Living in the UK, funded from Aus

fatbeetle

Complex one for you. (Please feel free to move this to another forum if more apt for that forum.)

In about four years time, me and the wife will be moving back to Blighty to live, possibly/probably permanently. By that time, I will have worked and paid into a super fund in Oz for 18 years. My wife* however, will have 35 years plus in her super. Has anyone moved back to the UK who has had a large super fund here, and, if so, what did you do about it?

Is it possible to live in the UK on the funds from a superfund which remains in Oz? How would you manage that? Would the cost of sending money (done online, ) from Oz to the UK take too big a chunk out of it?

As I say, this is all four years off yet, so we thought we’d just see what advice and experience others here could offer.

Many thanks,
Thom

*My wife, although a true blue Ozzie, was born in Cardiff, and has a UK birth certificate. She only lived there for three years before her parents emigrated.

CKhalvashi

It should be possible to do.

Australian bank account and Transferwise (so UK account needed) would be my advice on this one, unless someone else can suggest a more efficient option.

sandsy

You're biggest risk is exchange rate movements.

At the moment you get about £0.54 for each AUD$1.00.

Over the last 20 years, that's been up to £0.68 which is great if it happens for you.

It's also been the other way at £0.35 which wouldn't be so great. In fact, it means that your income would drop by a third.

So what's your tolerance for a fluctuating income?

HappyMJ

fatbeetle wrote: »

Complex one for you. (Please feel free to move this to another forum if more apt for that forum.)

In about four years time, me and the wife will be moving back to Blighty to live, possibly/probably permanently. By that time, I will have worked and paid into a super fund in Oz for 18 years. My wife* however, will have 35 years plus in her super. Has anyone moved back to the UK who has had a large super fund here, and, if so, what did you do about it?

Is it possible to live in the UK on the funds from a superfund which remains in Oz? How would you manage that? Would the cost of sending money (done online, ) from Oz to the UK take too big a chunk out of it?

As I say, this is all four years off yet, so we thought we’d just see what advice and experience others here could offer.

Many thanks,
Thom

*My wife, although a true blue Ozzie, was born in Cardiff, and has a UK birth certificate. She only lived there for three years before her parents emigrated.

I transferred money every 3 months to save on transfer fees.

It's possible to live in the UK on a very low income but that depends on what lifestyle you want.

bigfreddiel

HappyMJ wrote: »

I transferred money every 3 months to save on transfer fees.

It's possible to live in the UK on a very low income but that depends on what lifestyle you want.

Absolutely, you really don't need a large income to live in the UK!

Once you've taken care of the basics like rent, council tax, electricity, gas, water, food, travel, healthcare, mobile, tv, Internet etc, that's will easily come out of £1,500/month, the rest will all just be disposable income.

Enjoy

fj

fatbeetle

Thanks all.

I'm covering the expense of living in the UK question in another thread, (sorry cannot link to it as I'm new)

Our superannuations should give us a fairly good income. It's more the practicalities, (and legalities) of living off a foreign (Aussie,) income I'm interested in here. We're both dual citizens, if that makes difference?


Any advice?

Thanks
Thom

CKhalvashi

fatbeetle wrote: »

Thanks all.

I'm covering the expense of living in the UK question in another thread, (sorry cannot link to it as I'm new)

Our superannuations should give us a fairly good income. It's more the practicalities, (and legalities) of living off a foreign (Aussie,) income I'm interested in here. We're both dual citizens, if that makes difference?


Any advice?

Thanks
Thom

I know nothing of Australian tax law, however assuming that you'll be taxed on your AU income there, you may have a residual amount of tax to pay here if it would be more than you've paid.

Listentotaxman and UK Tax Calculators should be able to help you with this, after establishing the tax situation in Aus on the income, for non-residents. The figures on both should match up, and you'll need to run it with a tax calculator in Aus.

UK tax payable, minus Australian tax payable = what's owed to HMRC.

It may be worth running this with a variety of exchange rates, to get a better understanding of the full situation.

fatbeetle

@sadnsy

Tell me about it my friend. We've been back every 2 years since I moved out here 14 years ago. We've gone from scrimping ($Au = 32p) to living like lords ($Au = 68p) to a reasonable average ($Au = 52p) on the various trips.

We're hoping it will settle at about $Au = 55p, which would give us a reasonable return.

fatbeetle

CKhalvashi wrote: »

It should be possible to do.

Australian bank account and Transferwise (so UK account needed) would be my advice on this one, unless someone else can suggest a more efficient option.

Thanks for the "Transferwise" tip!! Just sent the money over to pay off our mortgage via them. Saved $380.00 on what my bank would have charged me.

I'm indebted.