Samijoel Posted April 25, 2011 Share Posted April 25, 2011 Planning on moving to N.S.W. in about 18 months, have ten years N.H.S. pension but not paid into it for 11years as changed career. Does anyone know if I can transfer the years over, or is it better to leave it here? Thanks..: Link to comment Share on other sites More sharing options...
newjez Posted April 25, 2011 Share Posted April 25, 2011 I tried bringing my Oz superannuation over to the UK, but they would have taken so much tax - it would not have been worthwhile. So I'd say probably not - but of course you should be able to draw from it when you retire with no problems. For questions like these - you are probably best to get financial advice - you pension provider may even give it for free. Link to comment Share on other sites More sharing options...
Guest The Ropey HOFF Posted April 25, 2011 Share Posted April 25, 2011 We have 50 years of government pensions, the wife has over 26 years as a nurse and to us it isn't straight forward, due to a number of reasons, tax on it, re-investment in Australia, which from personal experience won't give you anywhere near what you would get just leaving it frozen here in the uk, but then you risk the fluctuating exchange rate, currently a pension paid in pounds is at rock bottom when you change it over to dollars. Overall we thought it best to leave it frozen at least you know it will be safe and index linked and hopefully the exchange rate will eventually go back up. If you see an expert, you won't be no wiser, they speak a language us normal folk can't understand, but this will be the advice given, see a financial advisor, but........ best of luck with that and........... your decision. Link to comment Share on other sites More sharing options...
newjez Posted April 25, 2011 Share Posted April 25, 2011 Whether to get Financial advice is a tricky one. I'm not one to pay for it if I can avoid it. When I was made redundant - I enquired whether I should merge my old pension into my new one in my new job. I was given lots of information which I didn't really understand - but it was free info - and the bottom line was I was better to leave it where it was. But this won't always be the case. Link to comment Share on other sites More sharing options...
Guest The Ropey HOFF Posted April 26, 2011 Share Posted April 26, 2011 Its difficult to decide what to do............... we will leave our pensions here in the uk and hopefully when we retire in 15 years time the UK will have come out of recession by then and Australia will be struggling, opposite to now, but...................... i won't hold my breath. Link to comment Share on other sites More sharing options...
Guest Mallam Posted April 26, 2011 Share Posted April 26, 2011 Sorry to sound so thick but why are pensions you have paid into over years of working in the UK frozen when you go abroad? that seems so unfair. Link to comment Share on other sites More sharing options...
Guest The Ropey HOFF Posted April 26, 2011 Share Posted April 26, 2011 Sorry to sound so thick but why are pensions you have paid into over years of working in the UK frozen when you go abroad? that seems so unfair. The word FROZEN means it is no longer being paid into........... it still goes up with inflation being a private pension and you don't lose out, it is the state pension at 66/67 or 68 that stays the same once you first receive it, which............. is totally disgraceful. Link to comment Share on other sites More sharing options...
Samijoel Posted April 29, 2011 Author Share Posted April 29, 2011 Thanks so much for your support. Prehaps best to leave it for now and see what happens in 18 months at least.. Link to comment Share on other sites More sharing options...
the mooz Posted April 29, 2011 Share Posted April 29, 2011 What worries me is that your "Super" can run out if you live beyond your estimated life. Do you estimate that you will live to, say 85, and draw on your "Super" pension fund on that basis. Don't know! If you live beyond that, I assume you will be in trouble and relying on the state. With your pension frozen in the UK you at least know it will be for life. My wife and I both have NHS and BT pensions with 50 years of contributions and I'm hoping we are making the right decision by leaving them in the UK. Mr Moo:unsure: Link to comment Share on other sites More sharing options...
Recommended Posts
Archived
This topic is now archived and is closed to further replies.