Pensions warning

[Guest Chelseadownunder]

UK Trade magazine - Money Marketing 05/06/08 warned - UK Pension savers that have transfered their pension funds to an authorised pension scheme in Australia could face a 40% tax charge for unauthorised payments following a change in the Australian tax law, a leading international IFA is warning.

 

Since 2004, any growth in the assets held in a qualified registered overseas pension scheme has been liable to tax at 15% if the scheme benifiary is under retirment age.

 

There is obviously more to the artical but I saw this and thought it worth posting.

 

I welcome anyones thoughts.

 

Scott

UK Financial Adviser (Soon to be Adelaide Oz)

[cormcvcr]

I have a pension that I stopped paying into years ago and missed the deadline for the claims being made for miss-sold pensions. I have left it where it was.

 

Are there any benefits to leaving this where it is or transferring it over here, even although no more money will be getting paid into it?

 

I am a thickoid when it comes to these things.

[Guest Nick11]

I have a pension that I stopped paying into years ago and missed the deadline for the claims being made for miss-sold pensions. I have left it where it was.

 

Are there any benefits to leaving this where it is or transferring it over here, even although no more money will be getting paid into it?

 

I am a thickoid when it comes to these things.

 

We've just transferred ours over to oz.

Basically if you have a uk pension and you die - you hubby will only get 50% of it when he retires. If you both die before or during retirement the fund is shut down . In oz if you die your hubby gets 100% of it and if you both die whatever is left in the kitty goes to your estate - in most cases to the kids!

You aren't taxed on the money when you come to draw it out either.

Downside is that once you transfer it over - you can't transfer it back to the uk and like most things in life - it's not cheap to do it!