Converting uk pension over to oz super

Discussion in 'Superannuation' started by olifrated, Nov 11, 2017.

  1. olifrated

    olifrated Member Silver Stacker

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    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
     
  2. whinfell

    whinfell Well-Known Member Silver Stacker

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  3. Big A.D.

    Big A.D. Well-Known Member Silver Stacker

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    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.
     
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  4. olifrated

    olifrated Member Silver Stacker

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    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
     
  5. whinfell

    whinfell Well-Known Member Silver Stacker

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    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.
     
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