Company Pension while abroad

[Gaz in Zurich]

Being an old fart, I'm soon to get a old company pension that is worth about 10k a year.
Now I live abroad and have for many years. Does anyone know if I will have to pay tax on this in the Uk or is it below the threshold.
Any pension experts out there or blues in a similar position?

TIA

 

[East Level 2]

10k is below the current tax threshold of 12.5k, but if also get the UK state pension then you'll be above the threshold. - Some of the pension might be tax free. - Apologies if you already knew that.

 

[Blue Mist]

OP you need to do what all the celebs do, channel it through a company.
I use MistyBlue. Whereas tax is 22% they only charge 10%.
Pm me for my details sorry their details.

 

[Mad Eyed Screamer]

OP you need to do what all the celebs do, channel it through a company.
I use MistyBlue. Whereas tax is 22% they only charge 10%.
Pm me for my details sorry their details.

Tax dodging b****rd

 

[Gaz in Zurich]

10k is below the current tax threshold of 12.5k, but if also get the UK state pension then you'll be above the threshold. - Some of the pension might be tax free. - Apologies if you already knew that.

I won't get the state pension for another 7 years I think..but I do work currently in Zurich, but I am out of the uk tax system.
Do I just have to declare it here?

 

[SWP's back]

When’s it due to start? If you’re in Switzerland then at least check the cash equivalent transfer value (CETV). At £10k per year, you could be looking at a lump sum of somewhere between £200k-400k if you’re lucky (which you could stick in a personal pension and drawdown as much or as little as you want under flexible drawdown - it would also offer 25% as a tax free lump sum).

Ps, £10k is below the threshold but you don’t get a personal allowance as you’re a non-U.K. tax payer. You’d be taxed under the U.K.-Swiss double taxation agreement 1972 (amended 2017) and page 18 of this:

https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/868917/1977_UK-Switzerland_Double_Taxation_Convention_as_amended_by_the_2009_and_the_2017_protocols_in_force.pdf

 

[Gaz in Zurich]

When’s it due to start? If you’re in Switzerland then atleast check the cash equivalent transfer value (CETV). At £10k per year, you could be looking at a lump sum of somewhere between £200k-400k if you’re lucky

 

[Gaz in Zurich]

Due to start Aug....is that taking out all the money in it? but then it'll be taxable so lose 40%?

 

[SWP's back]

Due to start Aug....is that taking out all the money in it? but then it'll be taxable so lose 40%?

I’ve added some bits on to that post as an edit.

Read that and then I’ll happily answer anything else.

But yeah, you wouldn’t be advised to withdraw the whole amount on day one but you’d be able to get 25% tax free and flexible drawdown allows you take or leave as much as you wish/need. Great situation to be in either way.

 

[denislawsbackheel]

If it is an old public sector pension you will be taxed on it in the U.K. no way round that. If it isn’t then you declare it in your country of residence.

 

[Gaz in Zurich]

I’ve added some bits on to that post as an edit.

Read that and then I’ll happily answer anything else.

But yeah, you wouldn’t be advised to withdraw the whole amount on day one but you’d be able to get 25% tax free and flexible drawdown allows you take or leave as much as you wish/need. Great situation to be in either way.

Doubt there would be that much in it? How would I find out?

 

[SWP's back]

Doubt there would be that much in it? How would I find out?

You ask the trustees (your pension scheme) for a CETV (Cash equivalent transfer value). If it’s public sector you won’t be able to get one.

 

[Gaz in Zurich]

You ask the trustees (your pension scheme) for a CETV (Cash equivalent transfer value). If it’s public sector you won’t be able to get one.

its not public sector..its ICL..