Pensions

[Guest wilson7716]

can anyone give advice with regards to pensions from UK. Basically i will have a forces pension from RAF, do i keep getting it paid into UK account and transfer when needed (exchange rates etc) or do i get it paid directly to an Aus account if i can? does anyone/ bank people know how does it work? will i pay tax in uk and aus? thanks for your help

[Carole Jolly]

Hi. I am still looking into how the tax works in Australia... but it would seem you are taxed on your worldwide income in Australia. I take it you are moving over there permanently? From a Uk perspective you will be allowed your personal allowance, due to increase to £6k, so if your pension is likely to exceed this amount, you will pay UK tax after this amount. My belief is that as worldwide income, the pensiion will be taxable in Australia and any tax paid in the UK will be offset against, under double taxation reliefs.

Some one else may know from personal experience about the RAF pension. But normally it is a UK source and would paid in pounds and exchanged when transferred.

Its frustrating not knowing all the auzzie tax rules, but there are many companies that give advise for a cost of course eg uk expats tel 0118 921 0110. i am not recommending these people as I have not used them.

Keep us posted

 

Carole

[Lea]

We get ours (OK hubby's) paid into our UK account and get it transferred over every month. We got a fixed rate off one of the funds transfer companies for 2 years.

 

Lea