Non UK resident pension

J_forest

A friend has a small pension pot in the UK. He withdrew twice when the pot was with L&G. Now he plans to draw down but ReAssure that bought the scheme from L&G doesn't offer this option but the full amount or a life time policy.

He lives in an European country and doesn't want any above options because they would either trigger the higher tax rate for him in his own country or he has to deal with HMRC in the UK all his life. 

Is it possible for him to transfer the remaining amount to another pension provider that offers drawdown? He just couldn't get through ReAssure. He still has an UK bank account. 

Thanks.

dunstonh

Is it possible for him to transfer the remaining amount to another pension provider that offers drawdown? He just couldn't get through ReAssure. He still has an UK bank account. 

Not many providers will offer their services as he is a resident of the EU.    
Plus, it may not avoid tax depending on his country of residence.

J_forest

Thank you, Dunstonh.

He is Swedish. He took another small pot from another UK pension scheme that he didn't have to pay tax in the UK but in Sweden. This pot is bigger.  If he withdraw the pot as a lumpsum, as a high earner he would have to pay tax in  the UK and the higher tax rate in Sweden.

I have sent him this link. https://www.gov.uk/transferring-your-pension/transferring-to-an-overseas-pension-scheme

Do you or does anyone know any QROPS?

Marcon

J_forest said:

Thank you, Dunstonh.

He is Swedish. He took another small pot from another UK pension scheme that he didn't have to pay tax in the UK but in Sweden. This pot is bigger.  If he withdraw the pot as a lumpsum, as a high earner he would have to pay tax in  the UK and the higher tax rate in Sweden.

I have sent him this link. https://www.gov.uk/transferring-your-pension/transferring-to-an-overseas-pension-scheme

Do you or does anyone know any QROPS?

https://rossnaylor.com/can-i-transfer-my-uk-pension-to-sweden/ might help.

Bostonerimus1

J_forest said:

Thank you, Dunstonh.

He is Swedish. He took another small pot from another UK pension scheme that he didn't have to pay tax in the UK but in Sweden. This pot is bigger.  If he withdraw the pot as a lumpsum, as a high earner he would have to pay tax in  the UK and the higher tax rate in Sweden.

I have sent him this link. https://www.gov.uk/transferring-your-pension/transferring-to-an-overseas-pension-scheme

Do you or does anyone know any QROPS?

Many times seeking to reduce tax at all costs results in poor decisions. QROPs etc can be expensive and there is something to be said for keeping things simple.

J_forest

Marcon said:

J_forest said:

Thank you, Dunstonh.

He is Swedish. He took another small pot from another UK pension scheme that he didn't have to pay tax in the UK but in Sweden. This pot is bigger.  If he withdraw the pot as a lumpsum, as a high earner he would have to pay tax in  the UK and the higher tax rate in Sweden.

I have sent him this link. https://www.gov.uk/transferring-your-pension/transferring-to-an-overseas-pension-scheme

Do you or does anyone know any QROPS?

https://rossnaylor.com/can-i-transfer-my-uk-pension-to-sweden/ might help.

Thank you, Marcon. I will pass the relevant info to my friend. 

J_forest

Bostonerimus1 said:

J_forest said:

Thank you, Dunstonh.

He is Swedish. He took another small pot from another UK pension scheme that he didn't have to pay tax in the UK but in Sweden. This pot is bigger.  If he withdraw the pot as a lumpsum, as a high earner he would have to pay tax in  the UK and the higher tax rate in Sweden.

I have sent him this link. https://www.gov.uk/transferring-your-pension/transferring-to-an-overseas-pension-scheme

Do you or does anyone know any QROPS?

Many times seeking to reduce tax at all costs results in poor decisions. QROPs etc can be expensive and there is something to be said for keeping things simple.

Bostonerimus1 said:

J_forest said:

Thank you, Dunstonh.

He is Swedish. He took another small pot from another UK pension scheme that he didn't have to pay tax in the UK but in Sweden. This pot is bigger.  If he withdraw the pot as a lumpsum, as a high earner he would have to pay tax in  the UK and the higher tax rate in Sweden.

I have sent him this link. https://www.gov.uk/transferring-your-pension/transferring-to-an-overseas-pension-scheme

Do you or does anyone know any QROPS?

Many times seeking to reduce tax at all costs results in poor decisions. QROPs etc can be expensive and there is something to be said for keeping things simple.

Yes. It really depends how much he wants to give up.