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Conference rocks::uk_digital

Title:Working for Digital in the UK
Notice:DIGITAL Stock quote: $35 1/8 on 10/01 at 18:04 eastern.
Moderator:WOTVAX::HILTONo.dec.com::hiltong
Created:Thu Sep 10 1992
Last Modified:Fri Jun 06 1997
Last Successful Update:Fri Jun 06 1997
Number of topics:1443
Total number of notes:35591

1442.0. "International relocation+pensions!!" by BEAVER::MCKEATING () Mon Jun 02 1997 16:20

Anyone know of any tips/gotchas with respect to international relocation (with
DIGITAL) from the UK related to Pension funds?

options look like:-

1. leave it here - issues on cashing in. Need to leave local account and
                   transfer money when 60? Am I confident that times won't 
                   change and some form of legislation comes along and nibbles
                   away at this? 
                   Losses incurred on international funds transfer.
                 - Freeze it or trickle feed. 

2. cash in and take - need to sign document saying will never try and 
                      claim pension again in the uk?

information sources I have tried so far (HR<->UK pension company) have not 
filled me with confidence they know what they are talking about.

Then you get the sorry we cannot refer you to independent advisors otherwise
they would not be seen as independent!! crap.

thanks in advance,
Bob (relocating UK->Ausralia and wants to make sure all bases are covered. )
T.RTitleUserPersonal
Name		DateLines
1442.1WOTVAX::16.42.4.61::[email protected]I&#039;m back - as a matter of factMon Jun 02 1997 16:509
Bob,

I don't know, but Shaun Ellis emigrated/relocated to Oz a couple of years ago 
he may know (or point to someone who does)

Shaun Ellis @SNO  (I think)

Cheers,
Stuart
1442.2re .1 thanks for the info..BEAVER::MCKEATINGTue Jun 03 1997 10:434
re .1 I'll drop him a mail.

thanks for the pointer,
Bob
1442.3DP1FS1::GATHERNTue Jun 03 1997 12:496
    Andy Hobbs from the CSC at Viables relocated to Australia last year.
    Why not mail him for info.
    
    			
    
    			Dave Gathern
1442.4GIDDAY::HOBBSAndy Hobbs. Sydney CSC. -730 5964Tue Jun 03 1997 22:1127
          
    Yep, I moved over at the end of September 1996. I've not yet 
    completed research on the possible options with my UK pension
    fund and Additional Voluntary Contributions - mostly because
    I've not yet obtained full residency so I can't be absolutely
    sure I'll be able to stay here (I'm 99% sure, but ever cautious
    with long-term investment).
    
    I've found the same problems finding somebody that understands
    the implications of moving funds from one place to another. One
    tax adviser I saw recommended leaving whatever you have in the
    UK and claiming it when you reach retirement age abroad, thus
    giving you access to funds from two independantly taxed sources.
    He couldn't explain the details though (Like "Is that legal ?").
    
    If you need firm answers before you move, I would suggest taking
    a look at some of the professional migration companies available
    through adverts on the 'net. Pick a few big ones and send them
    Email asking general questions so you can guage their abilities. 
    
    I intend to seek advice on who to speak to from my immigration 
    lawyer in Melbourne as he's been dealing with migrants for twenty
    plus years.
    
    Which part of Australia are you going to end up in ?
    
    Andy/.
1442.5Notes provides valueable info again!!!BEAVER::MCKEATINGWed Jun 04 1997 09:5434
Dave, Andy thanks for the info. 

I'm heading for the Gold Coast to work with the NSIS team that support OPTUS
in Sydney and also do R&D for Altavista. We are consolidating engineering of 
what remains of key Middleware integration products..

http://www.ozy.dec.com/

We are on a one way relo. Permanent visa's applied for before going.

Re pension advice, thanks for the info, you start to get the paranoid feeling
   you are asking stupid questions. It's good to find others in a similar 
   situation.

   I have a call into the company that is handling our visa's - Hamilton Watts
   to see if they provide additional advice on relo pensions.

   I have also a call in to former employees in our group that went to the US.
   (according to the pension company Hogg Robinson) the restrictions on 
   relo to OZY are similar to the US now. I'm sure my former group members 
   keep paying NI. So in addition to leaving the pension they tricle feed other
   fees.

   I am waiting more info from local HR.

   My next contact is an 'independent' pension consultant that helped out with
   pension advice in the group 2 years ago, if I can find him:-)

thanks in advance,

Bob
cheers for now,

Bob
1442.6Consult the bogey man!!KERNEL::CLARKSTRUGGLING AGAINST GRAVITY...Fri Jun 06 1997 10:447
    I'm not thinking of moving, so I have no experience to offer, but maybe
    the inland revenue people would be a source of information relating to
    moving pension funds.
    
    	They are now goaled on being helpful!
    		
    			Dave Clark