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Really quick query

I'm going to be moving to the US in a couple of months time and I've seen that I have a few grand tied up in employers pensions.
I'm 34 and not expecting to be residing in the UK anymore.
Can I claim any stake of my pension contributions?

Comments

  • jamesd
    jamesd Posts: 26,103 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    No. See the Can I cash in my pension sticky topic.

    If the amount was larger you could transfer the money to a QROPS scheme in the US. for a few grand you can't do that because it'd cost far too much compared to the pension pot value. You're looking at fees in the thousand Pounds plus range paid by you, not the pension.

    If any of those are final salary pensions it's even worse because you'd have to pay an IFA to demonstrate that it's a good idea and with a transfer to a US pension that's be even more costly than usual.
  • Red_Cat
    Red_Cat Posts: 1,040 Forumite
    Part of the Furniture Combo Breaker
    Hold on need more info first:

    Is it a DC scheme?
    More importantly, how long have you been in the scheme?

    If less than two* years when you leave your employer, you may be able to take it as a cash oayment (but income tax will be applied).

    *Check the two years. I can't remember if that is statutory or pension scheme rule time limit.
    Hoping this year is better than the last. :)
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