Accessing UK Private Pensions.
Apr 20th 2024, 4:05 am
#1
Just Joined
Thread Starter
Joined: May 2012
Posts: 1
Accessing UK Private Pensions.
Hi Guys,
this is my first post, Im based in Brisbane Australia, looking to see if anyone has had issues with the following?
Has anyone had any issues with accessing private defined contribution pensions based in the UK.
Im with a major UK pension provider that will only allow full encashment of my pension (Not individual withdrawal or annuity).
Any withdrawals made will stay in a UK bank account.
this is my first post, Im based in Brisbane Australia, looking to see if anyone has had issues with the following?
Has anyone had any issues with accessing private defined contribution pensions based in the UK.
Im with a major UK pension provider that will only allow full encashment of my pension (Not individual withdrawal or annuity).
Any withdrawals made will stay in a UK bank account.
Apr 21st 2024, 9:07 am
#2
BE Forum Addict
Joined: Sep 2005
Posts: 1,206
Re: Accessing UK Private Pensions.
This does see m to be an issue and will cause a large tax event from the ATO, regardless of whether you transfer the funds. You can challenge their reasons and try to work with them or move it to a fund that will allow it.
Apr 28th 2024, 1:07 am
#3
BE Forum Addict
Joined: Sep 2005
Posts: 1,206
Re: Accessing UK Private Pensions.
I've been trying to bring my UK pension over to Aus and it's been the most overly complicated and difficult process going. To the end where my super provider has said they just can't do it.
Bizarre. My UK pension is a SIPP which may make things more difficult than a standard pension, but still. Previously I was with Blackrock as i"m sure most are.
I've just left mine as it is. If I'm still in Aus when it comes time to claiming my pension I think the ATO would like to et their hands on some of it for sure. It will likely be 'double taxed' from what they've told me so far.
Good luck. If you find a way, please post an update here.
Bizarre. My UK pension is a SIPP which may make things more difficult than a standard pension, but still. Previously I was with Blackrock as i"m sure most are.
I've just left mine as it is. If I'm still in Aus when it comes time to claiming my pension I think the ATO would like to et their hands on some of it for sure. It will likely be 'double taxed' from what they've told me so far.
Good luck. If you find a way, please post an update here.
