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    • 1 Post By Keith & Linda

    Thread: UK Pension Transfer Values Up To 80% Higher

    1. #1

      Senior Member
      Join Date
      May 2008
      561 times

      UK Pension Transfer Values Up To 80% Higher

      Now could be a good time to review whether to transfer your UK Pension to Australia.

      An article written recently suggests that now is a good time to ditch your final salary pension as Transfer Values are up to 80% higher than they were 6 years ago.

      Therefore even if someone has received advice in the past it may be well worthwhile looking at this again.

      The article for reference can be found here: http://www.investorschronicle.co.uk/...L/article.html

      I would stress though that it is imperative to take advice in this area as a transfer of a final salary scheme means that you will be losing a guaranteed income for life if transferring to Australia and into a Superannuation Fund.

      That said there are also some great advantages to having pension/retirement monies in Australia for example tax free income in retirement and these advantages could mean extra benefit for you.

      Note also that the article is relating to transferring within the UK and when it comes to transferring overseas for example Australia more complexities and regulations stand in the way from both the HMRC (UK side) and ATO (Australian side).


      Director - Vista Financial Services - Financial Advisor and Mortgage Advisor for Poms in Adelaide - UK Pension Transfers / Financial Advice / Mortgage Advice
      Andrew@vistafs.com.au FPA & MFAA Member, Adv Dip FP www.vistafs.com.au Ph: 08 8381 7177

    2. #2

      Senior Member
      Join Date
      Apr 2013
      from Leeds now in Brisbane, worked in Adelaide - loved it, now back in Brisbane
      916 times
      Well worth giving serious consideration, I transferred mine some 10 years ago, two things were real deciding factors for me then, I cannot say if the same rules apply now.

      Firstly, my UK fund was getting eaten away by fees and charges, but as I was not a british tax payer I was not allowed to pay anything in, not even to cover the fees, which was/is stupid.
      Secondly, If I died my wife would only have got 50% of the UK pension/value, and if we both died the kids got nothing, it all went to the UK Government!! nooooo way! whilst over here the wife/children will get the full value of the fund.

      As I said I do not know the rules now, and as Andy says you do need to seek further advice, and my above two comments may just form part of your considered decision



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