Anthony Blythe

Transfer My UK Pension

Location: Port Macquarie NSW 2444

Phone: 0498 139 819

Email: anthony.blythe@hnwgroup.com.au

Website: http://www.transfermyukpension.com.au/

Services: Financial Adviser, SMSF Adviser (Specialist Training & Experience), Provide Guided Portfolios, UK Pension Transfer Specialist

BUSINESS SUMMARY

Tony is currently engaged as the National Development Manager for HNW Group and works across a range of financial service sectors helping professionals in their businesses to maximise value. He is responsible for key developments of the group’s core strategies to achieve superior outcomes for the group and its advisers.

Tony is fully authorised by HNW Planning to provide all forms of advice allowed under the HNW AFSL, but focusses only on advice in regard to UK Pension Transfers to Australia and other jurisdictions where required.

RELEVANT LICENSING NUMBERS

Anthony Blythe

ASIC Authorised Representative No. 266758
Tax Practitioners Board Registration No. 25375280

A J Blythe Pty Ltd

ASIC Corporate Authorised Representative No. 1238164
Tax Practitioners Board Registration No. 25373843

OPINION

UK State Pension

Posted on November 2, 2016

UK State Pension
If you have previously worked in the UK you have the ability to ‘top up’ and maximise your State pension which is payable from the UK Government.

The UK State Pension is a credit based system and not means tested, unlike the Australian Age Pension.

Therefore if you have ever worked in the UK and paid National Insurance contributions you will have an entitlement to the UK State Pension, even if you are not a UK national.

The amount of pension you receive depends on the number of National Insurance years you have been credited with.

National Weekly Annual
Insurance Pension Pension
Credits Entitlement (£) Entitlement ($)

1 £4.45 $439.38
10 £44.47 $4,393.78
20 £88.94 $8,787.55
30 £133.41 $13,181.33
35 £155.65 $15,378.22

35 years’ worth of credits currently entitles you to the full basic state pension however you may receive more than the amount quoted above if you have built up an additional entitlement through the earnings related schemes known as Graduated pension, SERPS or S2P and you may receive less than the amount quoted above if you were contracted out of the additional State Pension at any time.

Enhance Your UK State Pension
You have the ability to ‘top-up’ your State Pension entitlement by paying additional voluntary National Insurance Contributions whilst abroad.

Each additional National Insurance credit that is purchased will provide you with an additional 1/35th of the basic state pension until you have topped up to the maximum of 35 years.

Class 2 National Insurance:
If you meet certain criteria each National Insurance Credit will cost approximately $276.93. This would increase your annual pension by $439.38 per annum for life. This is known as Class 2 contributions.

You are able to purchase up to ten years of contributions as a lump sum and then top-up each year whilst you remain in Australia until you have the maximum entitlement or reach State Pension Age, whichever is sooner.

The UK Government announced at the 2016 Budget that Class 2 contributions will be abolished from April 2018 which means there is only a limited time left to take advantage of this.

Due to recent legislation changes, if you have less than 10 complete UK Tax years’ contributions, then you will NOT be eligible to claim a UK pension, although you have paid into this. It is very beneficial to at least make sure that you have topped up to 10 qualifying years, rather than lose your entitlement.

An Alternative Transfer Solution for UK Pension Funds

Posted on October 14, 2016

Can I still transfer my UK Pension fund?
Yes, providing your fund is not a Public Sector fund then it can still be transferred. Public sector funds, i.e. NHS, Teachers or Police pension can no longer be transferred.

Are there are any restrictions to transferring my pension to Australia?
All UK pension transfers have only been available for clients aged 55 and over and only via a ROPS SMSF.

Can I transfer my pension if I am under the age of 55?
Yes, there are no age restrictions on transferring to a NZ QROPS. At age 55, you can roll the whole fund or a percentage of the fund into an Australian ROPS approved Self-Managed Super Fund, subject to Australian superannuation contribution caps. Alternatively you may decide to keep the funds invested in New Zealand and draw your income direct from your New Zealand Superannuation fund.

What are the benefits of transferring to a NZ QROPS?
• NZ QROPS Scheme can offer potential tax efficiencies and flexibility compared to a UK fund
• You can nominate any beneficiaries to receive remaining proceeds of your fund upon death as a lump sum

Are there any limits on the amounts transferred?
No there are no contribution caps in New Zealand, therefore any amount can be transferred

Can I hold my monies in Sterling?
One of the key advantages of transferring funds into a NZ ROPS is that you are able to take advantage of the strong exchange rate and convert your fund into Australian Dollars. If the interest rate is not favourable at the time you can elect to keep your fund in any currency you wish.

Do I need to be resident in NZ to transfer?
No the I-Select ROPS fund is open to non-residents

Can I access any of my funds?
Currently you are able to access 30% of your fund from age 55 and the rest of the fund must be used to provide a pension for life. ROPS rules may at some point in the future change to mirror some UK schemes which allow fully flexible benefits from age 55. This would provide even greater flexibility to you and your pension benefits.

South African Retirement Annuities

Posted on September 29, 2016

Pension Transfer Specialists (PTS) can assist you with cashing in your South African retirement annuities.

Did you know that you can now take advantage of a change to the Income Tax Legislation in 2008, which allows you to encash in full your retirement annuities that you contributed to prior to leaving South Africa?

At PTS we can assist South Africans living abroad to cash in their retirement annuities and repatriate their funds to a destination of their choice. We work in conjunction with a team of specialist tax, financial and administrative individuals who engage with SARS, the Reserve Bank, the insurance companies and the SA Banks.

Some benefits of encashing your retirement annuities are:

• Full access to cash that would normally be locked-in until retirement
• Avoid waiting until your maturity date to encash one third (1/3) only
• Avoid exchange rate fluctuations
• Reinvest funds, as superannuation drawdown is tax exempt in Australia
• Your money will be banked in a politically and financially stable country

Please note that encashment is an extremely complex process and individuals must provide proof of both their entitlement to reside in Australia and formal emigration from South Africa. Formal emigration from South Africa can be carried out retrospectively and does not mean you will lose your citizenship.

We can arrange a comprehensive no-obligation FREE report detailing the amounts available for encashment from your retirement annuities and other insurance policies. We are perfectly placed to provide a simple solution to a complex situation.

To speak to us about South African retirement annuities in Perth, make an appointment now.

Pension Transfer Specialists
pensions@ptspecilalists.com.au
08 9233 9269