I worked in the UK for 7 years and have a pension there, that is doing nothing, is it possible to get it out?
by 
marypew
ANSWERS: 3
-
Yes it should be possible to get it out but that would depend in part on the pension provider holding your cash and whether it was a subsidized scheme. The cash you withdraw will be subject to full UK tax, since as a pension it was not subject to tax when you put it aside.
-
Yes it is, HMRC has allowed for this, the funds are called Qualified Recognised Overseas Pension Schemes (QROPS). Official list of approved funds: http://www.hmrc.gov.uk/PENSIONSCHEMES/qrops-list.htm You also need to get a financial advisor/intermediary to help, not sure where you live but these guys seem global: http://qrops-pension-transfer.co.uk There is a bunch of technical considerations, believe me I am an accountant, so get a good advisor.
-
State or Private pension? First find out the value now and at the predicted retirement age. Keep your contact information up to date with the Pension fund. Consider if it is worth the cost and effort to get it out now. Your circumstances might change later.
RELATED QUESTIONS
Copyright 2023, Wired Ivy, LLC