Overseas private pension payments

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7 yrs ago

I retired last year aged 70 and was granted an full Australian pension.

Since that time I have discovered I have funds in a UK Pension Fund from employment I had in the UK mid 70's (I am originally from the UK).

I have found out that I have two options regarding the pension from the fund and am uncertain as to which option to choose as I am not sure which of the options will affect my Australian pension the least.

Option 1 is a full pension from the fund which would be in the order of A$3246 p.a. (at todays exchange rate) plus a lump sum for the years going back to my 65th birthday (I am now 71)

Option 2 is a part pension of A$2330 p.a. plus a lump sum for the years going back to my 65th birthday plus a further lump sum UK Tax Free of A$15500.

Since I started on the Aussie pension without any assets other than a 52 year old Mini I have managed to aquire some furniture and some debt which I would want to pay out. My funds in the bank are next to zero and I have no super.

Which of the options available to me are best suited for my present circumstances and would impact the least on my Australian pension.

Thanks and regards,

Forbes

4 comments

I think both options will not affect your Oz pension Forbes.

you can earn up to $164 ($292 if married) a f/n and still get full pension

Aussie

7 yrs ago

No mate I am not US citizen I am an Australian citizen that work in US for a few years ON AN AUSTRALIAN COMPANY ....Dick ..... so if I you want to be an dick FO I was trying to help Forbes Rae and your comments are not really appriciated by Me.

Be constructive and help and assist others and do not try to be smart arse

Aussie

7 yrs ago

Oh yes Dick I forgot I work until I was 71 so yes I am sucking on the AU pension and the US at the same time ....he he he he maybe you are jelous hey no worries mate get your pension and go to the club with your Dick mates ..... Seee uuuuuuu Dick

strange fellow

i was only kidding - but never mind

not the sharpest tool in the bikie shed I see

AnamCara

7 yrs ago

Hello Forbes,

agree with Raphael ... neither would affect yr Aus Age Pension.

Having been through this with a friend I can tell you that the conclusion we reached was that it is better to get as much of yr own money as soon as possible. This is so that you can decide what to do with yr own funds (eg deposit into an online account and earn a little interest) and equally it takes yr money away from the hands of greedy fund managers (who would pay the pension) who will take out annual management fees and unless you have control over where it's invested by the manager you might also run the risk of the value falling. A bird in the hand my friend is worth two in the (fund manager) bush. good luck to you.

forbes, your overseas pension amount will vary according to the current exchange rate. in your situation i would request a meeting with a centrelink financial person to discuss your options.

taking a lump sum may affect your pension, whereas taking your uk pension in instalments may not affect it so much. they can explain this to you.

this website gives more info .... http://www.britishpensions.org.au/index.htm

Aussie

7 yrs ago

agree with kika ... but be sure you get a financial person fron centrelink no just the normal person they do not know anything just all the simple stuff.

You can get both pensions .... I do get US and AU pensions ofcourse US is very small but no deductions at all I also pay tax on my US pension so yes have a meeting with the Centrelink financial person in your area

you ran away from Trump and now living off the generous Aussie pension scheme :)

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Overseas private pension payments

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