Can I "cash-in" my personal pension somehow ?

casterman

Transfer to a New Zealand QROPS and take the lot out as cash - if you have been non-UK resident for at least 5 years. Fees/charges should work out at about 5% of the pot.

bendix

casterman wrote: »

Transfer to a New Zealand QROPS and take the lot out as cash - if you have been non-UK resident for at least 5 years. Fees/charges should work out at about 5% of the pot.

Yeah, brilliant suggestion for those who have left the UK and now live in NZ.

And, of course, you can't do that unless you are 55 in New Zealand, or is it 60? Certainly 60 in Australia.

Cautious_Investor_3

Hi

I thought this might be interesting:

http://www.citywire.co.uk/new-model-adviser/new-zealand-to-review-qrops-advice-amid-mis-selling-concerns/a455519?re=12100&ea=241044

The Cautious Investor

casterman

bendix wrote: »

Yeah, brilliant suggestion for those who have left the UK and now live in NZ.

And, of course, you can't do that unless you are 55 in New Zealand, or is it 60? Certainly 60 in Australia.

You need to brush up on QROPS.

You do not need to be resident in the country where you decide to transfer to QROPS.

For non-NZ residents pensions can be drawn down from age 18

casterman

Cautious_Investor wrote: »

Hi

I thought this might be interesting:

http://www.citywire.co.uk/new-model-adviser/new-zealand-to-review-qrops-advice-amid-mis-selling-concerns/a455519?re=12100&ea=241044

The Cautious Investor

This is all well and good, but HMRC have no problems with NZ registered QROPS. These are advisers who are peeved they are losing out on substantial transfer business.

dunstonh

casterman wrote: »

This is all well and good, but HMRC have no problems with NZ registered QROPS. These are advisers who are peeved they are losing out on substantial transfer business.

I read it that they are trying to protect their business from the rather large numbers of dodgy individuals that transact in that area.

casterman

The fact of the matter is, at this particular moment, people can and do convert their transferred pensions into cash. It is not illegal but probably not too popular with HMRC. If they want to stamp this out they easily could with new legislation. The fact that they haven't speaks volumes

Cautious_Investor_3

casterman wrote: »

The fact of the matter is, at this particular moment, people can and do convert their transferred pensions into cash. It is not illegal but probably not too popular with HMRC. If they want to stamp this out they easily could with new legislation. The fact that they haven't speaks volumes

It probably just means that they don't think many people are doing it and they have easier targets.

Cautious_Investor_3

casterman wrote: »

This is all well and good, but HMRC have no problems with NZ registered QROPS. These are advisers who are peeved they are losing out on substantial transfer business.

Was passing no comment, just thought people might be interested.

Loughton_Monkey

My understanding is that this option is strictly only available to those who physically live abroad for 5 years or more. I thought I heard riblings about plans to 'fine' defaulters 55% more thoroughly?