Karen_Jon

Transfering UK independent and teacher pension

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    Hi,

     

    I have been here nearly two years now and I feel settled in SA. I haven't transferred my standard life or UK teacher pension so far.

     

    Does anybody have any advice about where to start with this? Is it a case of contacting my bank or an independent company?

     

    Thanks in advance

    Karen

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    Hi Karen

    look up Andrew Williams from Vista he posts on here and he and Stacey are very good at dealing with UK pensions. Have a read of his posts about moving pensions and you can make your own decision about what to do as his articles are current and informative

    good luck

    kevin

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    Hi Karen

     

    I was also a teacher in the UK, that is looking into transferring my pension over. I have got a meeting next Wednesday with an advisor from my bank, so can let you know what he recommends I do. I have however been in contact with my teacher pension in the UK to ask if it must be transferred by April 2015 as I had been told this was the case. They said nothing had been decided as yet.

     

    Paul

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    Hi Karen and Paul

     

    My latest thread on the UK Pension situation (http://www.pomsinadelaide.com/forum/money-finance/43609-government-response-uk-pension-ban-australia-qrops.html#post301251), it covers off on the changes to legislation that may prevent transfers from occurring after April 15 however there is a chance they may still be able to continue to Australia.

     

    Just a note, the Teachers Pension works very differently to an Australian Superannuation Fund and so taking advice from an Adviser that has a full understanding of how each system works and that will work with you to ascertain whether or not a transfer is in YOUR interests is recommended. This money is your retirement money and so you really need to look at the whole picture ie your retirement planning not just the UK Pension in isolation.

     

    Here is another thread I wrote giving a brief overview of UK Pension/Transfers to Australia, it may help a bit: .http://www.pomsinadelaide.com/forum/pensions-mortgages-ask-vista/34766-uk-pension-transfers-information-thread.html

     

    Remember seeking advice from a Bank Adviser is certainly not obtaining independent advice and usually in many cases a transfer is pushed as being the best/only thing to do by promoting only positives and not pointing out the potential downsides/risks involved.

     

    Also most Banks outsource the initial work to a third party who prepare a "Free Report" again this is not advice in relation to whether a transfer is in ones interests or not moreso a report on why you should transfer and the process involved.

     

    They generally make their money if a transfer goes ahead only and charge a flat fee of around 3.3% regardless of amount.

     

    Finally of course if using a Bank you will end up with a Bank product, not a product based on your individual circumstances.

     

     

    Kind regards

     

    Andy

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