Druid Posted August 9, 2012 Report Share Posted August 9, 2012 I need some help/advice, I have a Standard Life Stakeholder pension on ice in the UK going down in value, I think I stand more chance moving it into my current Aussie Super fund, how do I go about doing this is it can be done, thanks in advance Quote Link to comment Share on other sites More sharing options...
Druid Posted August 10, 2012 Author Report Share Posted August 10, 2012 Bump................... some one must have done it Quote Link to comment Share on other sites More sharing options...
Andrew Williams Posted August 11, 2012 Report Share Posted August 11, 2012 Hi Druid I believe that from reading another of your posts that you are a temporary resident, is that right? Regards, Andy Quote Link to comment Share on other sites More sharing options...
Druid Posted August 12, 2012 Author Report Share Posted August 12, 2012 Hi Druid I believe that from reading another of your posts that you are a temporary resident, is that right? Regards, Hi Andrew, yes here in a 457, but my application for an 857 was lodged in March, shouldnt be too much longer now, hoping to have PR by the end of the year and buy a house, any advice would be appreciated, I was shocked when I got my Standard Life pension and saw my fund go down Quote Link to comment Share on other sites More sharing options...
phil Posted August 13, 2012 Report Share Posted August 13, 2012 I've moved my Standard Life pension over to a Super fund here. It can be done. I figured it best to get some advice from someone qualified and a friend recommended a finance guy. I don't think the same kind "Independent Financial Advisor" scheme runs here, but the guy we got to do it was very clear about how/why he'd be recommending certain products etc. Quote Link to comment Share on other sites More sharing options...
Andrew Williams Posted August 15, 2012 Report Share Posted August 15, 2012 (edited) Hi Druid I believe that from reading another of your posts that you are a temporary resident, is that right? Regards, Hi Andrew, yes here in a 457, but my application for an 857 was lodged in March, shouldnt be too much longer now, hoping to have PR by the end of the year and buy a house, any advice would be appreciated, I was shocked when I got my Standard Life pension and saw my fund go down Hi Druid Firstly re your temp status, have a look at my post on this thread http://www.pomsinoz.com/forum/money-finance/158107-uk-credits-state-pensions-vs-super.html#post1935926745 , transferring whilst temp carries a risk. Secondly re your Standard Life Pension, the performance will be dependent upon the underlying investment options within the fund and since Pensions are long term investments most tend to fluctuate as they generally have large weightings towards growth assets i.e shares. Superannuation in Australia my also be subsceptible to fluctuations depending upon the underlying investment options. Thirdly, transferring UK Pensions can be done DIY but it is advisable to take advice to understand the full implications of either transferring or not transferring. In some circumstances a transfer may not be in someone's interests. What seems like a simple process i.e just paperwork can turn out to be very complex and also costly if not done correctly. Also even if someone was adamanant that they wanted to transfer getting personal advice on how the funds should be invested can be extremely beneficial. There are hundreds of different Superannuation Funds on the market and thousands of different investment options. Investment portfolio can be recommended to suit individuals personal objectives and preferences. Hope this helps, Andy Edited August 15, 2012 by Andrew Williams Quote Link to comment Share on other sites More sharing options...
Druid Posted August 15, 2012 Author Report Share Posted August 15, 2012 Hi Andrew, thanks for the advice, I just read the PIO thread, still have some more thinking to do, but pretty sure I am not going to do anything until I have PR status, one quick question, if I decided to do it, could I pay the money into my company super fund, I am with AMP, are they QROPS approved? Cheers Quote Link to comment Share on other sites More sharing options...
Andrew Williams Posted August 16, 2012 Report Share Posted August 16, 2012 Hi Druid AMP have so many different funds available so I could not say whether they yours is QROPS registered, some of them are. It is possible to mix QROPS monies with non QROPS in some situations but some funds do not allow it. The reason behind this is their is further obligation (10 years from when the funds are received) to HMRC even when UK Pensions are transferred to Australia in relation to reporting by the receiving scheme thus many do not allow the monies to be mixed. The other point about mixing is that there is also a period whereby any unauthorised withdrawals can be taxed by HMRC at extremely punitive rates and this could cause issues if someone were looking to access funds within this time period (currently 5 full tax years of non UK tax residency). Regards Andy Quote Link to comment Share on other sites More sharing options...
Druid Posted August 16, 2012 Author Report Share Posted August 16, 2012 Hi Druid AMP have so many different funds available so I could not say whether they yours is QROPS registered, some of them are. It is possible to mix QROPS monies with non QROPS in some situations but some funds do not allow it. The reason behind this is their is further obligation (10 years from when the funds are received) to HMRC even when UK Pensions are transferred to Australia in relation to reporting by the receiving scheme thus many do not allow the monies to be mixed. The other point about mixing is that there is also a period whereby any unauthorised withdrawals can be taxed by HMRC at extremely punitive rates and this could cause issues if someone were looking to access funds within this time period (currently 5 full tax years of non UK tax residency). Regards Andy Thanks Andy, I will give you a call when I decide to do something. Cheers Druid Quote Link to comment Share on other sites More sharing options...
Andrew Williams Posted August 17, 2012 Report Share Posted August 17, 2012 Sure Druid, feel free when you are ready. Good luck with the perm Quote Link to comment Share on other sites More sharing options...
Guest Dan Collins Posted September 12, 2012 Report Share Posted September 12, 2012 I need some help/advice, I have a Standard Life Stakeholder pension on ice in the UK going down in value, I think I stand more chance moving it into my current Aussie Super fund, how do I go about doing this is it can be done, thanks in advance A strategy for those worried about volatility in a fund can be to make a switch to a more conservative investment within your pension. It's free in many pensions, though you will need advice on the appropriate one. Stakeholders have very basic conservative options, but often they have reasonable choice. Long term, keeping funds in a low growth environment can lead to disappointment at retirement, but if you are seriously considering moving the pension for volatility it is one option to consider. You should have an IFA linked with the pension in the UK. Ask them about your options in your situation. It might even be free to switch to the more suitable fund and at least give you some thinking time about your next move. Hope that helps and good luck in the coming months. Quote Link to comment Share on other sites More sharing options...
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