Hi
Can anyone tellus if it is right that we have 6mths to move our pensions. I have a small NHS pension of 5 yrs but my hubby has a pension of about 10yrs or more that was valued last yrs at 30,000 quid. Also.if we do not move it for 6 mths will we be txed on the interest or is it you are taxed after the 6mths if you havent moved it.
I hope this makes sense.
Teryna

Ok, I think this is right.

You have 6 months to move it tax free, after that you pay 15% on any increase in value since you arrived.

The pension company will ask you for the value at the date you moved, and calculated it for you.

I think its a one way trip for your pension fund , so be sure.

Thanks for that but now im wondering how will i know what pension scheme in oz we should move it too. we had some advice from an agent who charges 200 quid plus vat for acting for us then 3% of the pension which is a lot !!
Will advisers be swayed to move to a pension scheme that pays them or pays them a commission
does anyone know if it cheaper to arrange on oz
Teryna

You can go round in circles on this one. I've been looking at it on and off for months now. it's reached the point when i've only got a month left until the deadline and given xmas is in the way, blown that one. But i was sort of hoping the exchange rate would move the other way and offset any tax bill. Bit of a gamble. I'v opted for Virgin Super. I couldn't exactly find many of the big ones that had QROPS so not a lot of choice. At least Virgin does. The fees are lowish at 1%. A lot of the retail/industry funds have much lower fees, but not Qrops. I've decided to do it all myself. I mean, you've still got to fill out the forms anyway, so make a couple of phone calls and you're away.
p.s. This is not to be taken as financial advice so you can't sue me if you read this and get it all wrong..

Australia super does, and I think they are the largest industry fund. Tend not to get recommended as industry funds don't pay commissions.

They appeared geared up for brits moving their funds.

When you say that you have 6 months to move the pension when does that 6 months start? I am coming to Australia on a 457 visa and hoping to stay full time after that. Does the 6 months start from the start of my 457 visa or when I get permanent status?

Thanks

Paul

I have just been filling in the forms to tranfer my UK pension to my Oz super fund (after 5 years of life here) and it says that the 6 months starts once you become an Australian resident for taxation purposes. You become an taxation resident person once you start paying tax here irrespective of your visa status.

HOWEVER - I would strongly reccomend that you take financial advice before you transfer it while you are on a 457 visa. What the implications would be if you transferred it and then decided not to stay in Oz I do not know - however I can imagine that you would come out of it with a pension fund that is worth a lot less !

Thanks Colin, very helpful.

Regards

Paul