MATT818 Posted February 1, 2023 Share Posted February 1, 2023 Hi All I am returning to the UK later this year and was wondering what people have done with their super as I know you can't transfer your super from Oz to the UK? I have about 15 years of contribution's made to my super so I have fair bit in there but as I'm not going to be putting any more into it was wondering what others have done. Any advice would be great. Cheers. Quote Link to comment Share on other sites More sharing options...
Marisawright Posted February 2, 2023 Share Posted February 2, 2023 (edited) 1 hour ago, MATT818 said: I am returning to the UK later this year and was wondering what people have done with their super as I know you can't transfer your super from Oz to the UK? I have about 15 years of contribution's made to my super so I have fair bit in there but as I'm not going to be putting any more into it was wondering what others have done. There's really only one way to do it. As you say, if you are returning to the UK to live, it's not worth contributing any more to super from now on. Before you go You're not stuck with the superannuation company you're currently in. Check to make sure it's the best you can get. There are some awful ones out there, particularly the ones run by the big banks and investment companies (which you'd think should be the best, but there you go). There's a few comparison tools which let you compare super fund performance. Try them out. Here's two: https://www.canstar.com.au/superannuation/compare/best-performing-super-funds/ https://www.ato.gov.au/Calculators-and-tools/YourSuper-comparison-tool/ If you decide it's worth moving to another fund, make sure you do it before you move to the UK (and allow time for the whole thing to be completed before you leave). It's very easy, just contact the super fund you want to move to, and they'll organise it all. There's just a form to fill in. Once you've left Australia Write to your super fund with your new UK address (and remember to keep them updated when you move in future). Instruct them to cancel all insurance policies (because they're probably not valid in the UK anyway). That's it. If you've chosen a good super fund, your super balance will keep on growing even though you're not contributing any more. At retirement Be very careful when you reach retirement age and want to withdraw the money. If you take a lump sum, it's tax free in Australia, BUT the British taxman will grab a massive chunk of it. It's probably better to bring it over in dribs and drabs, or convert it to a pension ('income stream'). You'll still pay tax on it, but it's just treated like normal income. Edited February 2, 2023 by Marisawright Quote Link to comment Share on other sites More sharing options...
can1983 Posted February 2, 2023 Share Posted February 2, 2023 option to withdraw (high tax rate though) if you are not a permanent resident or citizen I imagine you probably are though.. 1 Quote Link to comment Share on other sites More sharing options...
MATT818 Posted February 2, 2023 Author Share Posted February 2, 2023 yes i am a citizen. Quote Link to comment Share on other sites More sharing options...
Alan Collett Posted February 2, 2023 Share Posted February 2, 2023 I recommend taking some professional advice - the tax outcome if you get the timing wrong can be most unwelcome. Best regards. Quote Link to comment Share on other sites More sharing options...
Sloth Posted February 2, 2023 Share Posted February 2, 2023 (edited) Will you satisfy any of the conditions of release before you leave Australia? https://www.ato.gov.au/Individuals/Super/Withdrawing-and-using-your-super/ Edited February 2, 2023 by Sloth Quote Link to comment Share on other sites More sharing options...
Marisawright Posted February 2, 2023 Share Posted February 2, 2023 1 hour ago, Alan Collett said: I recommend taking some professional advice - the tax outcome if you get the timing wrong can be most unwelcome. Best regards. I assume you mean when it comes time to withdraw the money Quote Link to comment Share on other sites More sharing options...
Ken Posted February 3, 2023 Share Posted February 3, 2023 On 02/02/2023 at 15:54, Marisawright said: I assume you mean when it comes time to withdraw the money I think he means advice as to when the best time to withdraw the money is. 1 Quote Link to comment Share on other sites More sharing options...
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