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Pension Transfer to Austrlia

  • 16-03-2012 12:03pm
    #1
    sbabu_irl
    Registered Users, Registered Users 2 Posts: 19 ✭


    Hi Guys,

    We will be moving to Australia shortly. I have some money in pension fund here in Ireland. Anyone has any experiences in transferign the pension money to austrlia.

    What are my options and can anyone suggest firms that will deal with this kind of stuff.


Comments

  • #2
    hussey
    Registered Users, Registered Users 2 Posts: 6,240 ✭✭✭hussey


    sbabu_irl wrote: »
    Hi Guys,

    We will be moving to Australia shortly. I have some money in pension fund here in Ireland. Anyone has any experiences in transferign the pension money to austrlia.

    What are my options and can anyone suggest firms that will deal with this kind of stuff.

    I tried to transfer my mercer one into my Aussie one and was rejected, I was rejected on the basis that I could cash out my Superannuation.

    This might have been the case as I was a temp resident (457), I was trying to avoid the 30% tax fee for cashing out my pension.

    I had to fill out a load of forms and send it to my irish pension fund, after 2 months they said I was rejected, with a big legal document.
    In the end i opted to cash it out and manually lodge it (-tax penalty)


  • #3
    No6
    Registered Users, Registered Users 2 Posts: 2,489 ✭✭✭No6


    Can you cash in your Irish pension if you leave the country, I have a good bit locked up in mine that I could do with!!!


  • #4
    sbabu_irl
    Registered Users, Registered Users 2 Posts: 19 ✭sbabu_irl


    Cashing in is not an option for my pension fund anyway. May be I will get it only after I retire if they dont allow me to transfer to Australia!


  • #5
    No6
    Registered Users, Registered Users 2 Posts: 2,489 ✭✭✭No6


    Yes I checked with my pension provider today, you can transfer your pension to oz as long as the fund you are transfering into is similar to the Irish one, basicly as long as you can't take any money out untill you are 65!!! HE did tell me to get the details from my new employers before I go and they can let me know before I go!! They need to change the law before we can cash it in early!!, Pity I could do with a bit of it now!!:rolleyes:


  • #6
    hussey
    Registered Users, Registered Users 2 Posts: 6,240 ✭✭✭hussey


    I worked < 2 years, so had a cash put option when I finished.
    Just be careful super != pension, you can cash out super if you are temporary or if you come into hard times financially, have a look at the Super rules into cash out


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  • #7
    barefoot
    Registered Users, Registered Users 2 Posts: 52 ✭✭barefoot


    We transferred our pensions to Oz and used the AMP product in the attached link to do so. We just parked it there until we had employment and superannuation funds through work and then transferred the funds into them.
    Hope this helps...Click on Superannuation and then on the left Eligible Rollover Fund

    https://www.amp.com.au


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