Can I transfer my UK pension to a QUORPS my self ????

[ladycasper]

As I dont want to pay any fees on my paultry pension, can I do this transfer work myself ??

 

I dont see why not !

 

The e xchnage rate is so bad at the moment I may wait a year til it goes up as it is forecast to do !!

 

However, I would like to do it myself rather than pay another person to fill in forms for me ....

 

Does anyone know can they help ??

 

thanks

[ratters2005]

I believe you can, but the process is some what difficult.

If you get any idea please drop me a notE as I would like to do mine, save some fees on my little pension.

Thanks

[ladycasper]

I believe you can, but the process is some what difficult.

If you get any idea please drop me a notE as I would like to do mine, save some fees on my little pension.

Thanks

 

 

 

Have a lok at this, I reckon I would have a go, but may just await to see what the exchnage rates do !!!

 

http://www.australiansuper.com/resources.ashx/formsandpublications/316/File/6818D31EE65D6E9F025591E0694C6094/QROPS_Feb08r.pdf

[ladycasper]

Have a lok at this, I reckon I would have a go, but may just await to see what the exchnage rates do !!!

 

http://www.australiansuper.com/resources.ashx/formsandpublications/316/File/6818D31EE65D6E9F025591E0694C6094/QROPS_Feb08r.pdf

 

 

 

From what I can gather, the money has to go inot a quorps super fund so avoid paying about 50% tax. so thats ok.

 

Then I think you pay 15% tax on what its made in profit since you lived in australia....

 

which ever way I reckon with my samle fund its cheaper than paying $ 825.00 plan fee and $ 2330.00 transfer & implementation....

 

what do you think ??

[Guest brownie]

I have been looking into this myself and agree with ladycasper, it doesn't look too complicated to transfer it yourself.

 

Take a look at this link also.

 

http://www.australiansuper.com/resources.ashx/formsandpublications/658/File/66F941FB84D486E0AA514B3DF0BF7D5E/Qrops_Fact_Sheet_May_2010.pdf

[HEAPS GOOD !!!]

the way things are going i would exchange while you can it doesnt look like getting any better real soon.....better to bite the bullet now rather than lose anything in say 6/12 months time...

 

thats just my view i aint no financial advisor..

 

HG

[Andrew from Vista Financial]

As I dont want to pay any fees on my paultry pension, can I do this transfer work myself ??

 

I dont see why not !

 

The e xchnage rate is so bad at the moment I may wait a year til it goes up as it is forecast to do !!

 

However, I would like to do it myself rather than pay another person to fill in forms for me ....

 

Does anyone know can they help ??

 

thanks

 

 

Pension transfers in most cases can be quite complex affairs but it is possible for people to do it themselves if they want to spend the time researching and administering and take on any potential risks it may involve.

 

Who has forecast that the exchange rate will go up in a year?

 

You are not just paying for someone to fill forms in for you, you are paying for professional advice so as to avoid any unnecessary penalties/charges/breaches etc (one of which you have already mentioned i.e a pension transfer must go to an Australian QROPS fund) and to carry out the work from start to finish.

 

 

 

From what I can gather, the money has to go inot a quorps super fund so avoid paying about 50% tax. so thats ok.

 

Then I think you pay 15% tax on what its made in profit since you lived in australia....

 

which ever way I reckon with my samle fund its cheaper than paying $ 825.00 plan fee and $ 2330.00 transfer & implementation....

 

what do you think ??

 

 

 

 

You are right in that it is a requirement to pay tax on the assessable gain of a foreign superannuation fund since the date of arrival in Australia as a tax resident until the date that the fund is transferred if that is longer than 6 months and that person is a permanent resident.

 

Of course doing it yourself is cheaper than paying someone to do it for you but again as mentioned you are paying a professional to give advice and do a job that takes many hours.

 

They should also assess and relay to you any benefits that you could be losing by transferring and point out the potential benefits of transferring.

 

Also part of the transfer is investing the monies into an appropriate fund for you and into an investment approach within that super fund that meets with your goals and objectives and risk profile.

 

In most cases the fee can be deducted from the transferred monies and therefore isn’t an out of pocket cost. That said if it is only one small fund then the fee you quote could be a bit on the high side, have you shopped around?

 

Regards

 

Andy

[ladycasper]

Pension transfers in most cases can be quite complex affairs but it is possible for people to do it themselves if they want to spend the time researching and administering and take on any potential risks it may involve.

 

Who has forecast that the exchange rate will go up in a year?

 

You are not just paying for someone to fill forms in for you, you are paying for professional advice so as to avoid any unnecessary penalties/charges/breaches etc (one of which you have already mentioned i.e a pension transfer must go to an Australian QROPS fund) and to carry out the work from start to finish.

 

 

 

 

 

 

 

 

You are right in that it is a requirement to pay tax on the assessable gain of a foreign superannuation fund since the date of arrival in Australia as a tax resident until the date that the fund is transferred if that is longer than 6 months and that person is a permanent resident.

 

Of course doing it yourself is cheaper than paying someone to do it for you but again as mentioned you are paying a professional to give advice and do a job that takes many hours.

 

They should also assess and relay to you any benefits that you could be losing by transferring and point out the potential benefits of transferring.

 

Also part of the transfer is investing the monies into an appropriate fund for you and into an investment approach within that super fund that meets with your goals and objectives and risk profile.

 

In most cases the fee can be deducted from the transferred monies and therefore isn’t an out of pocket cost. That said if it is only one small fund then the fee you quote could be a bit on the high side, have you shopped around?

 

Regards

 

Andy

 

 

Hi Andy, Thanks for your comments...

No I havent shopped around. I do work for a bank and expected fees to be cheap as they are for other services....

However, I did read up on the Australian Super Quorps fund on line and it did seem quite simple...

I read on a financial statement provided by this adviser that it seems rates are predicted to raise a little to about .54 to the dollar sometime next year , but who knows, its a gamble isnt it ????

 

Lynne

[Guest Robster]

Hey there,

 

I came over from Spain a few months ago, met an FA in regards to QROPS just before I moved.

 

He was pretty good and spoke to one of the partners as well so ended up doing the transfer with him still via Skype and put the pension into the Channel Islands. The charges were also a big reason. Paid 300 to get in and 300 a month so pretty chuffed.

 

The guys website is adviesqrops.com perhaps worth a shot.

 

Hope it helps.

 

R

[Alan Collett]

I think a substantial part of the value adding comes with deciding where the transferred funds are going to be invested - that's where Andy and other financial planners of repute come into their own.

 

Best regards.