Any ex Ozzie Expats accessing super from UK ?

[Rider007]

My superannuation (pension fund) is tied up in Sunsuper in OZ. They won't transfer directly to a UK account only to an aussie account which I don't have anymore. Any ideas or experiences ?

[Yex GTR]

A guy I used to work with had this issue and I don't know if he ever resolved it as we both moved jobs. From memory the issue was/is the tax treatment of taking income from Aussie Super schemes compared to UK pension schemes. It was a few years ago but I think Aussie schemes were tax free when accessed in Oz or by Aussies whereas UK schemes are not.

There must be many people with the same issue given the frequency of people moving to Oz and them coming back after a decent career there, so might be worth popping into an Aussie bank if there is one near to you to see if you can open an account with them here and have income from the Super paid into it. Downside is you will likely lose on the FX and will almost certainly have to declare it as income here in the UK on your tax return.

[QBee]

The latter point leaves you no worse off than if you had your funds in a UK scheme.

I am an accountant, and it never ceases to amaze me how many of my clients assume that they won't pay tax once they retire.
Even the state pension is taxable, so if your total income including the state pension is more than the personal allowance, you will pay tax.

What does stop is personal national insurance contributions - only your employer still has to pay those if they keep you on after retiring age.

[Sebring440]

You got some good advice the last time you posted the question:

https://www.pistonheads.com/gassing/topic.asp?h=0&...