Pension Transfers.

[Plumber]

Hi everyone.

I was just wondering if anyone has any useful info regarding transfering your forces pension to another country? Has anyone done it? How easy/difficult is it? What pitfalls has anyone come across etc. etc. I've already lined up a financial advisor type person who has done it for other ex pats in preserved UK pension schemes and doesn't seem to think it will be a problem.

All sensible comments and pointers welcome.

Best regards.

Plumber.

 

[gemarriott]

Obviously I didn't transfer mine to another country but I did transfer my preserved RAF pension to BOC's fund when I left and joined them after 12 years, that bought me 15 years of BOC pension. On moving from BOC to the local government scheme after 4 years I transferred again and bought 23 years of the LGSS pension. All pretty painless.

 

[Talk Wrench]

Get in touch with Xafinity Paymaster and they'll send you out a form. You may get stung by exchange fees and transfer fees, but they should be tax deductible when you fill out a tax return in your host country..

TW

 

[PingDit]

A word of warning here; The pension is normally index linked from the age of 55. If you decide to move to a non British country or dependency, that indexing stops. Just make sure you've got an address and bank in the UK to keep getting your pension paid into.

 

[Realist78]

A word of warning here; The pension is normally index linked from the age of 55. If you decide to move to a non British country or dependency, that indexing stops. Just make sure you've got an address and bank in the UK to keep getting your pension paid into.

Isn't that non EU nowadays? stand to be corrected.

 

[Plumber]

A word of warning here; The pension is normally index linked from the age of 55. If you decide to move to a non British country or dependency, that indexing stops. Just make sure you've got an address and bank in the UK to keep getting your pension paid into.

What we're doing is moving the whole pension lock stock and barrel out of the UK and into a NZ superannuation fund, basically earning on average 10% per year for the next 25.

This is the last tie we have back to the UK and basically not one that I'm that fussed about keeping. There are other advantages about taking it out of the UK such as being able to decide who gets there hands on all or some of it should anything happen to me rather than it going back to the UK taxman and being able to manage my own pension funds.

 

[Mr Ben]

Quote
Originally Posted by PingDit
A word of warning here; The pension is normally index linked from the age of 55. If you decide to move to a non British country or dependency, that indexing stops. Just make sure you've got an address and bank in the UK to keep getting your pension paid into.

Hi Plumber

I just get my pension paid into my NZ bank account, not to difficult once you get the paperwork sorted. As for index linking, PingDit is correct for the state pension but I was reliably informed that the service pension remains indexed linked regardless of where you live. Now PingDit has put doubts in my mind I will have to make some calls and get back to you, unless some one else can confirm this.DT_Xtremez_26:

 

[PingDit]

Quote
Originally Posted by PingDit
A word of warning here; The pension is normally index linked from the age of 55. If you decide to move to a non British country or dependency, that indexing stops. Just make sure you've got an address and bank in the UK to keep getting your pension paid into.

Hi Plumber

I just get my pension paid into my NZ bank account, not to difficult once you get the paperwork sorted. As for index linking, PingDit is correct for the state pension but I was reliably informed that the service pension remains indexed linked regardless of where you live. Now PingDit has put doubts in my mind I will have to make some calls and get back to you, unless some one else can confirm this.DT_Xtremez_26:

I hear what you're saying here. I'm a fully qualified financial consultant, but only conversant with current regulations up until about 2002. It was certainly the case with forces pensions last time I was dealing with them. Things may have changed a tad, but I urge you to check it out fully. (Before anyone asks, yes, I'm still in the RAF, just got a bit bored here and there!)

Ping