kevinr

Uk private pension

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    Hi

    i am moving over in 3 weeks and currently receive a private pension in the uk. I will be working in Adelaide and I was wondering what I have to do with my uk pension so I can receive in in Australia and what tax will I have to pay?

    Thanls

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    Hi

    i am moving over in 3 weeks and currently receive a private pension in the uk. I will be working in Adelaide and I was wondering what I have to do with my uk pension so I can receive in in Australia and what tax will I have to pay?

    Thanls

     

    You need to take advice on your options as the rules are always changing. I transfered my private pension some 10 years ago, back then there were two main points which influenced me, firstly my fund was dwindling due to fees being greater than the interest, and being non resident in UK I was not allowed to pay into the fund, not even the fees. Secondly should I have died then the wife would get only 50% of the fund and then if she went then ziltch to the kids all goes to the uk government. Whilst over here in OZ then the whole value of the fund goes to your wife/kids.

     

    I believe you need to be a permanment resident here, and that it has to be transfered into an approved fund, I do not think you will pay tax on it here but there will be fees and charges. There are some companies that specialise in this, some these advertise in the Internationl Mail newspaper, also do some back reading on this site at various threads especially those from Andrew Williams.

    But seek further info and advice. Have a good trip out here and hope all works out for you.

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    Hi Kevin

     

    Keith and Linda give a good explanation in regards to transferring pensions however if you are in receipt of the pension either as an Annuity or an Index Linked Pension for life then it cannot be transferred.

     

    If you are going to be a permanent resident then the income will be assessed for tax in Australia (you should be able to have it paid gross from UK).

     

    Your Pension Provider may be able to transfer it directly to an Australia Bank Account (check with provider) alternatively it will have to be paid to a UK Bank Account and you will need to make your own arrangements to have the funds sent to Australia.

     

     

    Regards

     

     

    Andy

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    Hi Kevin

     

    Keith and Linda give a good explanation in regards to transferring pensions however if you are in receipt of the pension either as an Annuity or an Index Linked Pension for life then it cannot be transferred.

     

    If you are going to be a permanent resident then the income will be assessed for tax in Australia (you should be able to have it paid gross from UK).

     

    Your Pension Provider may be able to transfer it directly to an Australia Bank Account (check with provider) alternatively it will have to be paid to a UK Bank Account and you will need to make your own arrangements to have the funds sent to Australia.

     

     

    Regards

     

     

    Andy

     

    Hi Andy, I think Kevin means his pension fund, rather than an actual pension been paid to him, am sure Kevin will clarify this point. If it is a fund then I am also certain it has to be transfered into an approved pension fund here, it can go in to a self managed fund but thats when it becomes a lot more complicated.

    Cheers Keith

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    We used andrew who has replied to your question.

     

    highly recommended both Andrew and his partner Stacey look after all your concerns and go above and beyond their contract!!

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    Hi

    thanks for the advice my pension is a final salary pension and it is index linked. I have an Australian bank account set up with commonwealth bank though I have to find out how to have my pension paid gross of tax into that account. My wife has 25 years of a teacher pension plus about 10 years of Avcs so will have to tak advice when we land in a few weeks about moving it to a teachers approved fund in SA.

     

    Has anyone else moved their teacher fund?

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    Hi

    thanks for the advice my pension is a final salary pension and it is index linked. I have an Australian bank account set up with commonwealth bank though I have to find out how to have my pension paid gross of tax into that account. My wife has 25 years of a teacher pension plus about 10 years of Avcs so will have to tak advice when we land in a few weeks about moving it to a teachers approved fund in SA.

     

    Has anyone else moved their teacher fund?

     

    Yes, I moved mine and I also used Andrew Williams.

     

    Cheers,

    Cooler

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