Moved to Australia,what about Co.pension

EdInvestor

The scheme can probably be transferred to a "QROPS" - an Aussie scheme approved by the UK Inland Revenue.

http://www.hmrc.gov.uk/PENSIONSCHEMES/qrops-list.htm

Debt_Free_Chick

His pension can be paid to him in Oz. But his entitlement is to a pension in Sterling, so he will need to bear any exchange/transaction costs. For this reason, many people keep a UK bank account to receive the monthly instalments of pension and then transfer amounts annually (or less frequently than monthly).

Might not be feasible for him ... but he needs to look at any transfer very carefully. AFAIK, the Jaguar pension will be salary related and he will be entitled to a specific amount of pension.

He MUST make sure that the Jaguar Pension Scheme has his address - as the company is up for sale and there may be important communications for him about his pension, in the future. If he has no contact address for the pensions department, simply send his current address to the HR department and they will pass it on.

Cook_County

He already has a significant Australian problem because he should have transferred the pension pot to Australia within 6 months of arrival to avoid Australian tax.

The Australian tax law changes again this Summer, he urgently needs local tax advice in Australia to minimise penalties if he has failed to declare for 14 years...

EdInvestor

As I understand it the Aussies tax growth within a pension fund (they are very mean about tax relief over there!) .However surely this doesn't apply to final salary pensions, as we probably have here?

COVKID

Thank you all for your replies.Have mailed him so that he can get started over there.