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Guest jmahood

Pension transfers

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Guest jmahood

I currently have 3 small pension schemes set up by previous employers which are sitting idle, ie, I don't pay into them. My new employer offers a pension scheme and I have been advised to 'cash in' my current pensions schemes in the UK and pay the money into the Australian one. Sounds brilliant, but can I do that? Anyone experienced this already? The funds combined are about £27k, which is peanuts really that would give me a pension of less then a grand a year!!

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The best person to ask would be Alan Collet or Andrew Williams both are very experienced in this.


If you are depressed you are living in the past. If you are anxious you are living in the future. If you are at peace you are living in the present.

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I currently have 3 small pension schemes set up by previous employers which are sitting idle, ie, I don't pay into them. My new employer offers a pension scheme and I have been advised to 'cash in' my current pensions schemes in the UK and pay the money into the Australian one. Sounds brilliant, but can I do that? Anyone experienced this already? The funds combined are about £27k, which is peanuts really that would give me a pension of less then a grand a year!!

 

 

You wouldn't be able cash them in and would only be able to take the benefits on retirement.

 

What it generally is possible to do is to transfer them to a recognised Australian Superannuation scheme.

 

It would be worth you seeking advice on how to do this and also to understand any benefits that may be attached to your UK Pensions before you go ahead and transfer.

 

There isn't any rush to transfer so when you are ready and feel that Australia is for you, then that would be the time to investigate/take advice on transferring.

 

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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