. UK Pensions

[Joro]

Hello everybody,

 

We are moving to Adelaide at the end of the year,we are in our seventies .Is it better to keep your

state pension in the UK or will we benefit transferring it to Australia .

[snifter]

I'd have a read of this thread here to get you started

 

http://www.pomsinadelaide.com/forum/pensions-mortgages-ask-vista/34766-uk-pension-transfers-information-thread.html

 

What visa you going to be on can perhaps help toward what path you choose to take with it all.

[Andrew from Vista Financial]

Hi Joro

 

Actually with the state pension you do not have the option to transfer it as an asset, your only option is to continue to receive the payments.

 

You can elect to have these paid to an Australian Bank or your UK Bank.

 

You may or may not be aware that the state pension does not benefit from indexation increases once you become resident in Australia.

 

Regards

 

Andy

[cliffy]

I have my UK pension paid quarterly into my bank account here, and it is taxable with my Australian income. I was given no choice about whether it was paid UK or here.

The amount is fixed from the date I left UK, no indexation, as Andy says, but each time I go back, I apply for it to be paid at the rate I would receive if I was resident in UK or Europe and they always pay me at the increased rate for the time I am away. Makes a difference if you are away for three months!

Also, unlike the Australian pension, it is not means tested after it has been granted, so if you work here, you can still get all your UK pension.

[Andrew from Vista Financial]

I was given no choice about whether it was paid UK or here.

 

Actually on reflection this makes sense, I thought that some clients had informed me they have it paid to a UK Bank (probably their private pensions), having it paid direct to the persons country of residence is probably what is used to trigger/identify entitlement to the indexation increase.

[sidestep]

Might pay everyone to retain a UK bank account then.

[Joro]

Hi Snifter,

Thankyou for your reply, we have a perminent visa which we obtainted last year .

We were sponsored by my Son who is has citizen.

Warm regards

Joan

[Joro]

Hi Sidestep,

Thankyou

Joan

[Joro]

Hi Cliffy

Thankyou for your help.

Regards

Joan