Nicos7 Posted October 30, 2014 Report Share Posted October 30, 2014 I'm leaving my teaching job in England at the end of the year and starting a new job in Oz in Jan. I've been paying into the Teachers' Pension scheme over here for the last 10years and now need to decide what to do. Their website doesn't seem clear to me as to what my options are- are there any teachers who have made the move and can make it any clearer for me??? Can you transfer it across to an Oz scheme? Can I get the money back? Are the Oz schemes similar to over here? Any help gratefully appreciated! Nicola [emoji3] Quote Link to comment Share on other sites More sharing options...
Sammy1 Posted October 30, 2014 Report Share Posted October 30, 2014 I'm leaving my teaching job in England at the end of the year and starting a new job in Oz in Jan. I've been paying into the Teachers' Pension scheme over here for the last 10years and now need to decide what to do. Their website doesn't seem clear to me as to what my options are- are there any teachers who have made the move and can make it any clearer for me??? Can you transfer it across to an Oz scheme? Can I get the money back? Are the Oz schemes similar to over here? Any help gratefully appreciated! Nicola [emoji3] Teacher pensions do not exist here. However, every employer (whatever the job) pays a certain percentage of money into a superannuation fund that can be accessed by the employee at retirement. Quote Link to comment Share on other sites More sharing options...
Nicos7 Posted October 30, 2014 Author Report Share Posted October 30, 2014 Thanks Sammy. Do you know if a uk teachers' pension can be paid into this as you are able to transfer it into other schemes. Quote Link to comment Share on other sites More sharing options...
DangerousDave Posted October 30, 2014 Report Share Posted October 30, 2014 I'm leaving my teaching job in England at the end of the year and starting a new job in Oz in Jan. I've been paying into the Teachers' Pension scheme over here for the last 10years and now need to decide what to do. Their website doesn't seem clear to me as to what my options are- are there any teachers who have made the move and can make it any clearer for me??? Can you transfer it across to an Oz scheme? Can I get the money back? Are the Oz schemes similar to over here? Any help gratefully appreciated! Nicola [emoji3] Hi @Nicos7 My Wife and I have just been talking about this. It is my understanding your pension will sit there until retirement which I'm guessing will be 60 for you if you joined before 1st January 2007. Your pension will be calculated by multiplying the number of years service by average salary divided by 80. I think the average salary is calculated using your best 10 years salary. I assume this will be paid into a UK account. I'm not sure about how you would transfer the pension into a super fund in Oz. You can also take a lump sum but I'm not too clear on this. Cheers Dave Quote Link to comment Share on other sites More sharing options...
Nicos7 Posted October 30, 2014 Author Report Share Posted October 30, 2014 Hi @Nicos7 My Wife and I have just been talking about this. It is my understanding your pension will sit there until retirement which I'm guessing will be 60 for you if you joined before 1st January 2007. Your pension will be calculated by multiplying the number of years service by average salary divided by 80. I think the average salary is calculated using your best 10 years salary. I assume this will be paid into a UK account. I'm not sure about how you would transfer the pension into a super fund in Oz. You can also take a lump sum but I'm not too clear on this. Cheers Dave Thanks Dave. Lump sum I think is what I would want but can't see that as an option on their website. Will have more of a look tomorrow and will ask at work next week. Quote Link to comment Share on other sites More sharing options...
Martins Posted November 28, 2014 Report Share Posted November 28, 2014 I'm leaving my teaching job in England at the end of the year and starting a new job in Oz in Jan. I've been paying into the Teachers' Pension scheme over here for the last 10years and now need to decide what to do. Their website doesn't seem clear to me as to what my options are- are there any teachers who have made the move and can make it any clearer for me??? Can you transfer it across to an Oz scheme? Can I get the money back? Are the Oz schemes similar to over here? Any help gratefully appreciated! Nicola [emoji3] Hi. Did you get anymore info on this? I've moved over from Scotland and I'm trying to work it all out. I stayed in vic for a while so had a super there which I planned just to continue here; however, they don't allow me to transfer my UK one to it. I'm now going to look for another one that will allow me to have it all in the one place. Thinking I may need to pay for advice though!!! Quote Link to comment Share on other sites More sharing options...
Stuart Whelan Posted June 6, 2015 Report Share Posted June 6, 2015 Hi Nicola, I am a teacher in Manchester and will be moving to Perth next month. We have looked into pension transfers and a new rule will soon come into practice to prevent teachers from moving their pensions out of the UK until pensionable age is reached, the reasoning is that there are a lot of us moving out of the country and/or the profession which is putting the pension pot even more at risk. I think you can still do it but you'll get taxed both in UK and in Oz. The advice I got matches that above, leave it here then access it when you want it, be that in instalments or a lump sum. Well done on achieving a post for January, I have just began my search and any advice you can give me would be really useful. Stuart Quote Link to comment Share on other sites More sharing options...
chatterbox Posted June 7, 2015 Report Share Posted June 7, 2015 Hi Nicola, Unfortunately the new rule that Stuart is talking about came into force in April. We cannot now move our pension to Australia. You won't be able to get a return of contributions either, so you've got no choice but to leave your pension pot in the UK to accumulate with inflation and take it when you retire. I knew about the rule just before it kicked in, but research told me that I was still better to leave it was it is. I'm going to open an Aussie 'super' when I get over there. Good luck with everything! Quote Link to comment Share on other sites More sharing options...
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