Guest ruth&simon Posted March 7, 2012 Report Share Posted March 7, 2012 Hi guys, Can any ex-military give any clues to the best thing to do with your pension ? Can you leave it in the UK then do a straight transfer to an Oz bank ? Do you get taxed on doing the above ? cheers Si Quote Link to comment Share on other sites More sharing options...
Guest Tony4052 Posted March 7, 2012 Report Share Posted March 7, 2012 Not ex-mil yet but soon to be... All the advice I have received points towards leaving it going to the UK and then setting up a direct transfer using a company like MoneyCorp. Give me a call or text if this is Si D.... Quote Link to comment Share on other sites More sharing options...
StraighttothePoint Posted March 10, 2012 Report Share Posted March 10, 2012 Hi guys, Can any ex-military give any clues to the best thing to do with your pension ? Can you leave it in the UK then do a straight transfer to an Oz bank ? Do you get taxed on doing the above ? cheers Si As I am sure you know with all money you receive via pensions that is classed as income. The issue is not where just where you get it paid into a bank but it is as much about where is the best place for you to pay tax on all your income. For example if a person lives permanently in Oz, and is registered here for paying tax, then regardless of where they receive income from, and where it is banked, then it should be declared on their Oz tax return as income. Obviously I have no idea as to your circumstances, both in terms of where you reside, what your visa status is and where you pay tax if at all, but regradless of all that you can pay the penison into a UK bank and transfer it to Oz or just as easily you could have it paid direct to a Oz bank account. All depends on where you need to have the money and what you want to do with it. I live between Perth and Scotland and so have bank accounts in both places but declare all my income, and pay all my tax, here in Perth. It may be better to work out your overall tax situation first and then decide what to do? Just a thought. Quote Link to comment Share on other sites More sharing options...
gobbyjock Posted March 10, 2012 Report Share Posted March 10, 2012 HUbby is ex RN he pays tax on his pension here in Oz, we keep it in UK account and do a money transfer couple of times a year (depending on the exchange rate which is pretty pants at the mo) Quote Link to comment Share on other sites More sharing options...
Guest tullamore2012 Posted March 12, 2012 Report Share Posted March 12, 2012 (edited) I am an ex service myself and have been involved in transferring hundred of ex forces all over Australia. I can give you details of satisfied clients please contact me for further info on how to complete it Regards James Edited April 6, 2012 by tullamore2012 new information Quote Link to comment Share on other sites More sharing options...
Guest tullamore2012 Posted April 6, 2012 Report Share Posted April 6, 2012 It would seem that the UK goverment have now made it much easier for overseas clients to move their UK pension to a QROPS seems the best thing to do providing you have been out of UK for around 5 years. Quote Link to comment Share on other sites More sharing options...
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