Couple living in Australia for 7 years
Paul and Vivienne had migrated to Australia 7 years before they contacted bdhSterling about their UK Pensions. Looking at their pensions was something that they had been meaning to do after moving their family, but they just hadn’t got around to doing. They each had a number of UK private pension funds; Paul had 3 funds and Vivienne 2 and decided to contact us as they had decided to transfer their pension funds to Australia. They did not want a Pension Transfer Analysis and wanted a recommendation on where they should transfer their funds to. Recently they had each contacted their respective UK pension funds and received 2 fund balances; 1 as of the date they arrived in Australia 7 years ago and 2. a month prior to contacting us. The Australian adviser undertook a free, no obligation meeting to understand their objectives, risk profile and current situation. They engaged bdhSterling to produce a Statement of Advice but opted out of a SMSF as they did not want to take on the responsibility. Paul and Vivienne accepted our recommendations of a QROPS retail superannuation fund to receive their UK pensions, however they opted for keeping their funds in cash in GBP within each of their Australian retail super funds until they decided on their investment strategy and whether to invest in portfolios of AUD or GBP.