Advice needed for expat (U.K. private pension)

leigh_gataleigh

Can anyone help me. Brief explanation. I am a U.K. citizen now living as an expat in Spain. I have a small private pension pot with Royal London that matured a year ago. I had to defer it as I have been unable to get advice. It has a guaranteed lifetime annuity attached to it which would require me to live to almost 100 years old.
I would like to take the lump sum.  I understand I would receive 25% tax free then pay tax on the remainder. Although I am no longer a U.K. taxpayer.
Then I would have to reclaim the tax paid in the U.K. and pay it to the Spanish tax office

I still work in Spain aged 65, I am due to get my U.K. fully paid up state pension next year when I will retire.  I am a Spanish resident.  I need to get a form completed by a IFA to complete my claim.  I have tried 5 here in Spain. They say they cannot help me because since Brexit they are no longer allowed to give advice on U.K. based pensions. So I tried U.K. based IFA’s who say they also cannot advise me as I am a Spanish resident. It’s an obvious “catch 22”, so where do I go for help ?
any advice would be welcome,
regards
Leigh

dshart

Find an adviser who is registered to give advice in both. There are a few who advertise in places that talk about buying property in Europe. But they may only deal in high worth individuals. 
Ones that come to mind are Blevins Franks, and Kentingtons but they may only be France, I am not sure if they cover Spain also. But look around publications like "A place in the Sun" or other similar magazines and you may find advisers that are registered to operate in both countries.

leigh_gataleigh

Thank you dshart. Yes I tried Blevins Franks, they are here in Spain, but they only seem interested if it is over 100,000. Your advice on looking at overseas property magazines is very useful

Marcon

leigh_gataleigh said:

Can anyone help me. Brief explanation. I am a U.K. citizen now living as an expat in Spain. I have a small private pension pot with Royal London that matured a year ago. I had to defer it as I have been unable to get advice. It has a guaranteed lifetime annuity attached to it which would require me to live to almost 100 years old.

Depending on how 'small' your 'small private pension pot' is, paying for advice might make a considerable dent in it, assuming you have to transfer it away from RL to enable encasedment?

Are you factoring in any inflationary increases (if there are any) under the GAR? 

xylophone

https://www.spectrum-ifa.com/taking-a-lump-sum-from-your-pension-when-resident-in-spain/

Would the above help?