The UK Govt insist that pension funds cant be taken in cash, another tax charge, however I think it's possible to liquidate a pension fund from a different country. Any ideas?
2006-11-14 11:43:32 · 3 answers · asked by mayo boy 1 in Business & Finance ➔ Taxes ➔ United Kingdom
I have heard of this happening but it was very dodgy.
I have also heard of somebody who used the SIPP to buy a property at a grossly inflated price whilst getting a 'cashback' bung. Also not legal.
I do not believe you can do it legally unless you find a country with little or no regulation to move to AND your SIPP provider is happy to send the transfer there.
2006-11-15 00:51:46 · answer #1 · answered by myownprivateroad 3 · 0⤊ 0⤋
The government insists that you take your funds as a pension instead of a lump sum because that is what you bought when you paid the money in. You can take your pension as long as you are old enough.
I take it you want to draw the cash out as though it was a savings account. If you wanted a savings account why did you buy a pension? If someone sold you the SIPP when you thought you were opening a savings account then you should take the matter up with them.
Now you are stuck with a pension and you cant have your money back. Be more careful next time you make a purchase.
2006-11-15 05:52:35 · answer #2 · answered by tringyokel 6 · 0⤊ 0⤋
ask a rangers fan.
2006-11-14 11:46:15 · answer #3 · answered by joe e 3 · 0⤊ 0⤋