Quote:
Originally Posted by aa88
I was wondering how other people using this forum are managing, or plan to manage their UK pension. Do you transfer your pension to where ever you are or is there some way it can be paid from a UK scheme to a bank account in another country?
I would be very grateful of any information or experiences people have about this.
many thanks
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Hi AA88,
We have moved to Australia from the UK on a permanent visa and we are in the process of transferring all our pensions (company, NHS and private) across to Australia. It has to go to a qualified pension (superannuation) in Australia. If you leave them in the UK then they can be seen as foreign investments and may have to pay Australian tax on them. If it not transferred within 6 months then it can also be taxed (and we are trying to get ours in before the 6 months are up but it will be close!).
Once you start getting your UK pension then it can be paid abroad or in the UK, and it will be frozen at that figure. I believe it will also be taxed in Australia.
However I am not a tax expert so you may want expert advice.
Regards,
Karen