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I've paid since I was 18 years old into private pension. I'm now 44 and don't live in the UK any more but own property there. I'll be using the property and other investments to pay for my retirement and will live comfortably enough without my pension pot. I have no mortgage or any debts.
If you leave the uk and become resident in Austria, can I cash in the money saved in pension? The money would be better used now to possibly buy another house as my neighbour is thinking of selling.
Seek advice from your pension scheme but you are unlikely to be able to cash it in. You trade tax advantages on contributions paid in for restrictions on what you can do with the pension pot/benefits. You may be able to transfer to an Austrian pension scheme if it qualifies with HMRC and you do not intend to return to the UK. You can leave it in the UK and have a pension paid from the UK.
My knowledge may be out of date
You should get some proper advice just be aware that anyone offering advice will have an agenda. I'd be temoted to ask at least two advisors and don't tell either hou've spoken to someone else.
You can I believe switch the pension i to something you can transfer abroad, that move the fund adminisitration.
Now having said that there is (again I believe) no reason you can't just keep the pension in UK and then take an annuity on retirement. You could of course invest your UK pension in Euros/European stick markets etc if you wish. The complexity is the annuity will be in £'s and you may orefer Euros.
Note you cannot just cash-in your UK pension without paying uk tax which is likely to be 40-45% assuming the pot has built up
I am UK non resident too but would not cash any pension product in even if I could. Stay diversified.
I still pay voluntarily towards UK state pension because it is good value (650 gbp per year so I aim to stay topped up to the max at 35 years) and also because I can.
It has been covered here many times and the golden rule seems to be Diversification so for me it's property income, some dB from old jobs, UK state pension if it still exists and I qualify, and a cash pot which I will just spend.
Good luck but seek professional advice
Is the UK Pension Defined Contribution or Defined Benefit? If it's DC you should be able to transfer the cash to another Pension in Austria but I doubt (due to tax implications) that you could take the cash out and use it for a house purchase.
If it's DB then you probably won't be able to get it transferred and should just make sure it can pay into a UK account when you retire.
I am in no way an expert this advice is based on my experience - Sweamrs and I have emigrated to Canada. I have a DB in the UK which I've left alone; she managed to get a DC moved to Canada and used it to boost her Canadian pension (also DC).
Do you still have a uk account the pension is paid into? You could just havebthe pension pay into that and transfer lump sums to your local account occasionally? Maybe not the most efficient way of doing it mind.
i have a private pension in the uk , and also the state pension .
when we move to france in april , i think i will transfer my state pension over to the french system but will keep my private pension in the uk .
WARNING this thread will contain a load of misinformation, don't rely on anything you read
You may be able to transfer your fund overseas, see this link for schemes that may qualify in various countries
[url= https://www.gov.uk/government/publications/list-of-qualifying-recognised-overseas-pension-schemes-qrops ]https://www.gov.uk/government/publications/list-of-qualifying-recognised-overseas-pension-schemes-qrops[/url]
You can leave your pension in the UK and have it paid into a UK account when it is due or it can be paid overseas. I'm working amongst a pension payroll support team at the moment, they make payments all over the world. You will want to check tax implications as you don't really want to pay income tax twice but as you are only 44 you aren't going to be receiving pension for over 10 years and the rules can change at any time
But really, approach your pension provider first for information. This thread will get confusing
At 44 you haven't reached the qualifying age to withdraw cash from your pension; the minimum age is 55 and that applies whether it's defined benefit or contribution.
If you don't need it, just forget about it until you get to 55 or different age if legislation changes.