Guest chrissy63 Posted November 12, 2007 Share Posted November 12, 2007 :spinny: In process of applying for 457 medicals next week hope all goes well. I am a nurse and have a nursing post. If there are any nurses out there what did you do with your superann did you freeze it or transfer it Chrissy Link to comment Share on other sites More sharing options...
ali Posted November 12, 2007 Share Posted November 12, 2007 I've transferred mine because I'd started doubling up and had 28 years pension. Ali Link to comment Share on other sites More sharing options...
Guest chrissy63 Posted November 12, 2007 Share Posted November 12, 2007 Hi Ali Thanks for that OH and i are doubling up to so will look into it were you taxed on it. chrissy Link to comment Share on other sites More sharing options...
Guest Liam Posted November 12, 2007 Share Posted November 12, 2007 Hi Chrissy...I will copy my reply to another poster here so you can have some info. If you leave a pension in the UK then when you go to take it later then it will be subject to currency risk and taxed in Australia whereas all pensions paid after age 60 in Australia will be tax free to the recipient. it is possible to transfer occupational and personal pensions abroad to remove the risk of exchange rate fluctuations before you start taking a pension in the UK. Provided the overseas scheme that is to receive your transfer is registered with UK HMRC as a 'Qualifying Recognised Overseas Pension Scheme' ("QROPS"), then it may accept a transfer from a UK employer scheme or personal pension plan. There are a large number of these now in Australia to choose from. To transfer any UK Pension Benefits to Australia, the following requirements must be met: - Permanent departure from the UK with no intention of returning to work or retire; - Employment or self-employment (includes self employed investor i.e anyone under 65) in Australia; - Australian residency for tax purposes; - No part of the UK Benefit commenced paying a pension; - Payment directly from the UK scheme to a 'Qualifying Recognised Overseas Pension Scheme' ("QROPS") and aprroved by APRA in Australia There is no UK tax penalty on transfers to QROPS schemes, though the QROPS is obliged to notify the UK HMRC of any payments it makes to someone who is either UK resident at the time it makes the payment, or has been UK resident in any of eh five years prior to the payment. A list of QROPS can be found at HM Revenue & Customs: Qualifying Recognised Overseas Pension Schemes (QROPS) There is an Australian "tax penalty". Those who transfer existing benefits to an Australian super fund within six months of coming to Australia pay no tax. Once the six-month period has expired and the funds are transferred into an Australian super fund, tax is typically levied at 15 per cent on the growth component from the date the person left the UK to when the funds are brought into Australia. This can now be paid from your fund rather than from your personal savings. Please note that this is meant as General advice and anyone considering doing so should seek local tax and financial planning advice on their personal circumstances. You should ideally contact your UK Pension fund and ask them for a contact and a Payout calculation for a transfer to Australia before you leave the UK. This will help you in getting the right advice and reduce the costs of transfer as some advisers out here charge a lot (up to 5%...we charge AUD$2500 for a plan covering UK Pensions and Aussie Superannuation, Wills, Insurance, Debt Management and Salary Packaging advice and a 1% Implementation fee (Trasnfers etc). We are based in Sydney but out Group (Genesys Wealth Advisers) have 190 offices countrywide and we can find someone to help you where ever you end up. Hope this helps Liam Link to comment Share on other sites More sharing options...
ali Posted November 13, 2007 Share Posted November 13, 2007 We used prism ex pats to organise ours, they produced a report for us suggesting that we should tranfere (although it was our choice). Dealing with the NHS is very difficult and unfortunatley, even though we started this process in December mine has only just been organised for transfer. My hubbys non nhs pension was done months ago. Having said that, I couldn't have done all the leg work that prism have done on our behalf (certainly from Aus). If you're doubling up then it may very well be worth your while (I know I was pleasantly surprised), the only thing I'm sad about is losing my mental health officer status which meant I could have retired at 55. Ali Link to comment Share on other sites More sharing options...
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