Pension transfers on an sir 495

[Guest redfoxy]

Hi All,

 

This a question probably been asked before and also is of interest to all SIR 495 and other temporary visa holders.....

ALso one that probably Andrew who has answered may before about this subject !!

 

If we are on a temp visa what do we do about our pensions ??

 

How do we stand if we transfer them here ?? What if one day we go back to UK or another place ?? SHould we wait until we are PR's to do anything ??

 

What about our DSS pension and our serps pension ??

[Guest redfoxy]

Any one else had this dilemma ??

[Guest Nick11]

We transferred ours through westpac. No dramas. We're on a 495 - had no problem. No you can't transfer it back - but hopefully we're here for good - will apply for pr soon.

Can't help you about pensions in uk- we decided not to pay extra ni contributions - you need 29 years now I believe for a full state pension - hubby had 25 and I had 17. Figured by the time we reach retirement age the government will pass some law saying only uk residents can claim it etc - anything to get out of paying it - as there won't be enough money left in the kitty. Too many taking out and not enough paying in.

Just my view on it.

[Andrew from Vista Financial]

Hi Redfoxy!

 

I will be holding a Seminar on Pension Transfers again in a few weeks so would suggest that you maybe come along to that. This will cover off your questions and many more.

 

Tempoarary residents who are tax residents of Australia can transfer the pension tax free while temporary, once permanent is gained however tax implications may arise.

 

Other differences are that Permanent residents may have a tax liability if they do not transfer their Pensions year on year in Australia whereas temporary residents may not.

 

State Pension including Serps, S2P cannot be transferred.

 

Andy

Edited February 19, 2013 by Andrew from Vista Financial

[Guest redfoxy]

Thanks Andrew, Will probably come to the seminar hope its not in the city !!

I opted our of serps years ago and them opted back in..was this a bad idea ? would I now have the option to opt back our again do you think ??