We transferred a pension (NHS) from the UK to a pension fund here, when we thought we would be here permanently. It is a self managed superannuation fund. We were told that you had to put your pension into one of these funds, whether managed by yourself or by an accountant. Ours consists of pension money which was put down on a house for investment purposes. What nobody told us was that it costs more to have the fund audited than what it's making us in gains! It would be astronomically more if we weren't doing the paperwork ourselves, however, yesterday we were told that we won't even be able to do that in future - the fund will have to meet all sorts of new formalities and certifications which can only be done by an accountant. We were told that people are paying up to $16K a year just to run the damned Fund. Given that we've lost money anyway on the property because of the recession (the one we live in plus the investment one) we are seriously out of pocket. Now we want to return to the UK and want rid of this money-sucking Fund. How do we do this? Can the money be transferred to an investment property in the UK where one of these Funds would not be required? If we don't get shot of the thing we're going to be broke long before property goes up in value enough to cover the fees.

Cheryl,

I am part of the team in my office that specializes in SMSFs. I can tell you that our clients pay NO WHERE near $16k per year for our services in relation to their funds.

I STRONGLY suggest that you contact several accountants and get their rates.

It's YOUR money and you work too hard for it. Do not give it to anyone when you don't have to!!!

Best of luck,
Marilyn

I agree with Lady M.

Please feel able to telephone my fellow director in the Go Matilda Accounting and Tax business - Jane Cooper - as there are alternatives to a Self Managed Super Fund that may be more appropriate to your circumstances, and will almost certainly be less expensive in terms of professional fees.

You can reach Jane at our office in Perth: 08 9261 7762.

Best regards.