Pension Advice

Seaking824

Badgeman
Just a few days to go now till I can call the UK and get my pension in the works. Since found out there is a "tax treaty" in place between the UK and Canada, monthly amount will NOT
be taxed in the UK but I have to declare it here as income and pay tax. As for the small lump sum, from what I'm told that's NOT included in the tax treaty so will be taxed on both
sides of the pond, won't be much left lol but every bit helps.
 

Lissa

Newbie
Hi I live in Australia now (only 2 years) but am planning to stay as it's not so bad, what I am beginning to think about is not only my state pension (for what its worth) and RN Pension (ditto!) in how I transfer them to Australia. Gov sites are a nightmare to get head around! Any advice from knowledgable folks like yourselves?
 
Hi I live in Australia now (only 2 years) but am planning to stay as it's not so bad, what I am beginning to think about is not only my state pension (for what its worth) and RN Pension (ditto!) in how I transfer them to Australia. Gov sites are a nightmare to get head around! Any advice from knowledgable folks like yourselves?

Your state pension is paid and taxed from UK - no option I am afraid.

If your RN pension is preserved you can transfer it to another pension arrangement. You need to write to SPVA requesting a CETV (Cash Equivalent Transfer Value), ask the new pension arrangement what it would buy in their arrangement and, if you like what is offered, go ahead with the transfer. Just asking does not commit you.

If your RN pension is in payment you cannot transfer it but you can have it paid gross in Australia (see my comments about double taxation agreements above). You need to write to SPVA and your tax office to get this done. Paymaster will charge about £2.75 per month to do it and Citibank, who handle overseas payments for Paymaster, will charge you 1.5% of the amount paid, using the spot rate for the Australian Dollar on the day of the transfer. It is a good idea to take advice about the pros and cons of doing this.
 
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