This page is no longer updated, and is the old forum. For new topics visit the New HOL forum.
UK pension question(s)
Register | Edit Profile | Subscriptions | Forum Rules | Log In
 twist  Miami, Florida 16 May 19 8.58pm |
  |
|---|---|
|
Howdy, lived in UK til 1994 then moved to the states. I left behind me 5 years of private pension. Not a huge amount at the time, but its accumulated over 25 years. I am told that i have to wait til im 55 to touch it ? Any pension experts that can recommend ? I would bring it over here and conver to 401k if i could, but am told the US does not allow. So am i stuck leaving it in UK ? If i took lumpsum now, would i get serious hit ? Cheerz.
|
|
 Alert a moderator to this post |
  |
chris123  hove actually 16 May 19 9.01pm |
|
|---|---|
|
I had to wait until 55.
|
|
| Alert a moderator to this post |
|
| davehuggins 16 May 19 9.06pm |
|
|---|---|
|
55 is correct
|
|
| Alert a moderator to this post |
|
| YT Oxford 16 May 19 9.27pm |
|
|---|---|
|
Yep 55.
Palace since 19 August 1972. Palace 1 (Tony Taylor) Liverpool 1 (Emlyn Hughes) |
|
| Alert a moderator to this post |
|
| YT Oxford 16 May 19 9.35pm |
|
|---|---|
|
On reflection, some pension schemes may allow access before age 55, where a 'protected pension age' existed as at 6 April 2006. The administrators of the scheme will be the ones to confirm whether this is so in your case. You have however said "I've been told" that 55 is the earliest. Who told you this? What type of pension scheme were you in? Salary-related or money purchase/defined contribution? Also, who has told you that you can't transfer to a scheme in the USA?
Palace since 19 August 1972. Palace 1 (Tony Taylor) Liverpool 1 (Emlyn Hughes) |
|
| Alert a moderator to this post |
|
| ohioeagle Valley City, Ohio 16 May 19 10.26pm |
|
|---|---|
|
I have just had the same questions that I put to Sun Life of Canada last week. I got my forecasts today and on the Policy details it states:
Alec 'AJ' Brown |
|
| Alert a moderator to this post |
|
| twist Miami, Florida 16 May 19 10.59pm |
|
|---|---|
|
Originally posted by YT
On reflection, some pension schemes may allow access before age 55, where a 'protected pension age' existed as at 6 April 2006. The administrators of the scheme will be the ones to confirm whether this is so in your case. You have however said "I've been told" that 55 is the earliest. Who told you this? What type of pension scheme were you in? Salary-related or money purchase/defined contribution? Also, who has told you that you can't transfer to a scheme in the USA? The company that runs my pension told me 55. As to transferring to the USA, i looked into it 8 or so years back and found that the US blocks it. I thought it strange at the time, but apparently its a money laundering thing. You would think money coming from the UK would be considered legit.
|
|
| Alert a moderator to this post |
|
| YT Oxford 17 May 19 9.30am |
|
|---|---|
|
If your pension company has confirmed that 55 is the earliest age, then that is that, I'm afraid. Anyone who suggests to you that they can help you 'unlock' your pension before 55 is - basically - a scammer. Also I've done some quick checking, and it DOES seem that a transfer from a UK pension scheme to a US arrangement is not permitted. This is more to do with tax regime incompatibility than money laundering. If you would be prepared to PM me with a bit more detail about who your pension is with...what type of statements you've been sent or you've seen online etc, I'd be happy to try and give you some pointers. I worked in the pensions industry for 40 years until just over a month ago, so I know a little bit about it. Edited by YT (17 May 2019 9.31am)
Palace since 19 August 1972. Palace 1 (Tony Taylor) Liverpool 1 (Emlyn Hughes) |
|
| Alert a moderator to this post |
|
| DanH SW2 17 May 19 9.34am |
|
|---|---|
|
Depends on the scheme but it's usually 55. Some will allow you to withdraw before but usually with quite a heavy financial cost which negates most the growth in it.
|
|
| Alert a moderator to this post |
|
| chris123 hove actually 17 May 19 9.37am |
|
|---|---|
|
Originally posted by YT
If your pension company has confirmed that 55 is the earliest age, then that is that, I'm afraid. Anyone who suggests to you that they can help you 'unlock' your pension before 55 is - basically - a scammer. Also I've done some quick checking, and it DOES seem that a transfer from a UK pension scheme to a US arrangement is not permitted. This is more to do with tax regime incompatibility than money laundering. If you would be prepared to PM me with a bit more detail about who your pension is with...what type of statements you've been sent or you've seen online etc, I'd be happy to try and give you some pointers. I worked in the pensions industry for 40 years until just over a month ago, so I know a little bit about it. Edited by YT (17 May 2019 9.31am) Some of those old final salary schemes were excellent.
|
|
| Alert a moderator to this post |
|
| YT Oxford 17 May 19 6.57pm |
|
|---|---|
|
Originally posted by chris123
Some of those old final salary schemes were excellent. Not wrong, but ultimately destroyed by endless governmental interference. This isn't a political point, as every government since 1978 (when I started out in pensions) has played its part in the decline of the final salary scheme. Edited by YT (17 May 2019 6.57pm)
Palace since 19 August 1972. Palace 1 (Tony Taylor) Liverpool 1 (Emlyn Hughes) |
|
| Alert a moderator to this post |
|
cryrst  The garden of England 17 May 19 8.29pm |
|
|---|---|
|
Originally posted by YT
If your pension company has confirmed that 55 is the earliest age, then that is that, I'm afraid. Anyone who suggests to you that they can help you 'unlock' your pension before 55 is - basically - a scammer. Also I've done some quick checking, and it DOES seem that a transfer from a UK pension scheme to a US arrangement is not permitted. This is more to do with tax regime incompatibility than money laundering. If you would be prepared to PM me with a bit more detail about who your pension is with...what type of statements you've been sent or you've seen online etc, I'd be happy to try and give you some pointers. I worked in the pensions industry for 40 years until just over a month ago, so I know a little bit about it. Edited by YT (17 May 2019 9.31am) You can take 25% tax free at 55.
|
|
| Alert a moderator to this post |
|
Login / RegisterNew users
Registration is now on our new message board
Existing users
To login with your existing username you will need to convert your account over to the new message board.
Sponsors
All images and text on this site are copyright © 1999-2024 The Holmesdale Online, unless otherwise stated.
Web Design by Guntrisoft Ltd.