Important - Have you transferred UK Pension (QROPS)? Please read

[oldun]

Hi oldun

 

My apologies for the delay this fell through the net.

 

I am not too sure what you are asking me here.

 

I think you want to know what the tax implications will be here in Australia on your UK Pension income is that right?

 

If so, then generally for permanent residents (not exactly sure whether the parent visa is perm or not) UK Pension income is assessed for tax purposes here in Australia regardless of whether you bring the monies to Australia or leave them in the UK. Your Accountant should be informed of all income received and will be able to work out the applicable tax due.

 

I hope this helps you.

 

 

 

Regards

 

Andy

Hi Andy,

 

Many thanks for getting back to me. That is what I wanted to know. If I understand it, my pensions would be paid from the UK (where I can declare myself as a non-tax payer), but taxed in Australia. We would bring a 'lump sum' with us, of which approximately two thirds will be used for the purchase of a house, which would be separate from the pension.

Have a great weekend.

cheer

Chris

[serrz]

Hi Mike

 

HMRC make it clear that UK Pension monies cannot be used for residential property, I have heard of people that have done this but certainly would not recommend it as it could prove to be a very costly mistake.

 

Remember this rule is not just to stop it happening in lax regimes, it cannot be done in the UK either.

 

It is a shame as I think the case for residential property in SMSF's done correctly and as part of a diversified portfolio can be a good strategy although I do not like the way a lot of non-authorised spruikers are diving in which is ultimately for their own gain (that said ASIC are hot on their heels and are taking action where necessary).

 

 

Hope this helps Mike.

 

Hi Andrew

 

This has been very useful as I have just transferred my pension to my SMSF (received the funds last Friday!), and was intending to purchase property in my SMSF. I am currently 35 and I had a couple of questions I was hoping you could clarify:

 

1) I left the UK in November 2012 and transferred my pension in Mar 2014. My pension value has gone down by an immaterial amount (like £100) over this period (so there is no tax payable between the date I became a Australian resident to the date of the pension transfer).

 

My understanding is that the transfer is treated as a non concessional (after tax) contribution. As long as the total non concessional (after tax) contributions are under $150,000 then there is no additional tax payable. Is this consistent with your understanding?

 

2) My SMSF's trust deed has been setup to enable investment in residential properties. My understanding now (based on your helpful post above and further research) is that the HMRC does not allow investments in residential property. Additionally this restriction does not cease after the 10 year reporting period and are ongoing. This sounds like my SMSF will never be able to purchase residential property using my transferred UK pension (sounds pretty obvious but would be good just to get confirmation that this is consistent with your understanding)?

 

3) If this is the case, does the restriction on investing in residential property still hold if I use my Australian Superannuation amounts to purchase a property? And keep the £ pension amounts transferred in a separate segregated bank account? i.e I do not use the QROPS transferred funds for residential property, but still have the funds sitting in a SMSF which has an interest in residential property.

 

4) If 3) above is not possible, what can be done to allow my SMSF to invest in residential property? Do I need to setup a separate SMSF to invest in residential property?

 

5) Not that I want to do anything that goes against the rules but in any event, how will HRMC know? Does the ATO report to the HMRC? As I am a while away from making pension withdrawals, by the time that happens I will no longer be within the 10 year reporting period.

 

Many thanks

[Andrew from Vista Financial]

Hi serrz

 

Welcome to the PIO forum.

 

1) Tax is generally only payable if there has been growth (in Australian Dollars) on a fund between the person arriving in Australia and the monies arriving in Australia.

 

Generally UK Pension transfers are treated as non-concessional contributions (NCCs) other than any growth element where tax has been elected to be paid by the receiving fund. NCC limits currently are $150,000 each financial year or $450,000 using the ‘bring forward’ rule.

 

2) Yes this is consistent with my understanding

 

3) Theoretically this may be possible however there may be implications doing this from a practical point of view. HMRC classify UK monies as first in first out and so whilst it may not be the actual UK monies used to purchase the residential property from a reporting point of view they may be classified as the QROPS monies by HMRC.

 

I would recommend that you take legal advice and/or speak to HMRC for clarification on this matter if considering doing this.

 

4) This may be another way around it assuming you have enough non UK funds in an SMSF that is not a QROPS.

 

5) Yes this is a good point, you as the QROPS Trustee (assuming you are a QROPS Fund Trustee) have a responsibility to report to HMRC withdrawals/payments and potential unauthorised payments therefore the onus is on you.

 

Although historically HMRC have not been very hot in this area they certainly have/are making changes to the QROPS processes and procedures.

 

 

Kind regards

 

Andy

[serrz]

Hi serrz

 

Welcome to the PIO forum.

 

1) Tax is generally only payable if there has been growth (in Australian Dollars) on a fund between the person arriving in Australia and the monies arriving in Australia.

 

Generally UK Pension transfers are treated as non-concessional contributions (NCCs) other than any growth element where tax has been elected to be paid by the receiving fund. NCC limits currently are $150,000 each financial year or $450,000 using the ‘bring forward’ rule.

 

2) Yes this is consistent with my understanding

 

3) Theoretically this may be possible however there may be implications doing this from a practical point of view. HMRC classify UK monies as first in first out and so whilst it may not be the actual UK monies used to purchase the residential property from a reporting point of view they may be classified as the QROPS monies by HMRC.

 

I would recommend that you take legal advice and/or speak to HMRC for clarification on this matter if considering doing this.

 

4) This may be another way around it assuming you have enough non UK funds in an SMSF that is not a QROPS.

 

5) Yes this is a good point, you as the QROPS Trustee (assuming you are a QROPS Fund Trustee) have a responsibility to report to HMRC withdrawals/payments and potential unauthorised payments therefore the onus is on you.

 

Although historically HMRC have not been very hot in this area they certainly have/are making changes to the QROPS processes and procedures.

 

 

Kind regards

 

Andy

 

 

Thanks Andy for the welcome and for your comments above. Good to hear I am on the right path as I setup my QROPS assuming there would not be too much that the HMRC would govern post the transfer!!

 

I understand that the HMRC treats the part of funds transferred from the UK as a Taxable Asset Transfer Fund (TATF). I am thinking this may I may be able to invest as per 3) above if I stick to this, however I am unable to find much detail on the HMRC's website. If you know of a link that provides more information on the TATF that would be much appreciated.

 

Just an observation - point 1) on the NCC is quite interesting. Given the HMRC does not tax pension contributions, and the ATO does not tax NCC up to $450k under the bring forward rule, the portion of pensions transferred from the UK is essentially tax free which is a pretty good outcome. Granted there are restrictions on what you can do with those funds (eg. not able to invest in resi property), but still it arrives on the shores of Australia tax free. Had I known that I probably would have contributed more to my pension in the UK.

 

I will also call the HMRC to clarify as you suggest, and post back my findings for the forums reference.

[Gbye grey sky]

[quote name=serrz;193647083

Just an observation - point 1) on the NCC is quite interesting. Given the HMRC does not tax pension contributions' date=' and the ATO does not tax NCC up to $450k under the bring forward rule, the portion of pensions transferred from the UK is essentially tax free which is a pretty good outcome. Granted there are restrictions on what you can do with those funds (eg. not able to invest in resi property), but still it arrives on the shores of Australia tax free. Had I known that I probably would have contributed more to my pension in the UK.

 

This part is especially interesting to me. Is my understanding correct that Super drawings are tax-free in Australia unlike in the UK or is that overly simplistic?

 

I have a very modest self contributory pension scheme pot in the UK as does my wife. Our plan is to move permanently to Oz next year and one element of this would be to QROP our pensions (my wife already has a small Australian Super from her time living and working in Oz in the 90's).

 

The question now plaguing me is whether to shift a large chunk of our savings into our pension pots (before 5 April) and do the same next tax year (our last). I believe we can invest up to our total earnings and the government will add on 20% to the pot being our UK tax deductions in 2013/14 and 2014/15.

 

The changes just announced in the budget over here have prompted these thoughts as we wanted to keep our options open on QROPS for the time being and now we would not be limited to purchasing an annuity if we did not QROP.

 

We are both in our early 50s so planning to semi-retire in Oz doing bits and pieces of paid work but mainly some volunteering, travel and leisure, and living off our savings.

[Andrew from Vista Financial]

This part is especially interesting to me. Is my understanding correct that Super drawings are tax-free in Australia unlike in the UK or is that overly simplistic?

 

1) I have a very modest self contributory pension scheme pot in the UK as does my wife. Our plan is to move permanently to Oz next year and one element of this would be to QROP our pensions (my wife already has a small Australian Super from her time living and working in Oz in the 90's).

 

2) The question now plaguing me is whether to shift a large chunk of our savings into our pension pots (before 5 April) and do the same next tax year (our last). I believe we can invest up to our total earnings and the government will add on 20% to the pot being our UK tax deductions in 2013/14 and 2014/15.

 

3) The changes just announced in the budget over here have prompted these thoughts as we wanted to keep our options open on QROPS for the time being and now we would not be limited to purchasing an annuity if we did not QROP.

 

We are both in our early 50s so planning to semi-retire in Oz doing bits and pieces of paid work but mainly some volunteering, travel and leisure, and living off our savings.

 

 

Hello again David.

 

1) In the main Superannuation withdrawals over the age of 60 are tax free and generally under age 60 if coming from transferred UK monies.

 

2) Up to 100% of earnings capped at the annual allowance http://www.hmrc.gov.uk/pensionschemes/understanding-aa.htm

 

3) Whilst potentially a good strategy in relation to contributing care should be taken if considering using your existing pension funds and or savings (if contributing to pension as above) for an income source when in Oz if transferring to an Oz Super.

 

The legislation in place for one to be able to access income/funds from Superannuation in Australia does not reflect the UK rules.

 

Regards

 

Andy

[Hatts]

Andrew

 

I am seeking to create an SMSF and use some funds for property purchase. Unfortunately my existing super fund blended my existing OZ monies with the QROPS monies when they arrived (I worked in Oz for many years and then in the UK and now back in Oz) so my SMSF creation is somewhat difficult due to this. I need to assess how to break-out the UK monies (a simple task except for HMRC involvement no doubt).

 

I have raised this issue in the general finance forums of this site as I see that you have already been asked this question to some extent. I am hoping someone already has a ruling from HMRC but if not then I wish to seek HMRC sign-off. My question to you is, do you have a contact email/address for HMRC where the question would go to the right people?

 

Thanks

[Andrew from Vista Financial]

Hi Hatts

 

I may have some contact details somewhere, I will PM you with them but it may take a while as I cannot remember where they are and am flat out at the moment, so please bear with me.

 

One thing to note is that HMRC do treat UK transferred monies as first in first out, this may then assist in breaking up the funds so to speak but certainly best to get this in writing from HMRC.

 

 

Regards

 

 

Andy

[Hatts]

Thanks Andrew

 

Whilst it would still be good to have the contact info for HMRC, the latest update is that I just got off the phone with the Super firm and advised them that they had to split the funds. As you can imagine there are numerous concerns and issues (eg lump sum maximum payments, risk that the UK reverts back to annuity requirement etc etc) with the funds all mixed as one. Acccordingly it is up to the existing Super firm to be able to prove the split of funds and I have told then in no uncertain terms that they have to do this. I got a good hearing from the senior advisor and he also said that this may already be the case as the annual reporting almost certainly splits the QROPS from OZ funds.

 

A question if I may, once the funds are split and identified as QROPS and non-QROPS, am I able to access the UK (QROPS) funds at age 55 (under UK regulations)? I am 51 years old and have enough cash saved to last me say 4 years until 55. I can access the Australian funds at 59. So, if I could 'retire' under UK regulations (I would still be inside the 5 year period from returning to Australia from the UK) and access the UK funds (25%) then I could theoretically retire tomorrow using first cash (to 55) then the UK funds (to 59) then the Australian funds. I also have c70thd non-preserved from the Australian funds that I could use in an emergency. I would then look to let the remainder of the QROPS funds continue untouched until after the 10 year peroid and access then as Australian funds. This all seems too good to be true though. I look forward very much to your feedback.

[Andrew from Vista Financial]

Hi Hatts

 

Firstly, was the mix of monies done in error by the Australian Super Fund?

 

Once UK monies are transferred to Australia they become bound to Australian Superannuation legislation whereby access can only granted once a condition of release is met, I take it that when you say you can access the monies at age 59 this is your preservation age?

 

Unless you are considering purchasing property or returning to the UK then I cannot really see any reason that you would want to split the funds.

 

If you have unrestricted non-preserved funds available perhaps your best course of action would be to use these funds however not sure whether these would then last you the 8 years required (age 51 now, preservation age 59?).

[Hatts]

Hi Andrew

 

Yes, preservation age is 59.

 

Yes I am looking to set up SMSFs under which I would purchase resi-property with part of the Oz funds, keep some in cash and the rest in equities. The QROPS (UK) funds would then be solely in equities. To do this I need to have the UK QROPS subject funds separate.

 

Whether the firm combined the funds 'in error' or simply due to me not realising that they would do so is not really relevant. If, for (just one) example, I was in fact to return to the UK then I would want only the UK funds to then be subject to UK legislation. The firm should not have permitted the combination of funds so that any future issues are avoided.

 

On the issue of UK return, I believe that under the recent UK pension changes, one option would be to permanently return to the UK at 55 years old (perhaps to work there again, or just as a retired person) and I could access 25% of the UK pension monies (25% being around AU$125thd). I believe the remaining funds would then stay in my SMSF QROPS but become subject to all UK legislation againbut can remain untouched (no need for an annuity). Should I then later return to Australia then the 5 year/10 year periods would start again. Under that circumstance it would not be a problem as when I turn 59 I have enough in Oz funds (non-QROPS) to retire on especially until the 10 year period has expired.

 

Its an interesting conundrum.

Edited August 7, 2014 by Hatts

[Andrew from Vista Financial]

Hi Andrew

 

Yes, preservation age is 59.

 

Yes I am looking to set up SMSFs under which I would purchase resi-property with part of the Oz funds, keep some in cash and the rest in equities. The QROPS (UK) funds would then be solely in equities. To do this I need to have the UK QROPS subject funds separate.

 

Whether the firm combined the funds 'in error' or simply due to me not realising that they would do so is not really relevant. If, for (just one) example, I was in fact to return to the UK then I would want only the UK funds to then be subject to UK legislation. The firm should not have permitted the combination of funds so that any future issues are avoided.

 

On the issue of UK return, I believe that under the recent UK pension changes, one option would be to permanently return to the UK at 55 years old (perhaps to work there again, or just as a retired person) and I could access 25% of the UK pension monies (25% being around AU$125thd). I believe the remaining funds would then stay in my SMSF QROPS but become subject to all UK legislation againbut can remain untouched (no need for an annuity). Should I then later return to Australia then the 5 year/10 year periods would start again. Under that circumstance it would not be a problem as when I turn 59 I have enough in Oz funds (non-QROPS) to retire on especially until the 10 year period has expired.

 

Its an interesting conundrum.

 

Hi Hatts

 

Yes I can see why you would like your funds separated now.

 

Actually it could well be relevant as to whether it was an error in mixing them or not. It is not a requirement to have foreign super contributions/transfers separate to domestic monies, some Super Funds choose to keep them separate by not allowing them to be mixed to make reporting simpler however other Super Funds allow them to be mixed.

 

If not done in error then it may be difficult for them to separate the funds and not a case of simply rolling over the foreign super component, generally when super monies are moved they are done so in proportion to their tax components ie tax-free and taxable and since generally UK transfers become tax-free components it may cause some difficulty.

 

Just in relation to your example and accessing the monies at age 55, although the age of access in the UK stands at 55 your preservation age in Australia is 59, this is the important date and means that you will not be able to access the monies until that time. With foreign super (UK pension) transfers as soon as the monies are transferred to Australia they then become subject to Australian legislation (as well as having to adhere to UK rulings for a time period) and can only be released once a condition of (Australian) release has been met.

 

 

KR

 

Andy

[yomvard]

Hi Andrew,

Not sure what to do. Hubby is 53,been here for 3 years and a PR. He has 3 frozen company pensions in UK not worth a lot approx 20k pounds in total. Do we combine together as one and move into his Super here, combine and leave in UK or leave as they are?

Many thanks for any help.

Sandy

[Andrew from Vista Financial]

Hi Andrew,

Not sure what to do. Hubby is 53,been here for 3 years and a PR. He has 3 frozen company pensions in UK not worth a lot approx 20k pounds in total. Do we combine together as one and move into his Super here, combine and leave in UK or leave as they are?

Many thanks for any help.

Sandy

 

 

Hi Sandy

 

To be able to answer your questions personally it would take many hours of research and investigation on my part and this would be classed as providing financial advice, given the balance involved unfortunately my services would not warrant you engaging me.

 

Are the pensions market linked or final salary?

 

From a UK perspective

 

There are many changes afoot to the UK pensions system of late but given the balance and dependent on the type of pensions there could well be merit of leaving them in UK and accessing the monies at retirement.

 

The UK government will allow 100% access for market linked pensions from next year with 25% still tax-free and 75% taxable.

 

If Market Linked Pensions (Defined Contribution) accessing them over a 2/3 financial year period could result in no UK tax taking into account personal allowance (however this may soon be pulled for non-residents) and 25% tax-free.

 

If Final Salary Pensions (Defined Benefit) you could leave them and take the annual pension benefits again given the low amounts in discussion this could result in little or no tax payable and provide an income for life.

 

Whether or not to transfer out a Final Salary Pension will depend on a number of factors and importantly the Cash Equivalent Transfer Value (CETV) being offered.

 

From an Oz perspective

 

Transferred funds will have a tax liability on any growth since arrival however any income/lump sum withdrawals will generally be tax-free.

 

Australia already allow up to 100% access from superannuation upon retirement so monies could be withdrawn or used to provide retirement income.

 

Just a few pointers for you which may give you a bit of guidance, sorry I cannot be of much more assistance however my hands are tied via this method of communication.

 

Regards Andy

[yomvard]

Hi Sandy

 

To be able to answer your questions personally it would take many hours of research and investigation on my part and this would be classed as providing financial advice, given the balance involved unfortunately my services would not warrant you engaging me.

 

Are the pensions market linked or final salary?

 

From a UK perspective

 

There are many changes afoot to the UK pensions system of late but given the balance and dependent on the type of pensions there could well be merit of leaving them in UK and accessing the monies at retirement.

 

The UK government will allow 100% access for market linked pensions from next year with 25% still tax-free and 75% taxable.

 

If Market Linked Pensions (Defined Contribution) accessing them over a 2/3 financial year period could result in no UK tax taking into account personal allowance (however this may soon be pulled for non-residents) and 25% tax-free.

 

If Final Salary Pensions (Defined Benefit) you could leave them and take the annual pension benefits again given the low amounts in discussion this could result in little or no tax payable and provide an income for life.

 

Whether or not to transfer out a Final Salary Pension will depend on a number of factors and importantly the Cash Equivalent Transfer Value (CETV) being offered.

 

From an Oz perspective

 

Transferred funds will have a tax liability on any growth since arrival however any income/lump sum withdrawals will generally be tax-free.

 

Australia already allow up to 100% access from superannuation upon retirement so monies could be withdrawn or used to provide retirement income.

 

Just a few pointers for you which may give you a bit of guidance, sorry I cannot be of much more assistance however my hands are tied via this method of communication.

 

Regards Andy

 

Hi Andy,

Sorry didn't,t realise it was so complicated and needed lots of work. No they are not final salary just contributions made by my husband and the companies. They are loosing money from charges and as no more contributions have been made to any of them due to change in jobs and our move to Aus. By the time my hubby is 65 I wonder if anything will be left and as he was a low income earner, we struggled to add to each pension to try and have a decent pension when retired.

Thanks for your above help

Regards

Sandy

[Gbye grey sky]

Hi Sandy

 

People in a similar situation to yourself are free to give 'advice' without knowing the full facts. Andy, as a Financial Advisor, would need a lot of detail about yourselves and the funds in question to be able to be confident in giving the right advice for you and his fees (because he would need to spend quite a lot of time to give proper advice) would outweigh any benefit.

 

I think if I were your husband (and assuming that you are expecting to retire in Australia) I would first contact my Super provider and find out from them what could be done about moving the funds over. I cannot say that it will necessarily be better for you financially but it would make life a bit less complicated and there would be advantages for potential inheritance of the fund too. As you say yourself the funds are small and fees will be disproportionate for such small pensions.

[Andrew from Vista Financial]

 

Hi Andy,

Sorry didn't,t realise it was so complicated and needed lots of work. No they are not final salary just contributions made by my husband and the companies. They are loosing money from charges and as no more contributions have been made to any of them due to change in jobs and our move to Aus. By the time my hubby is 65 I wonder if anything will be left and as he was a low income earner, we struggled to add to each pension to try and have a decent pension when retired.

Thanks for your above help

Regards

Sandy

 

No problem Sandy and no need to apologise.

 

If the charges are that high then looking at moving to an alternative UK pension could be a consideration, in actual fact it’s likely that the charges on average now for UK personal pensions are lower than that of the average fee for Australian Superannuation Funds.

 

Have a look at my last post on this thread as it covers off on the differences between UK Market Linked schemes and Australian Superannuation Funds it may be of some assistance: http://www.pomsinoz.com/forum/financial-advice-ask-vista/215610-pensions-2.html

 

This thread in relation to Pension Transfers might also help: http://www.pomsinoz.com/forum/financial-advice-ask-vista/169401-uk-pension-transfers-information-thread.html

 

Kind Regards

 

Andy

[Cass1e04]

My wife 53 has a couple of UK NHS final salary pensions they have transfer values, but can only see mention that the transfer value re lates to transferring into other NHS pensions.

we are due to move to OZ shortly and will be permanently residing up to and past retirement age

Can and do these need transferring into QROPS or should they just sit frozen and drawn in oz at the appropriate age?

[Gbye grey sky]

My wife 53 has a couple of UK NHS final salary pensions they have transfer values, but can only see mention that the transfer value re lates to transferring into other NHS pensions.

we are due to move to OZ shortly and will be permanently residing up to and past retirement age

Can and do these need transferring into QROPS or should they just sit frozen and drawn in oz at the appropriate age?

 

There is no right or wrong answer to this question. I recommend reading the whole thread and the linked threads to get an idea of the pros and cons of moving a defined benefits pension to a QROP. If you are in doubt after that I recommend that you do what I will be doing and pay for independent advice.

[Andrew from Vista Financial]

My wife 53 has a couple of UK NHS final salary pensions they have transfer values, but can only see mention that the transfer value re lates to transferring into other NHS pensions.

we are due to move to OZ shortly and will be permanently residing up to and past retirement age

Can and do these need transferring into QROPS or should they just sit frozen and drawn in oz at the appropriate age?

 

Hello

 

You can either leave them in the UK and have the pension paid to you from normal pension age (NPA) or transfer them to Australia (currently).

 

Have a look at this thread which gives information on transferring to Australia from the UK: http://www.pomsinoz.com/forum/financial-advice-ask-vista/169401-uk-pension-transfers-information-thread.html

 

Also have a look at this thread and particularly my post (number 21) about taking advice in relation to transferring or not: http://www.pomsinoz.com/forum/money-finance/220374-government-response-uk-pension-ban-australia-qrops-3.html#post1936630802

 

Kind regards

 

Andy

[harrip]

I am presently investigating the transfer of a UK pension to Oz. I believe it is the right move for me but I am looking to maximise the funds that make it to the Australian super fund. In particular, I'm looking at the exchange rate and how it is calculated. I know there is a risk on what the exchange rate is and I'm fine with that but I do not want to end up paying a 3% retail margin on exchange rates when a much finer margin should be available.

 

I wondered if anyone had found a way around this particular aspect?

 

Thanks.

[Manxhaven]

Hi Andy,

I was born in December 1943.

My wife and I took up our permanent residence visas in Oz in October 2011.

I had a small 'opted out' UK pension fund which I have never touched and had it moved to a QROPS fund.

The funds eventually arrived in September 2012 despite the forms being submitted in the March 2012.

The actual amount received was some $28,667 less some $562 fees.

I am now 71 years old (wife 70) and not liable to pay tax on our income.

I find that some 15% tax is paid by the/my fund on its income.

It was suggested that I am entitled to cash in on the fund and invest the money in my own name thus saving the 15% tax.

Obviously I do not wish to be met with any penalty tax bill from the UK authorities if I surrender the same.

Can I cash in the funds without any tax penalty or do I have to wait for the ten years from the transfer thus taking me to 79 years of age before I can utilise the monies.

 

Any advice will be welcomed.

 

Kind regards

Colin

 

ps The firm which transferred the monies to the QROPS fund on my behalf has now ceased trading.

[julesharp]

Hi Andy,

 

Thanks for all the information. I moved to Australia a year ago and now and anxious re deadlines with moving pension. I worked in NHS in northern Ireland and paid into HSC superannuation scheme for 10 years. I received an email from there policy team which stated that they have had no information from HMRC regarding changes that affect transfers from HSC so am a little confused.

 

If you can shed some light this would be greatly appreciated.

jules

[Andrew from Vista Financial]

Hi Jules

 

Admittedly I have not dealt with an NHS NI scheme (England and Scotland only), if it is a UK Government Un-funded Defined Benefit Scheme as are the English and Scottish schemes it will be affected by the transfer ban announced in the 2014 budget (http://www.moneymarketing.co.uk/news-and-analysis/pensions/budget-2014-govt-to-block-public-sector-pension-transfers-to-prevent-mass-exit/2008146.article).

 

HTH

[julesharp]

Hi Andy

 

Thanks for your reply. My pension scheme was funded. So does this still have the same implications as the unfunded come April?

 

Where are you located in Australia if needed for personal consultation

cheers julie