Pension Transfers
There are innumerable reasons why you might consider transferring your pension benefits and taking them back under your own control, many of them likely to be philosophical or emotional.
However, we would always suggest undertaking a critical analysis to make sure that any action you take is actually in your better interests.
Nonetheless
- You may access 25% of your fund from age 50. In the UK as from 2010 you need to be aged 55.
- You may invest the balance in a wide range of investments, you do not have to purchase an annuity and you are free (within reason) to arrange income in the manner that best suits you for tax purposes.
- When you die, the entire fund can pass to whomever you want it to.
What restrictions are there?
In order to access your funds you simply need to have reached your 50th birthday).
How is this possible?
In April 2006 Her Majesties Revenue and Customs (HMRC) in recognition of the number of people who have left and are leaving the UK for pastures new, introduced what is known as Qualifying Retirement Overseas Pension Schemes. These as the name suggests are schemes that are approved by HMRC (The tax man).
