UK Pension Pot, But non UK tax payer
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endoskeleton
Posts: 2 Newbie
Hi
I have a UK pension pot, that accrued over the years before I emigrated to the USA.
Once I emigrated I stopped paying into the pension as I was no longer a UK tax payer and was not entitled to the tax relief. Since that time it has sat in the pension fund not really doing much except providing fees to the advisors
The question I have, Is this pension pot still governed by the age restrictions on withdrawal (55 min age) or can I get the pension company to release the funds and simply pay tax on them in the US ?
Any advice would be greatly appreciated.
I have a UK pension pot, that accrued over the years before I emigrated to the USA.
Once I emigrated I stopped paying into the pension as I was no longer a UK tax payer and was not entitled to the tax relief. Since that time it has sat in the pension fund not really doing much except providing fees to the advisors
The question I have, Is this pension pot still governed by the age restrictions on withdrawal (55 min age) or can I get the pension company to release the funds and simply pay tax on them in the US ?
Any advice would be greatly appreciated.
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Comments
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What advisors?Since that time it has sat in the pension fund not really doing much except providing fees to the advisors
It will have remained invested in whatever it was invested in and should have grown over the years.0 -
Hi
Each month there appears to be fees leaving the pot for "renewal adviser remuneration"
And yes you are correct the "POT" has grown a little over the years.
What I am asking is can I access the the funds in the pension pot without reaching 55+ as I am no longer a UK tax payer? or do those rules apply regardless.0 -
It seems that you either leave it in the UK until at least age 55 or transfer to a QROPS?
https://www.gov.uk/transferring-your-pension/transferring-to-an-overseas-pension-scheme
http://www.aviva-for-advisers.co.uk/adviser/site/public/tech-centre/tech-article-detail/overseas---personal-pensions-transfers
http://www.aviva-for-advisers.co.uk/adviser/site/public/tech-centre/tech-article-detail/overseas-opportunities-for-personal-pension-members
Have you consulted your pension provider?0 -
The UK and US have a dual tax treaty that will attempt to prevent both countries taxing the same income, and will deal with which country has the right to tax it. It will state whether the UK has the right to tax it (in which case you'll need to wait till 55 and pay UK taxes on it) or whether the US has the right to tax it (in which case US taxes and US restrictions on accessing it will apply). Different clauses apply for different forms of income, eg salary, investments, pension etc.
You can either dig out the tax treaty yourself, or if its a meaningful amount you might want to take professional advice from a cross-border tax person. You definitely don't want to be in a situation where you pay tax to the wrong country and the other one comes looking.0 -
endoskeleton wrote: »Each month there appears to be fees leaving the pot for "renewal adviser remuneration"
That's the money you've been paying a qualified advisor so they can provide the service described in this message.
http://forums.moneysavingexpert.com/showpost.php?p=67262142&postcount=13
No, I didn't see much of my IFA either (other than the fees) back when I used one!I am not a financial adviser and neither do I play one on television. I might occasionally give bad advice but at least it's free.
Like all religions, the Faith of the Invisible Pink Unicorns is based upon both logic and faith. We have faith that they are pink; we logically know that they are invisible because we can't see them.0
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