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Top up your pension before you go, go (Down-under) |
| Written by Bob Kelley | |
| Monday, 28 April 2008 | |
| If you are considering migration to Australia you have probably wondered whether you should transfer your pensions overseas, but what you might not have considered is whether you should top up your pensions whilst still earning a UK salary. Higher rate tax payers will receive 40% tax relief on their contributions in the UK and if you subsequently transfer the plan to an Australia superannuation fund, you will be able to access the funds 100% tax free from the age of 60. This represents an effective return of 66% on your investment in addition to any growth in your fund in the meantime! This may sound too good to be true, but seeking advice early from migration finance experts Montfort International plc (www.miplc.co.uk) before you finalise your migration plans can help you to maximise your finances ‘Down-under’.There is no similar incentive to invest after tax income into Superannuation in Australia; which is why it is recommended you consider your Retirement Provision before you start packing any bags. Although there is no cap on contributions to UK pensions, there is a limit to the amount on which you receive tax relief (the higher of £3,600 or 100% of earnings to a maximum of £235,000). Whilst it makes sense to add to your pensions before you migrate, some people will be more interested in getting their money out. If you transfer your UK pension funds overseas, in certain circumstances it is possible to access 100% of your funds as a lump sum after being non-UK resident for 5 consecutive UK tax years.Whatever your financial intentions, seeking advice early from the qualified advisers at Montfort International ( This e-mail address is being protected from spam bots, you need JavaScript enabled to view it , call 01483 202072 or freephone 0800 018 3571) before you finalise your migration plans can help you to a more comfortable retirement ‘Down-under’. |
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