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20k EUR in pension - can I withdraw from UK fund? Tax?

(4 Posts)
SantiagoToots Sun 13-Oct-13 18:06:19

I've got 12 months to move my 20k pension to a UK private pension fund (cannot directly withdraw locally). Can I then withdraw these funds? What timescales are we talking and how much tax would I need to pay?

debtcamel Sun 13-Oct-13 18:25:51

You can't withdraw money if you are under 55.

Do not believe any firms that tell you they have a way to do this - see www.telegraph.co.uk/finance/personalfinance/pensions/10143783/Pension-liberation-fraud-triples-in-three-months.html

So look for for a pension scheme that is low cost. Unless you have a good one in connection with your work in the UK, I suggest a SIPP.

SantiagoToots Sun 13-Oct-13 18:37:04

That's interesting debtcamel , thank you. It's currently costing me nothing to keep it where it is - only drawback is that I can't get it until 67 (unless I die) - otoh local funds are running at a surplus of 130% which is encouraging.

Notmadeofrib Tue 15-Oct-13 21:19:12

You need to speak to a local advisor as the idea of inter-country pension transfer is there in the EU, but the reality is somewhat different. However you can only access the money once you are 55 when it enters the UK system. As it stands 25% tax free cash then the rest depending on its value at that stage (more money, more options basically).

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