Guest ben.karen

NHS pension

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    Guest ben.karen

    Hi

     

    Has anyone any experience of emigrating with an NHS pension? I believe I can transfer it to an Australian superannuated pension, or freeze it here - I think that I loose money either way, but don't know which is best. We have a great financial advisor, but he doesn't really do NHS pensions, and I've paid into it for almost 12 years now, so want to do the right thing.

     

    Any advice or experiences would be gratefully received.

     

    Thanks

     

    Ben

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    Guest Trakki

    I looked into this when I left. You cannot transfer it without making big losses, your best bet is to freeze it and keep them informed of your address etc then when you are old enough to claim it just contact them is they haven't contacted you and it will be yours.

     

    HTH

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    I looked into this when I left. You cannot transfer it without making big losses, your best bet is to freeze it and keep them informed of your address etc then when you are old enough to claim it just contact them is they haven't contacted you and it will be yours.

     

    HTH

     

    Not always the case, I have transfered mine over and know quite a few nurses who have also transfered theirs. Speak to Andrew Williams PIA member, he will look into you pension and advice you as to where your money is better off, for my family and I mine (and my hubbys - who also worked for the NHS) was better off here. He will certainly advice you and he's not just in it for the business. He has advised friends of mine to leave them in the UK.

     

    Lindsey

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    Guest Trakki

    Thanks Lindsey will look into it. Was given duff advice in UK then!!! :nah:

     

    Will contact Andrew then

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    Guest Hansonhouse

    I second that one, Andy Williams on here has given us really good advice about our pensions, one NHS one and one Police one. At the moment we are transferring one and leaving one frozen but we were pleasantly surprised by the transfer values of both especially at this time in the current financial climate.

    Andy ran a really informative session for a group of us about 6 months ago that was really useful and every situation is individual dependant upon transfer value and your future intentions etc.

    Be prepared for approximately 8-12 weeks waiting for the NHS to give you your transfer value etc and a couple of chasing enquiries at that!

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    Guest Nick11

    Is it true that if you freeze your u.k pension - it will only grow by the rate of inflation?

    Was told this on another forum.

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    Thanks Lindsey and Roz for your words.

     

    With regards to the growth on frozen NHS pensions, they will grow at the rate of the Retail Prices Index (RPI). See below for the latest UK RPI figures.

     

    Inflation

    RPI down to -0.4%

     

     

    19.gif

    Annual inflation rates - 12 month percentage change

     

     

     

    Luckily for these schemes the government have set a minimum growth rate of 2.5% if RPI is lower. This is obviously not great but better than nothing.

     

    There are some very good reasons to having UK pensions transferred over as the Superannuation system here is certainly more sophisticated than in UK and you have much more control over your retirement monies and where you want them to be invested.

     

    There are some real horror stories about UK Pension transfers in terms of losing up to 55% of the fund and that if it is not done within 6 months there will be huge amounts of tax to pay.

     

    As long as it is done correctly then there may be no reason that you will lose any money. If the transfer occurs outside of 6 months then there could be some tax to pay, however this can usually be mitigated.

     

    I would suggest that one of the main influencing factors in deciding whether to transfer a good Final Salary Pension should be your intention to stay in Australia. Once you feel it is your intention to remain in Australia then it would be worth taking advice on whether a transfer is in your best interests.

     

    For anyone that has market linked/personal pensions, it is certainly worth taking advice also as there may be tax implications prior to retirement of not brining these type of plans over.

     

    I would also suggest that anyone seeking advice on transferring their Pensions should take advice from a Financial Planner who has experience on both sides of the water. I have seen Pensions that have been transferred needlessly. It is also worth considering waiting until you arrive and taking advice, this way you can meet with your Planner regularly to monitor and review your investment strategy.

     

    I hold regular seminars on the UK Pension transfer topic, look out for my threads on these.

     

    The next one is a Saturday morning on the 9th May.

     

     

    (Please note that the above comments are general information only).

     

    Regards

     

     

    Andy

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    Guest Trakki

     

    I hold regular seminars on the UK Pension transfer topic, look out for my threads on these.

     

    The next one is a Saturday morning on the 9th May.

     

     

    (Andy

     

    Thanks Andy for the info, totally different to what I was told. Will be in contact as I can never make the seminars due to shifts and the kids.

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    Guest driversara@hotmail.com

    Hi Andy,

     

    We have suddenly sold our house and it is now all go go go and I am panicking - too much to do in such a short space of time. Can I get in touch with you about all this when we arrive? i.e is there no hurry to sort it all before we come? I have an NHS pension (approx 10 years after breaks) as I am a nurse. My husbands is self employed and his pension is hardly worth mentioning but some advice would still be welcome. In the meantime I am due to finish work at the end of June. Do I need to do anything else with my pension or will it just freeze?

     

    Many thanks,

     

    A terrified soon to be in Oz Sara

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    Guest driversara@hotmail.com

    Hi!!!!!

     

    I have been reading this thread and note you live in Seaford Rise. We (me, hubby, William 9, Grace 5 and Isabel 19 months) are due to arrive end of July and have our eye on the Seaford/Aldinga area. We had looked at Mount Barker but I think its too far out. I would appreciate any insight you can give me. All of a sudden I am panicked and not as prepared as I would like to be. What a rollercoaster.

     

    Sara

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    Hi Sara

     

    Yes feel free to come and see me when you arrive.

     

    You do not have to do anything to freeze your Pensions, they will just sit there and accrue automatically. Just bring any details/recent statements with you when you come.

     

    Good luck with everything.

     

    Regards

     

    Andy

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    Guest Hansonhouse
    Hi!!!!!

     

    I have been reading this thread and note you live in Seaford Rise. We (me, hubby, William 9, Grace 5 and Isabel 19 months) are due to arrive end of July and have our eye on the Seaford/Aldinga area. We had looked at Mount Barker but I think its too far out. I would appreciate any insight you can give me. All of a sudden I am panicked and not as prepared as I would like to be. What a rollercoaster.

     

    Sara

     

    Hi Sara

     

    We chose Seaford Rise for a variety of reasons but mainly because it is within a 40 min trip of the city, 25 min trip to Flinders University/Medical Centre and a short drive to hills, wine regions, conservation areas and only 10 min walk to the beach so it had the best of both worlds for us. On a local level, the kids go to Moana Primary School and we have been really pleased with it. They go to cubs/scouts at Port Noarlunga, 10 min drive, play cricket for Seaford Rise (as does hubby), footie for Port Noarlunga and school soccer. Shopping centre within walking distance and 2 min drive has all local amenities inc. bakers, butchers, fishmongers, fruit & veg etc. Local surf club great for Friday night meals (bar snacks and good bar) on the sea front with kids playground, also good for Sunday leisurely breakfasts. Aldinga is another 10 mins down the road and is also very popular.

    Happy to answer any questions you have if you want to PM me?

    It's definately a roller coaster but a fantastic one. I know the feeling of being out of control but there are plenty of us on here that will give whatever advice is of benefit to you. We stayed at Moana caravan park when we first arrived, for 6 weeks then got a 6 month rental and brought our house a couple of months ago all straight forward not half as problematic as I thought it would be, the only problem that we have had so far has been with getting the internet sorted, it's not as straightforward as you would imagine and we weren't prepared for that, everything else has been far better than we ever imagined it would be.

    Roz:jiggy:

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    Guest montys

    hi roz, I was quite amazed by the information you gave to sara mainly because you appear to be living the life that i'm expecting to live with my family - in the suburb where I have been researching. I am also a nurse (A&E) and we hope to be making the move towards the end of sept/beginning of oct. We have three little boys David (8) Cameron (6) and Rowan (4), Dean is my husband!! I too have suddenly started to feel out of control and panic stricken! I'm now worried about schools, a relative of mine has said to avoid seaford rise school and that moana appears to be smaller? Are we entitled to family allowance? (we have the same visa as yourselves) Are there plenty of sporting opportunities for the kids, swimming clubs etc? How long does it take you to get to Flinders? Did you find a job easily enough? Sorry, the panic is setting in, this is because I know it's all going to happen very soon. One final question, what does your husband do now? Mine currently works for Cornwall and Devon Police but is a civvie (firearms information officer) and we@re trying to think what he might do eventually out there!! I would be so grateful if you would be able to answer any of my questions, maybe will see you out there soon?!

     

    june x

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    Guest needtogonow
    hi roz, I was quite amazed by the information you gave to sara mainly because you appear to be living the life that i'm expecting to live with my family - in the suburb where I have been researching. I am also a nurse (A&E) and we hope to be making the move towards the end of sept/beginning of oct. We have three little boys David (8) Cameron (6) and Rowan (4), Dean is my husband!! I too have suddenly started to feel out of control and panic stricken! I'm now worried about schools, a relative of mine has said to avoid seaford rise school and that moana appears to be smaller? Are we entitled to family allowance? (we have the same visa as yourselves) Are there plenty of sporting opportunities for the kids, swimming clubs etc? How long does it take you to get to Flinders? Did you find a job easily enough? Sorry, the panic is setting in, this is because I know it's all going to happen very soon. One final question, what does your husband do now? Mine currently works for Cornwall and Devon Police but is a civvie (firearms information officer) and we@re trying to think what he might do eventually out there!! I would be so grateful if you would be able to answer any of my questions, maybe will see you out there soon?!

     

    june x

     

    Hi June, :cute:

     

    Was also interested on reading your post as we are looking at moving out to Seaford/rise/meadows area. I see you work in A&E, are you based in Plymouth? I work in Occupational Therapy in a busy Plymouth hospital and am currently waiting (not patiently) for a CO for 176 visa. Also researching Seaford Rise high School and hopefully pending on Visa and house sell will be moving around Decemberish.

     

    Bex.x

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    Guest driversara@hotmail.com
    Hi June, :cute:

     

    Was also interested on reading your post as we are looking at moving out to Seaford/rise/meadows area. I see you work in A&E, are you based in Plymouth? I work in Occupational Therapy in a busy Plymouth hospital and am currently waiting (not patiently) for a CO for 176 visa. Also researching Seaford Rise high School and hopefully pending on Visa and house sell will be moving around Decemberish.

     

    Bex.x

    Hi Ros and everyone else on this post.

     

    We arrive next Saturday!!!!!!!!!!!!!!!!!!!!!

     

    The goodbyes are getting more painful and I am fed up of crying. Along with all the practical stuff the emotional side is exhausting don't you think?

     

    Still looking at Seaford Rise.....hubby has job lined up so takes the pressure off me for a bit. I had a lovely long reply to an e-mail from the principal of Seaford Rise Primary. I noticed someone in this thread mentioned to avoid Seaford Rise School - was this primary or high and what were the reasons??????

     

    Thanks again for your input ( I have no e-mail address to PM you Ros).....hope to catch up on the "other side". Wish us luck and see you all down under very soon.

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    My husband transferred his over, yes it did cost to get it over,however for us we reckon we did have a lot to gain from it. Which we did ,the conversion rate was excellent.

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    You would get a job no problem at Flinders if you do not already have one. Seaford is a nice place to setttle you'll love it. Beach nearby to.

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