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Small annuity lump sum options
turktaz
Posts: 1 Newbie
I am retired and recently found I had a small pension lump sum held as an annuity with Aviva.
I am currently a UK tax exile as my UK pensions are paid tax free and I am subject to the tax laws in Turkey where I now reside.
Is it possible to take my full pension pot from this pension fund, about £13000 without paying any tax or can I only take 25% free and the rest being subject to UK tax at 20%.
I am currently a UK tax exile as my UK pensions are paid tax free and I am subject to the tax laws in Turkey where I now reside.
Is it possible to take my full pension pot from this pension fund, about £13000 without paying any tax or can I only take 25% free and the rest being subject to UK tax at 20%.
0
Comments
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Can you clarify.... You say you have an annuity but then say it is worth £13,000. When you buy an annuity, you give up the pension fund. So, can you confirm if the pension is still in force with a value or whether you have an annuity that is paying you an income?
If it is a pension not yet commenced then the lump sum can be taken but will be subject to the tax laws of Turkey (or any tax treaty rules that exist).I am an Independent Financial Adviser (IFA). The comments I make are just my opinion and are for discussion purposes only. They are not financial advice and you should not treat them as such. If you feel an area discussed may be relevant to you, then please seek advice from an Independent Financial Adviser local to you.0
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