UK Personal Pension Questions

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UK Personal Pension Questions

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Old 11th July 2020, 07:37 AM
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Default UK Personal Pension Questions

I have a UK personal pension (defined contribution) and recently turned 55, so I can now access my pension pot.

I had hoped to take out a fixed term annuity for 12 years to give me income until my state pension kicks in. However all the major companies (Legal & General, LV=, Canada Life...) do not offer annuities to non UK residents!

Does anyone know which companies offer fixed term annuities to overseas residents?
Has anyone managed to get an annuity while living in The Philippines?

An alternative is to cash in my pension pot. I can get 25% tax free, the remainder is then taxed. Since I have no UK tax code, it would be paid at an emergency code of 40% I understand that income from overseas pensions is not taxed in The Philippines.

Has anyone taken out their pension fund and successfully reclaimed the tax paid?
How would I go about getting a refund?

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Old 11th July 2020, 01:49 PM
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I think you will have a hard time trying to get a company to offer you an Annuity if you are living overseas already.
i get an annual pension and a monthly pension via Prudential and Sun life . which began before i retired in 2012.
you must take into account also that as you have a private pension your state pension will be reduced accordingly! you dont or should not be taxed on your income when you are in the Philippines currently, but things could change. not sure about tax refunds the best is to contact the HMRC if you are in the philippines use viber to call the UK !

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Old 11th July 2020, 01:54 PM
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Users Flag! Originally from uk. Users Flag! Expat in philippines.

Hi Andy,
sorry but can't help you on your pension problem. I have 3 pensions, all government backed; but was over 60 when I accessed two of them. Now at almost 70 I have 3 index linked government pensions paid directly into my BDO bank account in the Philippines.

I pay UK tax on my pensions (because they are Government pensions) but there is no Philippine tax to pay because the money is from outside of the Philippines.

However, please be aware that there were many companies advertising to free up your pension pot etc; many were also reported to have charged huge percentages for the privilege and / or for management charges. Some were scams.

It also depends where you are living; UK, Philippines or? Good luck on your quest.


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Old 28th July 2020, 03:41 AM
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Users Flag! Originally from england. Users Flag! Expat in philippines.

Have you considered sticking your pot into a QROPS scheme ? Suggest you look up QROPS you can still take your 25k and the rest is re invested in either malta/IOM/gibralter. This might be an option for you.....but research tax as some of these locations do not have double taxation treaty

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