mrogers Posted July 14, 2014 Report Share Posted July 14, 2014 (edited) Hi all, we are heading over the Oz in September and trying to sort through everything I can think of whilst still here. I have now come across to Pensions and not got a clue what I have to do. My first question is the State pension, I am 37 and worked full time since the age of 18, not sure if that matters, just giving the facts. Do I need to inform anyone that I am emigrating to Australia? As I know its a long time off but how will they know to send me the money if they have no known address etc... Also, I have a private pension with Virgin, what do I do with this? Leave it where it is, or transfer it to an Oz pension? Are there any penalties or taxes if I transfer it to an Australian account after too long? Any help would be really appreciated, Many thanks, Mark & Family Edited July 14, 2014 by mrogers Quote Link to comment Share on other sites More sharing options...
kibanje Posted July 14, 2014 Report Share Posted July 14, 2014 Sorry can't help but following as also interested as we also have pensions. Quote Link to comment Share on other sites More sharing options...
nikkiwd Posted July 15, 2014 Report Share Posted July 15, 2014 there is a guy on here that gives advice on finances etc, he has a buisness maybe do a search for pensions transfers and see if he comes up Quote Link to comment Share on other sites More sharing options...
Andrew Williams Posted July 15, 2014 Report Share Posted July 15, 2014 (edited) Hi Mark and Family Firstly with the UK State Pension, you will receive what you are entitled to when you reach the relevant State Pension Age (SPA) and this will be paid to you in Australia. The current qualifying years to receive the full basic state pension (BSP) is 30 (moving to 35), if you do not have the full amount then you will receive pro-rated payments ie 15 qualifying years will give you 50% of the BSP. You may wish to consider topping voluntarily this is allowed and of course will then boost what you are entitled to. In Australia the Pension is indexed linked up until you start to receive it and then at that point does not receive any further indexation increases unlike if you were to reside in the UK. Regards Private Pensions: You can either leave them in the UK or transfer to Australia, have a read of this thread I wrote it will give an overview: http://www.pomsinoz.com/forum/financial-advice-ask-vista/169401-uk-pension-transfers-information-thread.html Generally it makes sense to wait until one is in Australia, has settled and fully believes that they will remain here before embarking on a transfer. If it is market linked (Defined Contribution Scheme) then generally it may make sense to transfer. If it is a final salary pension (Defined Benefit (DB) Scheme) then it may or may not make sense due to the fact that a DB Scheme will pay a pension for life that is indexed in payment each year. Therefore a full understanding is required of both systems and how your retirement may look with the scheme left in the UK against transferring it to understand the advantages and disadvantages of each scenario. Regards Andy Edited July 15, 2014 by Andrew Williams Quote Link to comment Share on other sites More sharing options...
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