Pension transfers

[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!!

[The Pom Queen 5,775]

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

[Andrew from Vista Financial 592]

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.