Swiss pensions - returning to the UK

abracadab

Hello

I hope someone can shed some light on this situation as I get conflicting information...

I moved to Switzerland from the UK 2 and a half years ago to work. My employer pays into a pension scheme that is managed by Zurich Insurance, I also make mandatory contributions to this pension.

I am looking to return to the UK and understand that I am able to cash in any monies that are in excess of the obligatory benefit - this is a straight forward process.

There is also the possibility of cashing in the obligatory component of the pension according to information on the BVG security fund website (as a new user I cannot post links).

The possibility of this depends on one of the following NOT applying to me:

• Departure takes place after 31.5.2007

• the cash payment relates to a credit balance from the statutory minimum benefits (LOB)

• the insured person moves to an EU or EFTA country

• the person concerned must have compulsory state insurance for retirement, disability and survivors' benefits in the new country

The evaluation process involves me completing and submitting a form which is then used as part of an enquiry made to HMRC to establish my eligibility for withdrawal of Swiss pension funds.

The last point is what I am wondering about here (as the others DO apply to me).

Whilst working in the UK, I opted out of SERPS some years ago - does this mean that I no longer have compulsory state insurance for retirement, disability and survivors' benefits and therefore eligible to cash in my entire Swiss pension?

If not, does anyone know what it means to not have a compulsory state insurance for retirement, disability and survivors' benefits?

Many thanks in advance.

xylophone

Whilst working in the UK, I opted out of SERPS some years ago

But not out of the basic state pension?

abracadab

xylophone wrote: »

But not out of the basic state pension?

I'm sorry, I don't know - I'm still overseas the moment and don't have any documentation to check against (I did this some ten years ago so I'm a bit vague on the subject)

If I called my pension company (Scottish Equitable) in the UK, would they be able to tell me?

xylophone

When you were working in the UK you paid your national insurance?

https://www.gov.uk/check-national-insurance-record

How old are you?

abracadab

xylophone wrote: »

When you were working in the UK you paid your national insurance?

How old are you?

Yes, I paid N.I.whilst working in the UK and I'm aged 42.

kidmugsy

abracadab wrote: »

Yes, I paid N.I.whilst working in the UK and I'm aged 42.

Then you didn't opt out of the basic State Retirement Pension.

Anyway, why do you want to withdraw money from your Swiss pension?

abracadab

kidmugsy wrote: »

Then you didn't opt out of the basic State Retirement Pension.

Anyway, why do you want to withdraw money from your Swiss pension?

Ah ok, well thanks anyway. My reason for wanting to cash in the Swiss pension is purely so that I can make choices on where and how I can invest it most effectively, but from the sounds of it, it'll stay in Switzerland until closer to my retirement...

mgdavid

abracadab wrote: »

Ah ok, well thanks anyway. My reason for wanting to cash in the Swiss pension is purely so that I can make choices on where and how I can invest it most effectively, but from the sounds of it, it'll stay in Switzerland until closer to my retirement...

but unless you can make a complete comparison of likely benefit where it is versus moving it to somewhere and something else, you don't know that Switzerland isn't the best place for it all along !

xylophone

I am looking to return to the UK

Re new state pension https://www.gov.uk/new-state-pension/overview

Re private pensions https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/301563/Pensions_fact_sheet_v8.pdf