YOUR FINANCIAL JOURNEY
Advice on Relocating to Australia.
Advice on Relocating to Australia
We are due to move back to Australia after years spent living overseas, can you provide advice on our best financial plan?
After living in the US for several years, our clients are returning to their birth country Australia to be closer to family and friends. They are looking for advice on assets built overseas (property and shares) and their 401k pension plans.
A meeting with one of our advisers will help them understand the financial repercussions and planning for their financial future in Australia:
- How do we re-establish ourselves financially in Australia?
- What are the tax complexities and what tax would we pay if we sold our US assets?
- What if we retain our US assets, how might we manage them going forward and are there any specific tax complications that might arise?
- What happens to our 401k pensions?
- Have there been any changes to tax and superannuation etc in Australia that we need to be made aware of?
- How do we start planning to fund our son’s education?
- If we have funds to invest, can you recommend some suitable investment options?
After our meeting, the couple have clear understanding around the following:
- Review their financial strategy and have confidence in their financial future and lifestyle choices.
- Access to our specialist international tax specialists and accountants to deliver the best outcome.
- Confidence regarding the ongoing management of assets regardless of jurisdiction and an understanding of their tax affairs going forward.
- Understanding around their 401k pensions and how these would fit into a broader Australian based retirement strategy.
- Planning for future schooling costs.
- An understanding of the current Australian tax and investment environment and become confident in their financial decision making.
- Clear investment strategy for their surplus funds.
I have an overseas pension, should I transfer this?
After living and working in England for several decades, our new client has come to Locumsgroup for advice around her defined benefit pension scheme and the potential for transferring this. Some questions she has include:
- I have seen many ads encouraging UK pension transfers,could this be a good option for me?
- I have a defined benefit UK pension, how does this work?
- Can you help me understand what my monthly payments could be from my UK pension?
- I have seen some news around pension scams, is there any risk associated with my defined benefit pension?
- Is it even possible to transfer? Can I convert this to a lump sum?
- Is it possible to work out which is more beneficial - the lump sum today vs the defined benefit tomorrow
- I want my children to benefit, is there any chance that my UK pension can be passed on to them or does it end with me?
This is a complex area of financial advice, however the Locumsgroup team can provide expert advice to help provide clarity around the following areas:
- Understanding of the concept of defined benefit pensions at a general level.
- Assessment of the likely future benefit provided by the fund.
- Identify potential risks to defined benefit funds.
- Help provide understanding on how to plan for legacy around a defined benefit pension.
- Identified a UK specialist to ensure our client has the most insightful advice on the scheme and allow for a clear explanation of the actuarial equation between the value of taking a lump sum today vs a lifetime income stream.
- Provide retirement planning and advice based on whatever decision she makes after all information is gathered.
