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Thread: Legal theiving

  1. #21
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    Default Re: Legal theiving

    Hi Les.
    Never had any shares with my super, just a term deposit i9n the bank. With everything paid for including house we can live quite comfortable providing we are careful. As for NZ when we went back made a mistake, had the choice of keeping the Aus pension being sent over, and with the exchange rate would have been better off, but opted for the Kiwi one as we thought at the time we would be staying there, either way the tax would probably have leveled it out, but was told on return to Aus that we had forfeited $17,000 in the five years by changing over.
    Des

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    Default Re: Legal theiving

    The taxation system here in Oz can be used to your advantage if you have the right person advising you.
    When we left the UNI system we rolled all our super and other entitlements into the super.

    I was still working part time then so our financial adviser moved half of my super into that of my wife, that way I was able to claim a tax relief for making a contribution to hers.
    When it came time to start the pensions he put half of hers into an annuity in my name.
    he then put half of the remaining into a Term Allocated one, no longer available, which pays out the total over a 24 year period but only half is recognized for the purpose of assets when it comes to the state pension.

    So far we have drawn down over the past 11 or so years almost as much as we bean with and at the start of the market collapse in March we had more than we started with, the power of compounding and having the correct mix in the fund.

    Where to from here, who knows, but one thing is certain the markets will recover
    Happy daze John in Oz.

    Life is too short to blend in.

    John Strange R737787
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    Default Re: Legal theiving

    Re#20

    Thank you for correcting me mate as not really up with tax in NZ. Noted that the exchange rate for the UK pension does fluctuate. Was told that both the sheriff and myself could not open up a UK bank account to deposit the pension into. A load of crap as we both have a HSBC UK account that we started just before pension was about to be paid and have used it ever since. It not only allows you to choose when to transfer money but also cuts down on transfer costs as well. It is handy having a regular saving to use at times. Did have to change status a bit so as to not pay UK tax on the account but not anything that a luddite like myself could not handle. How many others here suddenly found all these friendly people that they never knew before so wanting to help you manage your funds when retiring LOL. I only ever had one question to each and every one of them that never got answered. If I let you manage say $100,000 into this portfolio and at the end of the first year I have not taken one cent out of it. How much would said portfolio be worth minus all expenses, fees and other costs. Had many answers but none of them addressed that question. I knew that it would be less simply because set up costs would deplete the principle but would have shown up what the other costs would have been.
    That's the way the mop flops.

    My thanks to Brian for this site.

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  5. #24
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    Default Re: Legal theiving

    Hi Les.
    Can't remember anyone asking if they could manage my money when I was broke. When we bought our first house in Aus, had a brilliant Lawyer in Parramatta, he said if ever anyone wanted to help you with your finances make sure you come to me before you sign anything, he looked after us for years, and in some instances he never charged, said it is what I do.
    Des

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    Default Re: Legal theiving

    Les #23, when we became of age to receive a part UK pension we were told in no uncertain terms by the Missing link that we had no option but to have it paid into our bank here.
    It comes into Oz via Tassie office which apparently handles all overseas pensions.

    I was informed by them that they had received notification from UK we were eligible for the UK one.
    No idea how the bloody system works, think it all depends on who you deal with.

    We were called in for a spot check on finances a couple of year ago, making sure we were giving them the correct figures.
    They already had all the answers to the questions but I wonder at times about some of the staff.

    One question, do you have an Australian passport?
    Yes

    Couple of questions later, ae you Australian citizens?
    Well we have passports so guess we must be.
    Happy daze John in Oz.

    Life is too short to blend in.

    John Strange R737787
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  8. #26
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    Default Re: Legal theiving

    Hi John.
    A classic case is this new tracing app, according to the slimeball, all your information will be in safe hands, well, it now turns out that the contract was given to Amazon, with no other company given a chance of competing, blank cheque again to a foreign company, what is wrong with the man, can't see to many people taking up the offer.
    Des

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    Default Re: Legal theiving

    i had a letter from currys the other day saying the standing order for the tv we bought from them has stopped the thing is i never wanted and told currys that i did not want cover and they had already taken money out of my account as one of my sons works in finance they have broken numerous laws and there will be some job losses when the store opens so watch when you buy anything from any stores i can name the store they dont know yet what will hit them? jp

  11. #28
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    Default Re: Legal theiving

    John #25

    Just goes to show that one should not take everything that is said to them as gospel as had no problem with both of us opening up a UK bank account. I was paying in each year to the UK pension which gave each of us larger payments. Also arranged for payments to go into our UK bank. The missing link deduct the $0.50 in the dollar so everything is legit. Just depends who it is that you talk to over the counter I suppose. Have had many run ins with them simply because I was sure that they had it all wrong and would chase it up until I was proved right or wrong. Sailed with to many con merchants that educated me in questioning every feking thing. Big thank you to the MN for helping me grow up. As soon as I hear those words? You have to conform to this. It is like a red rag to a bull with I.
    Last edited by Les Woodard; 25th April 2020 at 11:18 PM.
    That's the way the mop flops.

    My thanks to Brian for this site.

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    Default Re: Legal theiving

    The mnopf I had to take at 53 years of age I think it was. That is 30 years ago. I had to take as wages were that low and had to have a subsidy to survive in the manner accustomed to. Taken at such an earlier age than 62 was a much reduced pension and only coppers as such. However was only allowed to take on the understanding that it would stop on my return to a seagoing return to a partaking company who were in the mnopf scheme. As I never did , so the pension was allowed to continue small as it is. However was a lifesaver in the UK at times. There was no big fancy lump sums as of going the full term, if I had retired from the scheme in ill health would have been better off, but unable to continue at sea in any case , so was caught between the devil and the deep blue sea. I have always paid tax on this small pension , in the uk and now in Australia. Even though think it was 5 % of salary was contributed to it at the time. JWS.
    Last edited by j.sabourn; 26th April 2020 at 02:00 AM.

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