judyq Posted June 7, 2011 Share Posted June 7, 2011 Hi, as things move on we know will soon have to look at finances, transfer pension, bank account in australia,savings,etc . One thing i cannot seem to get is a straight answer to how much these financial advisers cost for their services? I know we need help but am scared of making an appointment and being charged thousands! Any help appreciated. Link to comment Share on other sites More sharing options...
Guest Unha99Y Posted June 7, 2011 Share Posted June 7, 2011 Personally I would leave your pension in the uk, with the exchange rate you would take a big hit. Also if you decide to move back and you are a PR you cannot by law transfer it back into a uk fund. Bank accounts are easy to set up before you move, try http://Www.nab.com.au Link to comment Share on other sites More sharing options...
phil Posted June 8, 2011 Share Posted June 8, 2011 If you're still in the UK, you should probably speak to an Independent Financial Advisor. They are regulated by the government Financial Services Authority. You shouldn't have to pay for their consultation, even if you don't sign up to any product recommended by them. They get any fee from the provider of any service they recommend and introduce to you. That said, this article http://www.timesonline.co.uk/tol/money/investment/article1305701.ece suggests that sometimes a fee-based advisor may be better (but also gives tips on how to find a free IFA). I've got sort out my pensions too, so please share your experience! As Unha99y has suggested, opening bank account(s) in Oz before you leave is easy, and well worth the 5 mins it takes to do. We also went with NAB http://www.nab.com.au/wps/wcm/connect/nab/nab/home/personal_finance/15/23/1/2 The accounts were opened within a couple of days and we could then transfer money from the UK to Oz and have it waiting for us on arrival. Just needed to turn up at the branch with some ID and sign for/collect the bank cards already waiting for us. Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted June 8, 2011 Share Posted June 8, 2011 I wouldn't recommend speaking to a UK Financial Adviser on pension transfers to Australia unless that person fully understands the full implications involved relating to the transfer of pensions from the UK to OZ and also has thorough knowledge of the Australia superannuation system which as you would imagine is either unlkely or very rare. There is, in many cases more to it then just the exchange rate especially if you have a final salary scheme but it is certainly advisable to wait until you have been in Australia for a bit before you look at transferring, as mentioned above it cannot be transferred back if you decided you didn't like it here. You have had some good responses regarding the opening of Bank accounts etc and again that is not something a UK Financial Adviser would deal with for you. Regards Andy Link to comment Share on other sites More sharing options...
Guest Posted June 8, 2011 Share Posted June 8, 2011 What others have said about opening a bank account. Its not at all difficult and you won't need to pay anyone to help set that sort of thing up. Also transferring money between the UK and Aus is straightforward via an international money transfer (some people use other means like Paypal or Western Union) but I've always done it via direct bank accounts and paid the fees either end. Some UK banks are also in Aus so you could see if your bank is there and perhaps open one up with them. Or open one with an Aussie bank. Whatever you prefer. Just leave a UK bank account open once you've moved as it can come in handy. And sounds to me like the advice on leaving your pension in the UK is a good one. Unless you have anything outside the average financial situation you can arrange all of the things you need yourself. You really don't need to pay someone in normal circumstances. Link to comment Share on other sites More sharing options...
judyq Posted June 8, 2011 Author Share Posted June 8, 2011 thanks, everyone has been helpful but i think i am slightly more complicated!! It's not a pension to be frozen till i retire as i got my nhs pension as i was medically retired quite young. I get a small monthly payment and will do for life. It currently goes into my account but not sure if i can just continue to drawer it monthly from that account without being charged the earth! Think i may need to speak to someone about that! Also thanks snifter for the advice re keeping a bank account in the uk open, I wasn't even sure you could do that? Do they charge you or do you have to have regular credits and debits? Thanks to all for helpful insights! Link to comment Share on other sites More sharing options...
Guest Guest31881 Posted June 8, 2011 Share Posted June 8, 2011 Your NHS pension can be paid direct into an Australian bank account, and it works out a lot cheaper than having it paid into a UK account and transferring each month. Also remember that although its a pension it is taxable if/when you become an Australian tax payer. Contact NHS pensions for a form to have pension paid into Australian account if that is what you need to do. It takes them about a month to sort it out. Link to comment Share on other sites More sharing options...
judyq Posted June 8, 2011 Author Share Posted June 8, 2011 wow that was quick, thank you, extremly helpful. Do you know if it ends up getting taxed twice? I know it is taxed when it comes to me but am a little worried it will be taxed again in oz as i am likely to become an australian tax payer pretty quickly! Link to comment Share on other sites More sharing options...
Guest Guest31881 Posted June 8, 2011 Share Posted June 8, 2011 wow that was quick, thank you, extremly helpful. Do you know if it ends up getting taxed twice? I know it is taxed when it comes to me but am a little worried it will be taxed again in oz as i am likely to become an australian tax payer pretty quickly! I will send you a PM and explain what i did, easier that way. Link to comment Share on other sites More sharing options...
phil Posted June 8, 2011 Share Posted June 8, 2011 I'm no expert on tax, but if you do a P85 form to tell IR you've left the UK, they should calculate anything that may be owing back to you, and all future UK-based stuff would, I'd hope, be done at the correct tax rate. Link to comment Share on other sites More sharing options...
judyq Posted June 8, 2011 Author Share Posted June 8, 2011 I will send you a PM and explain what i did, easier that way. thanks so much srp, just tried to send a pm but not sure if it went so just to say thank you, your advice has saved me alot of time and probably money! really appreciate your time! Link to comment Share on other sites More sharing options...
Guest Guest31881 Posted June 8, 2011 Share Posted June 8, 2011 I'm no expert on tax, but if you do a P85 form to tell IR you've left the UK, they should calculate anything that may be owing back to you, and all future UK-based stuff would, I'd hope, be done at the correct tax rate. P85 is the start, if you are leaving and will have no income from the Uk,then the P85 will sort it all out, if you have income from UK such as pension or income from rentals, then they send you the next form to fill in and sort out what if any tax will have to be paid to UK on your income from UK. Link to comment Share on other sites More sharing options...
Naomi from Manchester Posted June 8, 2011 Share Posted June 8, 2011 Dear SRP Would you mind also copying me into that P.M about how you transferred your NHS pensions to your Oz bank account? I'd be really appreciative. Thanks Naomi Link to comment Share on other sites More sharing options...
Guest makeitreal Posted June 8, 2011 Share Posted June 8, 2011 Search for it in Google if you find one then you may call them and inquire how they charge. That way, you will be safe for their charges except for your phone provider :biggrin: Link to comment Share on other sites More sharing options...
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