How can I collate my pensions from abroad?
Marilyn McKeever Consultant
In an article for the Financial Times, Partner Marilyn McKeever answers a reader’s question on ‘collating’ multiple pensions after working abroad and the tax implications of doing so.
The reader has worked abroad for half of their working life and has a number of international pensions. After permanently moving back to the UK, they ask what they should keep in mind if they want to collate these pensions.
Marilyn McKeever comments:
‘The rules to look out for are called the “disguised remuneration” rules and these impose income tax and national insurance charges on lump sum benefits. A transfer from one scheme to another to consolidate the pensions could also trigger a tax charge.
As you were a non-UK resident for many years you should get tax relief on the lump sum in relation to any payments made to the scheme while working overseas made before April 6 2017. Benefits accrued after April 5 2017 are taxable, even if you were non-resident.’
Subscribers can access the full article on the Financial Times website.
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