SwanseaJack

Moving State and Personal Pension

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    Hi All,

     

    My wife and I have both got pensions in the UK. I have a pension with Standard Life and when I asked them what to do with it they replied the best thing was to wait as I have five years to decide what I want to do with it. I have since been contacted by a financial advisor who said that this was not the case and leaving it in the UK is frowned on by the Austrailian goverment.

     

    I would like some help as we are moving soon and would like to get this resolved asap.

     

    Thanks in advance

     

     

    Simon.

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    Ignore the financial advisor - they probably make their money by moving pensions. Pay for some independent advice about whether to move your pension or not, and definitely don't move it if you don't think you will retire in Australia. We used a company that move pensions but also offer other financial advice around moving and charge for the advice they give. They told us it was not worth moving my pension (not worth enough to bother) and that there is no time limit to move them. There are potential tax implications if you don't move it within a certain time but these can be mitigated with the right help. It's certainly not something you rush in to.

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    We looked at moving them over after being here approximately 18 months but due to a few factors decided not to bring them over at that stage. We get our annual summaries posted to our Adelaide address. I personally think you need to firstly establish whether you are going to stay here before you start moving it over, as well as other factors, the rules/laws change and we get updates sent to us on this.

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    Hi All,

     

    My wife and I have both got pensions in the UK. I have a pension with Standard Life and when I asked them what to do with it they replied the best thing was to wait as I have five years to decide what I want to do with it. I have since been contacted by a financial advisor who said that this was not the case and leaving it in the UK is frowned on by the Austrailian goverment.

     

    I would like some help as we are moving soon and would like to get this resolved asap.

     

    Thanks in advance

     

     

    Simon.

     

     

    Hi Simon

     

     

    Standard Life have confused things here, you have as long as you like to decide what to do with it generally so long as it is before you take the pension benefits.

     

    How did the Financial Advisor get your contact details?

     

    I would not say that it is frowned upon, there may be benefits to having it here from an Australian Government point of view but alternatively there may not depending upon your situation.

     

    Have a look at this thread I wrote it may help a bit http://www.pomsinoz.com/forum/financial-advice-ask-vista/169401-uk-pension-transfers-information-thread.html

     

    Essentially it generally makes sense to wait until you are settled in Australia and feel that it is your intention to remain here before looking at where your retirement monies might be best placed.

     

    If you do get to the point whereby you believe that you will not return to the UK to live and will be remaining in Australia then it would be prudent to explore your options and potentially seek professional advice.

     

    Regards

     

    Andy

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