UK Pension - Can I cash it in?
 

Hi All,

I have just run across a statement for a Standard Life pension from when I used to live and work in the UK. I'm thinking I may like to cash it in as there's only a couple of grand in it and I haven't paid into it for donkey years, and it's not as if I am planning on going back anytime soon.

In recent weeks I've had a few calls from companies offering to cash UK pensions in, however, I'm just wondering how easy it is to do and if I actually need a company to do it for me? If its easy enough I will do it myself and save the cut of the not some much cash that's actually there.

If I get enough for a decent trip this year I would be happy.

Re: UK Pension - Can I cash it in?
 

Can I add to the above, what are the UK tax implications (if any) of cashing-in a pension if you're non-resident?

Re: UK Pension - Can I cash it in?
 

Not unless you are aged over 55 years.

If you are it is possible but how it would work depends on the total value of all UK pension plans.

Re: UK Pension - Can I cash it in?
 

Any income arising in the UK is taxable.

There is a thing called Trivial Commutation but that applies only to total funds of GBP 10,000 or less.


Pensions are a delightfully complex issue but I an not going to go into full details on here. Suffice to say that proper advice is required and hearsay is often incorrect.

Re: UK Pension - Can I cash it in?
 

Dearest Meow

Many thanks for your kind and prompt advice.

Kind regards

Bahtatboy

Re: UK Pension - Can I cash it in?
 

Thanks Meow....

Thought it sounded a bit too good to be true.

So whats the deal with these companies offering the service? Solely dealing with folk over 55 or is it something shady?

Re: UK Pension - Can I cash it in?
 

A word of caution from HMRC:

"Some companies offer to help you get money out of your pension before you’re 55. This could be an unauthorised payment. If it’s unauthorised, you pay up to 55% tax on it."

Re: UK Pension - Can I cash it in?
 

Exactly this!

Run away from anyone who promises you all your pension money as cash without tax to pay. It's not legit.

Re: UK Pension - Can I cash it in?
 

Shady would be putting it kindly.

Re: UK Pension - Can I cash it in?
 

Re: UK Pension - Can I cash it in?
 

:lol: Love a bit of South Park.

Scarily close to some of the pieces I have been trying to pick up for people recently. :sneaky: