Private pension transfer from UK to Aus

[l1sa]

Hi folks,

 

Does anyone know the rules are regulations about transferring a private pension from the UK to Australia. It is a private one but it has been on hold for the past 4 years as we were advised by our accountant to stop paying into it as it wasn't gonna pay out enough on retirement. But there is still a substantial fund being held in it and although we are currently not paying into it anymore the company are still taking a cut out of it yearly, so the fund is slowly diminishing!! The sooner we get it out the better!

 

Any ideas?

 

Thanks

 

Lisa

[Andrew from Vista Financial]

Hi folks,

 

Does anyone know the rules are regulations about transferring a private pension from the UK to Australia. It is a private one but it has been on hold for the past 4 years as we were advised by our accountant to stop paying into it as it wasn't gonna pay out enough on retirement. But there is still a substantial fund being held in it and although we are currently not paying into it anymore the company are still taking a cut out of it yearly, so the fund is slowly diminishing!! The sooner we get it out the better!

 

Any ideas?

 

Thanks

 

Lisa

 

 

Hi Lisa

 

The advice by your Accountant seems a bit strange, is he also a Financial Planner? Perhaps he suggested that you pay into an ISA instead?

 

You may also wish to have a read through this thread http://www.pomsinoz.com/forum/financial-advice-ask-vista/169401-uk-pension-transfers-information-thread.html

 

 

 

Regards

 

 

Andy

[Keith & Linda]

Hi Lisa, I really think you need to get it over here, I transferred mine some 12 years ago, as like yours it was diminishing with annual fees, and at that time we were not allowed to pay into the fund as we were not resident in UK anymore, we could not even put money in to cover the fees. Also here in Aus, unlike the UK, the whole fund will always be yours and form part of your estate should you die.

 

 

It will cost you to transfer but well worth it in my opinion, Speak to Andrew of Vista, he comes highly recommended by others on this forum, you could also check out some of the adverts in the 'International Express' newspaper if you want any comparison's.

 

Good luck

Keith