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Old 27.03.2011, 00:35
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Lump Sum Pension Payment and departure taxes

I am a US citizen with a C permit who will be transferring back to the US within the same company. I understand that in order to withdraw my second pillar pension lump sum I will need to furnish the pension provider with my official notice of departure. I have also been told that in order to receive my official notice of departure I will need to file and pay all taxes due up to the date of departure. These are income taxes due for calendar year 2010 and partial 2011.

I would like to use my pension assets to pay the taxes due at departure, is this possible? Can the taxes due be withheld by the pension provider on the lump sum withdrawal, in addition to the special lump sum tax assessed?

I understand that a letter of guarantee for payment from an employer is no longer acceptable for the en lieu of full payment.

Any advice is much appreciated.
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Old 27.03.2011, 09:14
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Re: Lump Sum Pension Payment and departure taxes

I don't know for sure, but I would be surprised if they allow that. Certainly when I was discussing withdrawal of pillar 3 money with a mortgage advisor, I was told that the withdrawal tax had to be paid 'from earnings' in advance of the withdrawal. I never checked if that is true.
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