shirl

Hi everyone.

I would like to know if anyone has transferred a pension from the UK specifically to the ASB Pension scheme here and then accessed all of it and been taxed by the UK. This is an ASB specific question please. They say that if we draw more than 25% of it they are obliged to tell the UK tax people and then we could be liable to 40% tax - ouch!! I know pensions have been discussed before but has anyone actually gone down this road and been stung.

Thanks in advance of your replies.

shirl

Is there no one out there banking with ASB who have done this !!

BEVS

I bank with ASB but am waiting for next August when I hit 55 and have been here for over 5 years before moving my private pension. Like you , I'm hoping to access the lot somehow ! Husband will wait as he is 6 years younger anyway.

There has been info on this in the past. Not ASB relevant but certainly about the relatively new rules that the UK tax office brought in when it closed the loophole .

I'll have a dig around and see if I can find anything that may help.

For anyone else also interested in this , here is the ASB brochure about transferring a UK pension

shirl

Thsnks Bevs - we did want to access all of it for starting up a business but we may play it safe and just take 25% now and the rest in 3 years.