Early cashing in of a deferred Final Salary Pension

Bobby_Shants

coyrls wrote: »

I see, you are looking for PM's asking how you did it, so you and "johndough" can promote some dodgy scheme.

Not in the slightest old chap. I'll even ask the Moderator of this forum to access my PM's to prove I am not dodgy!

Bobby_Shants

coyrls wrote: »

I find that very hard to believe.

I'll send you a postcard and a separate package containing documentary evidence too!

jamesd

Bobby_Shants wrote: »

Pension provider is in the process of sanctioning the move, IFA have approved and under my special circumstances I will pay nothing to HMRC.

This isn't actually impossible and I know of at least one completely legal way it can be done, at least once at an age when lump sums can be taken. Just move to a country that has a low tax rate on foreign pension income and don't become resident in the UK again for several years. Portugal has such a scheme with nil income tax rate that you can opt in to. QROPS not required in that case, you can take all pension pots up to the lifetime allowance tax free from a UK scheme.

Key thing we didn't know was enough about your situation to know that moving outside the UK would be an option.

Bobby_Shants

jamesd wrote: »

This isn't actually impossible and I know of at least one completely legal way it can be done, at least once at an age when lump sums can be taken. Just move to a country that has a low tax rate on foreign pension income and don't become resident in the UK again for several years. Portugal has such a scheme with nil income tax rate that you can opt in to. QROPS not required in that case, you can take all pension pots up to the lifetime allowance tax free from a UK scheme.

Key thing we didn't know was enough about your situation to know that moving outside the UK would be an option.

UK Shares on the rise post Brexit so tthat is helping me to ahieve zero tax and claim all my pension at 50.

Bobby_Shants

jamesd wrote: »

Key thing we didn't know was enough about your situation to know that moving outside the UK would be an option.

I am of united arab emirates descent.

Bobby_Shants

My defined Benefit pension is a scheme which offers such lucrative options of which I did not know until all you good people gave me sound advice. Thank you all so much and wish me well in my early retirement.