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IT IS STILL POSSIBLE TO GET 30% FROM YOUR UK PENSION FUND AT AGE 50

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IT IS STILL POSSIBLE TO GET 30% FROM YOUR UK PENSION FUND AT AGE 50

                               Asia Pacific

IT IS STILL POSSIBLE TO GET 30% FROM YOUR UK PENSION FUND AT AGE 50

If you have been a non-resident of the UK for 5 complete tax years, then it is possible to get a tax free lump sum payment of 30% from your UK pensions AT AGE 50.

Most UK pensions limit the cash lump sum available to 25% of any pension fund value AND the earliest this can be taken is age 55. However, most QROPS arrangements can stretch that to 30%, providing the scheme keeps 70% of the original transfer pot to provide a retirement income.

QROPS stands for Qualified Recognised Overseas Pension Schemes which, in essence, is a personal pension scheme established outside the United Kingdom but which is recognised by Her Majesty’s Revenue & Customs.

For example, whilst still complying with HMRC rules for QROPS, the Malta pension rules allow for a pension commencement lump sum of 30% to be available at age 50

Malta has been a full member of the European Union (EU) since the 1st May 2004 and is subject to, and meets EU financial legislation. On the 17th December 2012 the first Malta scheme was officially listed by HMRC as a new QROPS pension scheme.

However relying on the HMRC’s QROPS list alone is not enough. You should seek advice from a qualified independent financial adviser who will be able to conduct due diligence on your behalf, appraise you of your options and ensure a legal and compliant transfer. Your advisor should also keep you up to date with any changes or tax implications, for example does a double taxation agreement exist between your country and where you plan to move your pension to?

Asia Pacific Pensions Video

If you would like to see if you are eligible to access a 30% cash free lump sum from your UK pension Contact [email protected]

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