thanks for replying !!

 

Hope you found this info as any money towards starting out will be great !!!

 

Em x


Sept 07 Pathway D gone 6th Nov 08 TRA Passed 26th Feb 09 Visa lodged 21st Mar 09 SS sent 9th Jul 09 SS approved 25th Feb 10 CO 17th Mar 10 GOT IT May 10 validated april 11 oneway

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Guest TheHollies

will let you know if i find out anymore. x

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Guest cat woman

the transferred pension has to go into a qualifying recognised overseas pension scheme (QROPS) we used Global Destiny to transfer pension from UK to Oz,

www.globaldestiny.com.au the website has all the details and the form you need for applying,

the whole process was made very easy as Global Destiny do all the work, once you give them the go ahead they will contact UK providers and get the value of your pension pot. then they send you a detailed report of your pension values on transferring before you even commit to completing the transaction and they only charge you a small % taking the payment at source once the transaction is all complete.

as we transferred our pensions after the first 6 months of arriving in Oz we had to pay tax on the difference of the value from the date when we left the UK to the value on the date of the transfer.

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Guest Plato

I wonder if someone could add anything more about the transfer of UK superannuation to a QROPS fund in Australia? I looked at the QROPS list and there are hundreds of QROPS funds of course. It is not evident from this list those which are 'closed funds' (eg Unisuper) and which are not (eg Australian Super). Apart from knowing which are QROPS status funds, has anyone found another list which shows which are 'open funds'? The prospect of ringing every fund to find out its 'open vs closed status' is a daunting prospect. There must be an easier way.

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I wonder if someone could add anything more about the transfer of UK superannuation to a QROPS fund in Australia? I looked at the QROPS list and there are hundreds of QROPS funds of course. It is not evident from this list those which are 'closed funds' (eg Unisuper) and which are not (eg Australian Super). Apart from knowing which are QROPS status funds, has anyone found another list which shows which are 'open funds'? The prospect of ringing every fund to find out its 'open vs closed status' is a daunting prospect. There must be an easier way.

 

The easier way is to engage a firm that advises in this area ... :jiggy:

 

Best regards.


Managing Director, Go Matilda Visas - www.gomatilda.com

Registered Migration Agent Number 0102534; Registered Tax Agent (Australia)

Chartered Accountant (UK, and Australia)

T - 023 81 66 11 55 (UK) or 03 9935 2929 (Australia)

E - alan.collett@gomatilda.com and acollett@bdhtax.com

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Guest cosmicsis

useful stuff - does anyone know if global destiny sorts out NHS Pensions aswell please?

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Not sure ... but I know that my colleague Jane Cooper's business does.

 

Send me a PM or an email if you would like Jane's contact details.

 

Best regards.


Managing Director, Go Matilda Visas - www.gomatilda.com

Registered Migration Agent Number 0102534; Registered Tax Agent (Australia)

Chartered Accountant (UK, and Australia)

T - 023 81 66 11 55 (UK) or 03 9935 2929 (Australia)

E - alan.collett@gomatilda.com and acollett@bdhtax.com

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Guest Plato

Many of the Global Density links do not work. Something is amiss.Maybe they no longer operate as a business ???

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Global Destiny are still around, there are many companies/Advisors that operate in this market and there is certainly no rush to have to transfer a Pension fund. It is more important to gauge whether you feel you will remain in Australia or at least have the intent to remain.

 

It is becoming more and more apparent that the bigger well known companies are using scaremongering tactics to get people to transfer their funds to secure the business (suggesting that if you do not use them then you will lose up to 40% in tax, you must do it within 6 months etc etc....) It is quite easy to avoid these unnecessary tax charges.

 

Also do not be fooled by the free report approach offered by some of the bigger players, they indicate that they can give you free advice so you know whether a transfer is in your best interests.

 

This is definitely not the case, they do not provide true indivdual advice based on the clients goals and objectives. I have seen many occasions where from the information that a client has provided them a transfer should NOT have been recommended, however they have still continued along the lines that the client should transfer.

 

Make sure you take advice when you are ready, not when you are told you should and get recommendations from friends/colleagues that have had dealings with an Advisor, preferably one that is experienced in Pensions/Superannuation in both the UK and Australia.

 

Regards

 

 

 

Andy


Financial Adviser (FPA Member AFP ®) Specialising in UK Expat Advice and Pension Transfers / AR-322874 /AFSL-234951

SMSF Accredited Adviser / UK SIPP Authorised Adviser 

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

 

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

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Guest Plato

Hi

 

I am seeking an advisor who is qualified to provide advice that covers the transfer of UK occupation-based superannuation, financial tax planning advice that takes into account the UK and Australia context, and any tax issues related to residency.

 

I am not interested in investing in trust managed funds.

 

I would be interested to hear from anyone who has received useful advice from an advisor within the last 3 years.

 

Thanks.

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Subject to the comments of others I would speak with my business partner Jane Cooper. There aren't too many who are tax qualified in both countries: Jane and I are, and Jane owns a business that advises in the area of the transfer of pension benefits into Australia.

 

She is on holiday at the moment, but will be back in a week from now - please send me a PM or an email (click on my name to the left of this post) with your name and telephone number if you want me to ask Jane to contact you.

 

Best regards.


Managing Director, Go Matilda Visas - www.gomatilda.com

Registered Migration Agent Number 0102534; Registered Tax Agent (Australia)

Chartered Accountant (UK, and Australia)

T - 023 81 66 11 55 (UK) or 03 9935 2929 (Australia)

E - alan.collett@gomatilda.com and acollett@bdhtax.com

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