mr luvpants Posted November 7, 2011 Share Posted November 7, 2011 Hi all I am an Ex Firefighter and my wife is a nurse. We have final salary pensions sitting in the UK. I know each case is different but I would be interested in knowing if any ex UK public sector workers have brought over their pension to put into their super? JOHN Link to comment Share on other sites More sharing options...
Guest lkquick Posted November 7, 2011 Share Posted November 7, 2011 hiya, we are moving over in January, I am a nurse and my husband is a retired (early) teacher. I don't know if this is any help but we have looked into taking ours over there and have decided to do so. We got Pensions Transfer to do us an analysis of what they are worth. We then looked at the pros and cons of both options and decided that we will take them, our reasons being; 1. at present if transferred over within 6 months of you moving you don't pay any tax on it, which could change in the future. 2. You have control over it then, which was our main driver, and can claim it whenever you choose, not having to wait till your 70+, which this govt will make it by the time I get to retire! 3. You take it as a lump sum but can then invest it however you choose.. eg. back into another superannuation pot over there, property, high interest account etc. 4. It was also suggested to us that it is possible that the rules around claiming uk pensions when living overseas may change , eg the govt may change the rules and say you can only claim half of it so overall we decided we want to be in control of our pensions rather that this govt, with all the current uncertainty and changes they are wanting to make to our pension pots. Hope some of that helps, Lois Link to comment Share on other sites More sharing options...
n30nra1n Posted November 7, 2011 Share Posted November 7, 2011 I don't claim to know about or understand pensions but agree with most of what has been said above and can recommend you get Pension Transfers to do a report for you it's free and I found it very helpful and are about to follow their advice and move ours over also although these are private not public service. --- I am here: http://maps.google.com/maps?ll=-35.171700,149.106225 Link to comment Share on other sites More sharing options...
Guest leccyman Posted November 7, 2011 Share Posted November 7, 2011 hi, these are really helpful posts. we are considering what the best options are for us when we move in January. Could I just check is that Pensiontransfer.co.uk that you are talking about? Link to comment Share on other sites More sharing options...
angphil Posted November 7, 2011 Share Posted November 7, 2011 Thanks for these, I am undecided on what to do with mine, but the thought of only being able to claim half of it makes it much more appealing to move it to Auz. Link to comment Share on other sites More sharing options...
Guest lkquick Posted November 7, 2011 Share Posted November 7, 2011 This was the company we used and have been very good and helpful. http://www.pensiontransfers.co.nz/contact-us Link to comment Share on other sites More sharing options...
Guest Jenny B Posted November 8, 2011 Share Posted November 8, 2011 Having decided to bring UK pension over to Oz, has anyone found a cheap, reliable way of doing this.... ie without paying a bank huge commission? Link to comment Share on other sites More sharing options...
MARYROSE02 Posted November 8, 2011 Share Posted November 8, 2011 I'll have to do some research of my own into this. I have been thinking of applying to access my Royal Mail pension a couple of years early. I suppose that, taking it early at a reduced rate, you are 'gambling' how many years you will get out of it? If I took, say, 4,000 a year at 58 instead of 5,000 at 60, if I have understood the procedure correctly, then at some point the higher pension will 'catch' up? When I was made redundant from my Aussie job back in 1996 I took an immediate but reduced pension as part of my package. I could have waited till 55 or 60 or whatever but I took it at 42 to gain immediate access. I wasn't thinking of actually transferring my RM pension to OZ though. I was just going to arrange to have it paid into my UK bank account and withdraw it via my VISA Debit card (which I already do to access my UK rental income.) I've never thought about the fees for each withdrawal for FX either. Link to comment Share on other sites More sharing options...
Guest leccyman Posted November 8, 2011 Share Posted November 8, 2011 This was the company we used and have been very good and helpful. http://www.pensiontransfers.co.nz/contact-us thanks for this, but it seems they only deal with pension transfers to New Zealand, whereas we're going to SA. Link to comment Share on other sites More sharing options...
Guest lkquick Posted November 8, 2011 Share Posted November 8, 2011 thanks for this, but it seems they only deal with pension transfers to New Zealand, whereas we're going to SA. no they deal with anywhere... they have a UK office in Maidenhead, but we live in Devon and are going to queensland... so no problem with Oz Link to comment Share on other sites More sharing options...
Guest Posted November 8, 2011 Share Posted November 8, 2011 what happens if you transfer then come back after a few years like so many people do? Is it worth keeping in the UK for a fewyears first to at least see if you like Oz? or If you transfer and then come back and transfer it back again, do you loose loads - especially if the pound gets stronger in a few years like it has been historically. Link to comment Share on other sites More sharing options...
mr luvpants Posted November 9, 2011 Author Share Posted November 9, 2011 I believe that once you have brought it over to oz thats it, it stays here. Thanks for the messages so far and its good to see that I am not the only thinking about doing this. So I know that none of you are financial bods but do you think you will be better off by bringing it over????? JOHN Link to comment Share on other sites More sharing options...
Guest Guest31881 Posted November 9, 2011 Share Posted November 9, 2011 the main thing to remember is that you can transfer money into Australian super fund, but you cannot transfer it back if you return to UK, it has to stay in Australian fund until you can retire and claim it. So if you have a UK Public sector pension, once it is in Australia it stays her, it cannot be returned to UK sector . I believe at the moment the minimum age to claim the super is 55 in Australia, and you have to confirm you will not be working again. need to speak to an expert to get all the ins and outs of the pension schemes. Link to comment Share on other sites More sharing options...
Andrew from Vista Financial Posted November 16, 2011 Share Posted November 16, 2011 I believe that once you have brought it over to oz thats it, it stays here. Thanks for the messages so far and its good to see that I am not the only thinking about doing this. So I know that none of you are financial bods but do you think you will be better off by bringing it over????? JOHN Hi John It really depends on individual circumstances, there are many many factors to consider. You should arrange to discuss with someone that has a full understanding of both systems i.e UK and Oz to understand the differences in how the actual Pension/Super mechanics work and also how the two systems differ in legislation. There are advantages to having the type of scheme you have but there are also advantages of having Pension/Super money here in Australia. Regards Andy Link to comment Share on other sites More sharing options...
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