Hi all I have been in Australia for the past 8 years ( citizen last 3 ) and still haven’t transferred my pension / super over to here. This is something I really want to do now , my question is can I swap it over to a smsf into cash until I decide what I want to invest it in ( probably shares or commercial property ) I am undecided as yet so if it can sit in cash until I make a decision that would be great. Has anyone done this before and is it straight forward , it will be roughly $150k once done. I would prefer a simple cheap option I did contact esuper last year but they didn’t answer any of my initial queries so I didn’t proceed any further , but it needs to be done now. Has anyone done this recently that can give me some pointers Cheers
@olifrated - I'm not sure there is a "simple cheap option", but the following links may be of use: http://www.sterlingplanners.com.au/ - particularly http://www.sterlingplanners.com.au/UK-Pension-Transfers-to-Australia-Latest-Updates https://www.ptspecialists.com.au/ - particularly https://www.ptspecialists.com.au/services/uk-pension-transfers/
Can't help with transfer advice but this account could be useful: https://www.heritage.com.au/personal/superannuation/secure-super-account It's a cash only mini-SMSF, so if you just need somewhere to park funds while you're figuring everything out it could be a good option. No fees, no risk but no real interest either. I set one up a few years ago to consolidate a few small amounts that we're getting eaten away by fees in "real" super funds.
Just heard back from that pts specialists , they reckon I cannot have a smsf until I’m over 55 . Surely that’s not right I have never seen that mentioned anywhere I’ve ever looked these up
You can establish a SMSF at any age, but what you can't do is transfer funds from the UK until you're over 55 due to UK HMRC rules. Read up on QROPS.