Pension Pot

[alanratch]

I don’t know if this has been covered before but I am just coming up to 65 and a few weeks ago the UK Government Pension Serviced sent me a form to claim my state pension. As you know you are entitled to a state pension if you have paid in between 10 and 35 years of contributions.

 

Although I live in Thailand and have done for the past 15 years I stopped paying at the age of 55 after I had got 35 years full contributions paid up.

 

I maintain an address in the UK (my sister’s address so that I can receive any post) and am registered on the electoral register.

 

Now to my point I also received a letter from Ariva Insurance Company telling me that I had a Pension Pot of nearly £18,000, (news to me) I first thought that it was a scam but it checked out.

 

Apparently in the long distant past before I became self-employed I worked for various company’s and I must have opted out of Serps and some money I know not where it came from ended up in some sort of endowment, and that has ended up as nearly £18,000.

 

I have a few options I can take out an Annuity that will give me a Pension for life (Approx. £700 to £800 Per year), I can take out 25% tax free and buy an annuity I can take it all out and that Is what I intend to do.

£18,000 is not a vast amount of money but it will come in handy especially as she in doors is now looking at car magazines.

I wonder if any TV members have a Pension Pot that they know nothing about.

There is a government web site that is very good and may help https://www.pensionwise.gov.uk/en/pension-pot-value

 

I hope that this information may help out a few members.

[fiberman]

If you are non resident I believe that recent changes in taxation of pension pots would allow you to take 100% tax free. The reason I say this is that My financial advisor has just informed me that my QROPS can now be cashed in tax free assuming non residency so I would think that the same rules would apply.

[alanratch]

I really like the idea of getting the money tax free but I don’t think so.

Your state pension is still taxable I.E. £11850 from April 5^th so anything over that will be taxed,

I know that 25% of a Pension Pot is tax free but if it turns out to be 100% I will be happy with that, But I am not holding my breath as the British Government don’t give anything away unless they have to.

[altcar bob]

Worst thing I did was commute 25% of my pension because it was tax free,but everyone did it,years later now regret...but I did my 30 years,retired (semi) only when I got my pension letter did I realise that Serps was inc.  cannot remember now what triggered that event,..but welcome

[Farangdanny]

Forty years ago, I had a pension mortgage with Scottish Windows. Only kept it for two years. I have contacted them and they claim no record ! What to do ?

[meatboy]

47 minutes ago, alanratch said:

I really like the idea of getting the money tax free but I don’t think so.

 

Your state pension is still taxable I.E. £11850 from April 5^th so anything over that will be taxed,

 

I know that 25% of a Pension Pot is tax free but if it turns out to be 100% I will be happy with that, But I am not holding my breath as the British Government don’t give anything away unless they have to.

 

don't forget your personel allowance is around 11,800,your weekly pension is now a basic amount 150gbp.

so that is around 7,800 a yr.,so it leaves about 4,000 of the lump sum will be taxed wich you can claim back.

its no good leaving it in a bank [uk] interest is zero.i had just a bit more last yr.put it straight into a thai bank for 3yrs.fixed at 2% at the end its worth 57,000bht.taxed @ 15% of which you can claim it back.

oh dear THE WIFE WANTS IT.YOURS NOT MINE.

[alanratch]

Re Scottish Windows Pension check out Pension Wise Government web site (Link above)

There is a look up page.

[alanratch]

The car is nearly 5 years old so a new one would be better than a load of Gold.

[Golden Triangle]

I also had a Personal Pension pot with Zurich, can't remember where the money actually came from now, but it was just shy of 28 k GBP.

 

If I remember rightly they used the Electoral Roll register to find me, I just confirmed some personal details and bingo they paid out, I did pay close to 8 k in tax but got just over 5 k back last year so in total about 25 k in my back pocket.   

[Rajab Al Zarahni]

2 hours ago, Farangdanny said:

Forty years ago, I had a pension mortgage with Scottish Windows. Only kept it for two years. I have contacted them and they claim no record ! What to do ?

Ask your bank if they can retrieve any statements or documents relevant to this period, even an old direct debit mandate would help. These would prove the fact of any payments and might also reveal your account number or plan membership number. If you can obtain this further information then make a further approach to Scottish Widows. Meanwhile, do a thorough search of the house for any document or piece of paper that would evidence the fact of payments. 

[Lacessit]

2 hours ago, alanratch said:

The car is nearly 5 years old so a new one would be better than a load of Gold.

New cars depreciate. Gold doesn't.

A five year old car is barely run in, unless you are doing 40,000 km a year.

[dabhand]

7 hours ago, fiberman said:

If you are non resident I believe that recent changes in taxation of pension pots would allow you to take 100% tax free. The reason I say this is that My financial advisor has just informed me that my QROPS can now be cashed in tax free assuming non residency so I would think that the same rules would apply.

Out of interest, in which country is your QROPS located? Gibraltar / Malta or other location?

[alanratch]

I do not have a QROPS

 

[alanratch]

But the car is mine the gold is hers

[topt]

5 hours ago, alanratch said:

I do not have a QROPS

 

If you look he wasn't quoting you 

[meatboy]

16 hours ago, Lacessit said:

New cars depreciate. Gold doesn't.

A five year old car is barely run in, unless you are doing 40,000 km a year.

try and tell my wife that,mine has less than 5,000 on the clock[5yrs old] cant drive anymore,only kept for emergency,with my beloved passing away,i don't need it.

[Oxx]

On 4/2/2018 at 3:34 PM, alanratch said:

Although I live in Thailand and have done for the past 15 years I ... am registered on the electoral register.

Just in case you haven't noticed.  If you continue to remain registered, that's voter fraud.

[Farangdanny]

On ‎4‎/‎3‎/‎2018 at 12:06 PM, alanratch said:

Re Scottish Windows Pension check out Pension Wise Government web site (Link above)

 

There is a look up page.

 

Tried that thanks. Have to know name of pension company. I know that, Scottish Widows. But they deny any knowledge.