Who doesn’t look forward to a time when all days in the week can be spent doing leisurely activities? For a truly enjoyable retirement, you have to make sure all your affairs are in order early on. To ensure that happens, here are some traps to avoid. 1. Forgetting to take the lifetime allowance into […]
Will you Get Taxed on Your Cashed Out Pension? A pension fund is money saved up for your retirement. But under rules introduced in April 2015, you now have an option to take out your pension before you reach the normal retirement age of 65. This is both good news and bad news. Good, because […]
Wanting to realise some real cash? You could consider cashing out your pension, however, you may want to think about the tax implications of doing so. Here we take a look at cashed out pensions and what they entail when it comes to tax. Cashing Out Your Pension Are you one of those unhappy buyers […]
Find out more about cashed pensions Now that you’re allowed to take cash from your pension, it can be an ideal source of funds, especially if you really need cash, and you have no other sources available. But due to penalties and tax fees, you might want to do this the smart way. Take only […]
Can You Really Cash Out your Pension Before Age 55? Who doesn’t want to take advantage of the money you’ve been saving up almost all your life? It is your pension, after all, so you should be able to do with it as you wish. But it is this kind of thinking that could land […]
How do cashed out pensions work? In the pension freedom reforms, you are allowed to make as many withdrawals as you want from your pension pot. For each withdrawal, 25% of the amount will be tax-free and 75% will be taxed like your income. This spares you from paying a huge amount of tax, because […]
If you are a non-UK resident or someone moving abroad, there are several things you can do with your UK pension plan. Leave your pensions in the UK pension plan Transfer it to a Qualifying Recognised Overseas Pension Scheme (QROPS) Pay into a UK Pension Scheme from wherever you are overseas Among these options, the […]
In a nutshell, you have to pay tax on your UK pension, even if you’re not a UK resident, except for the State Pension, where non-residents are not obliged to pay UK tax. So, for example what happens if you are living in Germany with a UK pension? UK Citizens Living Abroad It is possible […]
Just when pensioners think they can enjoy a huge payout with their retirement fund, it turns out that the government will enjoy it more. The bigger the retirement fund, the bigger the taxes that are imposed on it. But that’s not all; it’s also been revealed that the new pension freedoms will have inaccurate tax […]
A lot of Britons save into their pension in preparation for retirement overseas. This is made possible through a qualifying recognised overseas pension scheme (QROPS) that is available around the world. Following HMRC’s publication of an updated list, however, the number of QROPS available to savers has been significantly reduced. The Australian scheme, for example, […]
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