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pensions,bloody pensions

pensions,bloody pensions

Old Jan 30th 2007, 2:21 am
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Default pensions,bloody pensions

Hi ,bit of a technical question,
We were advised not to bring over one of our pensions when we came over as to transfer it we would lose out by 35% of its value.Now two years on the company has made up this shortfall and it would now be beneficial to move it over,however i am aware that we have to pay 15% tax on any monies made since we left.Does this mean we would have to pay this on the 35% shortfall that has now been rectified.If so it seems a bit harsh due the companys cock up in the first place.
Anyone Know????
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Old Jan 30th 2007, 3:27 am
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Default Re: pensions,bloody pensions

Have you thought about the pros and cons of leaving the pension where it is?
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Old Jan 30th 2007, 3:29 am
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Default Re: pensions,bloody pensions

Originally Posted by donna
Hi ,bit of a technical question,
We were advised not to bring over one of our pensions when we came over as to transfer it we would lose out by 35% of its value.Now two years on the company has made up this shortfall and it would now be beneficial to move it over,however i am aware that we have to pay 15% tax on any monies made since we left.Does this mean we would have to pay this on the 35% shortfall that has now been rectified.If so it seems a bit harsh due the companys cock up in the first place.
Anyone Know????
donna
You need to pay tax on the increase in value since you became resident for tax purposes. I think you should get some expert financial advise on this but I believe that whether you bring over the pension or not you are still liable for the increase in value????
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Old Jan 30th 2007, 3:42 am
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Default Re: pensions,bloody pensions

Originally Posted by thebears
You need to pay tax on the increase in value since you became resident for tax purposes. I think you should get some expert financial advise on this but I believe that whether you bring over the pension or not you are still liable for the increase in value????
Final salary pensions left overseas are not taxed on accrued changes in value.
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Old Jan 30th 2007, 3:45 am
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Default Re: pensions,bloody pensions

Originally Posted by JAJ
Final salary pensions left overseas are not taxed on accrued changes in value.
Thats a relief - and why I mentioned get specific financial advise. We were told it was but brought across the pension funds due too better returns.
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Old Jan 30th 2007, 5:56 am
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Default Re: pensions,bloody pensions

We have had advice to move our other pensions over and as suggested on here to save the 5% commission charged to bring it over ,which will be a hefty sum,we were going to do it ourselves but it looks like we are struggling at the first hurdle.
Where r u Alan Collet???
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