UK Pension - Can I cash it in?
Jan 31st 2017, 9:59 am
#1
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Thread Starter
Joined: Jan 2011
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Posts: 3,467
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.
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.
Jan 31st 2017, 10:25 am
#2
Hit 16's
Joined: Mar 2010
Location: Of all the gin joints, in all the towns, in all the world, she walks into mine
Posts: 13,112
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?
Jan 31st 2017, 10:29 am
#3
Bored liberal
Joined: Feb 2007
Location: Over there ----->
Posts: 13,713
Re: 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.
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.
If you are it is possible but how it would work depends on the total value of all UK pension plans.
Jan 31st 2017, 10:32 am
#4
Bored liberal
Joined: Feb 2007
Location: Over there ----->
Posts: 13,713
Re: UK Pension - Can I cash it in?
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.
Jan 31st 2017, 12:10 pm
#5
Hit 16's
Joined: Mar 2010
Location: Of all the gin joints, in all the towns, in all the world, she walks into mine
Posts: 13,112
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.
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.
Many thanks for your kind and prompt advice.
Kind regards
Bahtatboy
Jan 31st 2017, 12:17 pm
#6
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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?
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?
Jan 31st 2017, 12:31 pm
#7
Onwards and Upwards!
Joined: Sep 2010
Posts: 884
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."
"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."
Jan 31st 2017, 12:54 pm
#8
Bored liberal
Joined: Feb 2007
Location: Over there ----->
Posts: 13,713
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."
"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."
Exactly this!
Run away from anyone who promises you all your pension money as cash without tax to pay. It's not legit.
Jan 31st 2017, 3:39 pm
#10
Onwards and Upwards!
Joined: Sep 2010
Posts: 884
Re: UK Pension - Can I cash it in?
Feb 1st 2017, 6:00 am
#11
Bored liberal
Joined: Feb 2007
Location: Over there ----->
Posts: 13,713
Re: UK Pension - Can I cash it in?
Love a bit of South Park.Scarily close to some of the pieces I have been trying to pick up for people recently.
