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  • FIRST POST
    • PaulMarbella
    • By PaulMarbella 7th Feb 18, 11:06 AM
    • 3Posts
    • 0Thanks
    PaulMarbella
    Pension Draw Down Schemes
    • #1
    • 7th Feb 18, 11:06 AM
    Pension Draw Down Schemes 7th Feb 18 at 11:06 AM
    I have a UK pension fund that I would like to invest in an income draw down scheme however my pension provider cannot help me as I am a non resident of the UK. Does anyone know a pension provider who can offer this service to a NON resident of the UK.
    Regards
    PaulMarbella
Page 1
    • dunstonh
    • By dunstonh 7th Feb 18, 11:52 AM
    • 91,124 Posts
    • 58,142 Thanks
    dunstonh
    • #2
    • 7th Feb 18, 11:52 AM
    • #2
    • 7th Feb 18, 11:52 AM
    Where are you resident (for example, inside EU can limit more than being outside EU).
    I am an Independent Financial Adviser (IFA). Comments are for discussion purposes only. They are not financial advice. Different people have different needs and what is right for one person may not be for another. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.
    • PaulMarbella
    • By PaulMarbella 8th Feb 18, 6:48 PM
    • 3 Posts
    • 0 Thanks
    PaulMarbella
    • #3
    • 8th Feb 18, 6:48 PM
    Pension Draw Down Schemes
    • #3
    • 8th Feb 18, 6:48 PM
    I am resident in Spain
    • xylophone
    • By xylophone 8th Feb 18, 7:17 PM
    • 24,536 Posts
    • 14,384 Thanks
    xylophone
    • #4
    • 8th Feb 18, 7:17 PM
    • #4
    • 8th Feb 18, 7:17 PM
    I am wondering about the tax position - for example, would the 25% PCLS be taxable in Spain rather than be tax free as in the UK?

    Should you be taking advice from an IFA qualified in both jurisdictions?


    Might it be easier all round to transfer your pension to a QROPS?

    https://www.gov.uk/transferring-your-pension/transferring-to-an-overseas-pension-scheme

    https://www.aesinternational.com/financial-planning/retirement-planning/tax-on-pensions/qrops-spain
    • Malthusian
    • By Malthusian 9th Feb 18, 1:39 AM
    • 3,713 Posts
    • 5,773 Thanks
    Malthusian
    • #5
    • 9th Feb 18, 1:39 AM
    • #5
    • 9th Feb 18, 1:39 AM
    I am wondering about the tax position - for example, would the 25% PCLS be taxable in Spain rather than be tax free as in the UK?
    Originally posted by xylophone
    Yes it would.

    Might it be easier all round to transfer your pension to a QROPS?
    Why do you believe that a QROPS is suitable for the OP?

    It would certainly not be easier, it would be more expensive, and QROPs are a magnet for dodgy "advisers". QROPs are only suitable in very specific circumstances and nothing the OP has said suggests this applies to him.
    • PaulMarbella
    • By PaulMarbella 9th Feb 18, 10:24 AM
    • 3 Posts
    • 0 Thanks
    PaulMarbella
    • #6
    • 9th Feb 18, 10:24 AM
    Income Draw Down Schemes
    • #6
    • 9th Feb 18, 10:24 AM
    As you are a financial adviser you should know if any income draw down schemes are available for non residents of the UK through Pension Providers. The comments I am receiving don't seem to address my question. I am a tax resident in Spain and all income received outside of Spain is taxable in the year they are attained therefore to draw all my fund at once will be taxed at 47%. This why I need to find a pension provider who offers an income draw down scheme which I can draw so much every year in the future.
    • xylophone
    • By xylophone 9th Feb 18, 10:53 AM
    • 24,536 Posts
    • 14,384 Thanks
    xylophone
    • #7
    • 9th Feb 18, 10:53 AM
    • #7
    • 9th Feb 18, 10:53 AM
    Why do you believe that a QROPS is suitable for the OP?
    I didn't say I did - I merely put the question

    Might it be easier all round to transfer your pension to a QROPS?
    You will note that I gave a link to guidance on gov.uk and to a link with some information from an FCA registered adviser.

    I also asked

    Should you be taking advice from an IFA qualified in both jurisdictions?
    And because arrangements regarding tax free payments that apply here may not apply elsewhere, I asked a question about the tax position which you have kindly answered for the OP.
    • xylophone
    • By xylophone 9th Feb 18, 11:06 AM
    • 24,536 Posts
    • 14,384 Thanks
    xylophone
    • #8
    • 9th Feb 18, 11:06 AM
    • #8
    • 9th Feb 18, 11:06 AM
    As you are a financial adviser you should know if any income draw down schemes are available for non residents of the UK through Pension Providers.
    I assume that this is addressed to dunstonh.

    He has not commented as to whether he does or doesn't know of any such schemes - he simply asked for your country of residence.

    Have you tried to find an IFA qualified in both jurisdictions who can advise you on the best solution in your situation?
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