Releasing pension as an ex pat

siggyyyy


Joined: 04/09/2009
Posts: 179

Message Posted:
04/01/2010 19:24

Hi all. I have a frozen occupation pension that is index linked and a frozen private pension. I have read a few things on the internet about ex-pats being able to release their occupational pension. Still not sure if you can now do this if you are under 50. Dont want to give any of my details on any website at the moment as they all sem to be American. It would be nice to know if any one has any experience on this matter. Thankyou



She

Coachie



Joined: 29/07/2008
Posts: 2135

Message Posted:
04/01/2010 22:55

siqqvvvv..It will cost you a fare piece of your pension if you unlock it when you are 50.

You loose a percentage for every year up to the year you were due to draw it.Look into it very carefully. these companies who advertise on the tv and in the paper are the only ones who will benefit,there charges are extremely high...

lovingcyprus


Joined: 02/03/2007
Posts: 1272

Message Posted:
04/01/2010 23:14

I'm pretty sure that to transfer a frozen UK occupational pension oversease you have to have a similar type pension in the country to which you want to transfer.



Take a look at the following link:-



http://www.pensionsadvisoryservice.org.uk/pension_rights/overseas_transfers

siggyyyy


Joined: 04/09/2009
Posts: 179

Message Posted:
05/01/2010 20:40

Thanks for that coachie. I will be very carefull.

Tahnks loving for the website. I will investigate further.

siggyyyy


Joined: 04/09/2009
Posts: 179

Message Posted:
05/01/2010 21:07

Good to know that the website has askype number so that you can speak with them direct.

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
05/01/2010 21:11

You can't release your pension fund if you are under 50.

lovingcyprus


Joined: 02/03/2007
Posts: 1272

Message Posted:
05/01/2010 22:20

No1 Doyen



I think you are incorrect, what I think siggyyyy want to do is to transfer a UK pension into an overseas pension, this can be done without any age restriction but subject to certain rules.



However, if siggyyyy is looking to take the pension early from a UK pension then yes age 50 (55 from April 2010) is the earliest age. Obviously, the earlier you take your pension the smaller it will be (in most cases it will be)



When someone asks a question about pensions to be able to answer it correctly you normally have to ask that person several questions before you can answer correctly.

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
05/01/2010 22:43

lovingcyprus. I assumed he is looking to take his pension before age 50. As I stated, of which you agreed, he cannot take his pension before age 50. Furthermore as you know this changes to 55 in April this year.



You are quite right in that he can transfer his pension fund (subject to trustee approval).

tonykyte


Joined: 19/04/2008
Posts: 270

Message Posted:
06/01/2010 08:09

Try Scott at FMA they now offer a QORP'S scheme (Qualified Overseas Retirement Scheme), I did this in the UK and moved my pension offshore after taking 25% tax free lump sum, found it flexible , currently draw down a income, but after 5 years can take the balance (as long as UK government do not move the goal posts ). Alternately I can supply my UK contact.

lovingcyprus


Joined: 02/03/2007
Posts: 1272

Message Posted:
06/01/2010 12:46

siggyyyy



Be very very careful before transferring your index linked UK Occupational Pension into a Qualified Overseas Retirement Scheme as you may be giving up valuable benefits such as the index linking both before and after retirement and a spouses pension.



Remember that the grass may look greener on the other side of the fence but in reality its not always.

No1Doyen


Joined: 04/07/2008
Posts: 16617

Message Posted:
06/01/2010 12:53

lovingcyprus. Good advice.