Private Pension in the UK
Jan 23rd 2019, 5:55 pm
#1
Forum Regular
Thread Starter
Joined: Sep 2012
Posts: 201
Private Pension in the UK
Hello again,
I have another Brexit related question that I suspect no one will know the answer to, but worth a try
I moved back over to Italy after working in the UK for 4 years, prior to this I lived in Italy for 3 years. I have a UK private pension that I am intending on putting money into each month, long-term how could this work? Would I need to declare that I have a UK based private pension despite being an Italian resident? Long-term, would it be difficult to get this money as a pension after Brexit in the long-term future? This would be in about 35 years time...so I guess it is difficult to say, but any advice would be much appreciated.
Thank you
I have another Brexit related question that I suspect no one will know the answer to, but worth a try
I moved back over to Italy after working in the UK for 4 years, prior to this I lived in Italy for 3 years. I have a UK private pension that I am intending on putting money into each month, long-term how could this work? Would I need to declare that I have a UK based private pension despite being an Italian resident? Long-term, would it be difficult to get this money as a pension after Brexit in the long-term future? This would be in about 35 years time...so I guess it is difficult to say, but any advice would be much appreciated.
Thank you
Jan 23rd 2019, 6:23 pm
#2
BE Forum Addict
Joined: Jul 2014
Posts: 1,108
Re: Private Pension in the UK
Probably depends on where you intend to settle..but it would be wise to cash this one in and set one up in your permanent country of residence. I certainly would not advise anyone to contribute long term to a scheme in a foreign country.
Jan 25th 2019, 10:32 am
#3
Just Joined
Joined: Jul 2016
Posts: 6
Re: Private Pension in the UK
Hi There
If you're not resident in the UK then I presume that you're not paying tax in there? If this is the case then you won't qualify for tax relief on your contributions. If this is the case then you need to ask yourself is it really worth it to keep adding more into this pension. Tax releif on contributions is the only real advantage of a UK private pension and if you're not going to receive that then I wouldn't keep adding to it. In addition to this I don't think that you can claim any tax relief in Italy on the contributions that you make. If I've misunderstood anything then apologies otherwise I hope thatb this has been helpful.
If you're not resident in the UK then I presume that you're not paying tax in there? If this is the case then you won't qualify for tax relief on your contributions. If this is the case then you need to ask yourself is it really worth it to keep adding more into this pension. Tax releif on contributions is the only real advantage of a UK private pension and if you're not going to receive that then I wouldn't keep adding to it. In addition to this I don't think that you can claim any tax relief in Italy on the contributions that you make. If I've misunderstood anything then apologies otherwise I hope thatb this has been helpful.
Jan 26th 2019, 7:12 am
#4
Forum Regular
Thread Starter
Joined: Sep 2012
Posts: 201
Re: Private Pension in the UK
Thanks both, that’s very helpful. I am only in my early 30s and have not had the private pension for long, so am not very clued up on how it works.
In the long term I probably won’t keep it open in the UK but will do for the time being until I’ve been here for a longer period and am more settled.
Would the years spent working in the UK contribute towards my pension in Italy? I always thought EU countries had an agreement where the contributions were transferred across, i could be wrong though? If it is possible, where would I go to have this reconsidered? I only have my last 4 years of payslips though and not everyone I’ve ever received.
Thank you
In the long term I probably won’t keep it open in the UK but will do for the time being until I’ve been here for a longer period and am more settled.
Would the years spent working in the UK contribute towards my pension in Italy? I always thought EU countries had an agreement where the contributions were transferred across, i could be wrong though? If it is possible, where would I go to have this reconsidered? I only have my last 4 years of payslips though and not everyone I’ve ever received.
Thank you
Jan 26th 2019, 10:10 am
#5
BE Forum Addict
Joined: Oct 2016
Location: Ex Teramo, Abruzzo
Posts: 1,216
Re: Private Pension in the UK
I suspect you are thinking of your state pension whereby currently UK NI contributions can be used for certain aspects of a state pension in another EU country. There is no transfer of contributions it's a simple case of telling each state you paid contributions in another state when you reach pension age (which may differ in each).
Jan 26th 2019, 10:14 am
#6
Forum Regular
Thread Starter
Joined: Sep 2012
Posts: 201
Re: Private Pension in the UK
I suspect you are thinking of your state pension whereby currently UK NI contributions can be used for certain aspects of a state pension in another EU country. There is no transfer of contributions it's a simple case of telling each state you paid contributions in another state when you reach pension age (which may differ in each).
