Armed forces pension

[stevehier75]

Hi,

 

Please can you give me the options on transferring my British armed forces pension to Oz.

 

Many thanks

 

Steve

[NicF]

I'm sure Andre or Adam will be along later to confirm, but unless you are over 55 it is almost impossible to transfer your pension to Australia under the rules.

[wozzie2202]

Armed Forces Pensions Society should be able to give you some advice on whether to get it paid in UK or Oz as I know you have the option of getting it paid in either country. Not so sure you would be able to transfer it though.

 

Regards

 

Sarah

[stevehier75]

Apologies. Didn't mean to say transfer. Just need to know what is the best option. Continue paying into UK account or Oz account.

[donlou]

Hi Stevehier75,

My AFP I have paid into my Lloyds account in the UK and then transfer it via Moneycorp into my Oz bank account. This way there are no bank charges/transfer fees. You can also fix the sterling or exchange rate for a set period so you know exactly what is coming across every month. It works very well for me and my OH who both have AFpensions.

[stevehier75]

Hi Stevehier75,

My AFP I have paid into my Lloyds account in the UK and then transfer it via Moneycorp into my Oz bank account. This way there are no bank charges/transfer fees. You can also fix the sterling or exchange rate for a set period so you know exactly what is coming across every month. It works very well for me and my OH who both have AFpensions.

 

 

 

What is the tax issue with this option?

[Andrew from Vista Financial]

What is the tax issue with this option?

 

Hi Steve

 

If you are a PR/Citizen the tax is the same regardless of options in terms of it is treated as foreign income.

 

Regards

 

Andy