| We hope you enjoy your visit. You're currently viewing our forum as a guest. This means you are limited to certain areas of the board and there are some features you can't use. If you join our community, you'll be able to access member-only sections, and use many member-only features such as customizing your profile, sending personal messages, and voting in polls. Registration is simple, fast, and completely free. Join our community! If you're already a member please log in to your account to access all of our features: |
| Emigrating with pensions; Pension income transfer | |
|---|---|
| Topic Started: 5 Nov 2007, 02:02 AM (278 Views) | |
| Hitchhiker | 5 Nov 2007, 02:02 AM Post #1 |
Newbie
  ![]](http://209.85.122.87/static/1/pip_r.png)
|
We are retired and emigrating to Melbourne to join children. We have several pension incomes paid monthly. Can anyone advise how to best transfer these without incurring losses? |
 |
 
|
| Lindsay Clan | 5 Nov 2007, 08:58 AM Post #2 |
 
|
I have moved this to the general discussion section for you as it will be seen by more people who will hopefully have some answers for you. Good luck. |
|
|
|
| koalakim | 5 Nov 2007, 09:05 AM Post #3 |
Legend
|
Hi Hitchhiker Welcome to Britvics. Sounds like a good position to be in! Think you'd be best off talking to a financial advisor who is specialist in such matters. You could probably just get it paid into your Aus bank account but you'd lose out on fees for the transfer and the bank will make a charge for receiving the money. The banks fleece you for everything out here! Good luck Kim |
|
|
|
| louise | 5 Nov 2007, 01:23 PM Post #4 |
Elite Member
|
Congratulations I wish my parents would do the same! Let me know how you get on as my in-laws are going through the emigration process and they will need to look at doing the same. Louise |
|
|
|
| jen | 5 Nov 2007, 03:38 PM Post #5 |
|
Addicted Member
|
Perhaps try http://www.collettandco.com/ - I don't have any experience with them but when I searched about for someone, this was the best I could find. Good luck! |
|
|
|
| OzTennis | 5 Nov 2007, 07:22 PM Post #6 |
Legend
|
Welcome to the forum too. I haven't done this myself but will have to do so in the future so here's my understanding of the situation: Forex dealers such as HIFX and OzForex certainly will arrange for regular payments such as a pension to be paid into an Australian bank account. Contact them and they will tell you all that is involved. http://www.hifx.co.uk/ http://www.ozforex.com.au/ There is also the issue of not paying tax in the UK and there are forms to be obtained from HM Customs and Excise to exempt your income from tax. The last note I made is that you ask Customs and Excise (the former Inland Revenue) for Form FD2 Australian/Individual. The telephone number I have for asking for the form is 0151 210 222 but this may have changed. There is also an issue of paying tax on the pension in Australia so you'll have to get a TFN (Tax File Number) from the ATO (Australian Taxation Office). http://www.ato.gov.au/ The final issue is that your income is of course going to fluctuate each month with the exchange rate. For example you would have got in the $2.50's per £ a few months ago but only in the $2.20's per £ at the moment (but what goes down can go up). My suggestion is to ring or email someone at HIFX or OzForex after checking out their websites and let them tell you all that is involved. You'll also have to get a TFN at some point later on and this can be done online. Good luck! OzTennis :flag: :kangaroo: |
|
|
|
| « Previous Topic · General Discussion · Next Topic » |
10:38 AM Sep 5
