Pension Transfer

Spivo46

Just in the final throws of moving one of my pension accounts in to another so its all in one place and the overall fees are lower. As a novice it wasn't easy, lots of paper work and lots of checks, all of which made me quite nervous. I have moved from Lifesight epa to Royal London. I haven't withdrawn from any of these pots yet. I obviously won't pay any tax to HMRC as part of the transfer process but i have read some transfers do. Why do some transfers have to pay tax?

xylophone

Just in the final throws of moving one of my pension accounts in to another

Chucking money at it? Change the w for an e?

I had not heard of having to pay tax on a pension transfer - are you thinking of tax on an unauthorised payment?

https://www.gov.uk/guidance/pension-schemes-and-unauthorised-payments

Or of the fees/surrender charge that some providers might make on a transfer from their pension plan to another?

Pat38493

xylophone said:

Just in the final throws of moving one of my pension accounts in to another

Chucking money at it? Change the w for an e?

I had not heard of having to pay tax on a pension transfer - are you thinking of tax on an unauthorised payment?

https://www.gov.uk/guidance/pension-schemes-and-unauthorised-payments

Or of the fees/surrender charge that some providers might make on a transfer from their pension plan to another?

Maybe has been reading US based articles?  I think in the US they often talk about tax implications of some types of funds transfer.

Marcon

Spivo46 said:

Just in the final throws of moving one of my pension accounts in to another so its all in one place and the overall fees are lower. As a novice it wasn't easy, lots of paper work and lots of checks, all of which made me quite nervous. I have moved from Lifesight epa to Royal London. I haven't withdrawn from any of these pots yet. I obviously won't pay any tax to HMRC as part of the transfer process but i have read some transfers do. Why do some transfers have to pay tax?

Could you give a link to one of the articles you've read, please, which says this? There's plenty of mis-reporting out there, so it's entirely possible you have indeed read it in the UK press.