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  #21  
Old 30.01.2015, 17:56
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Re: UK Personal Pension after April 2015

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Does anybody know whether the 2015 changes to the UK Pension law will mean that a Personal Pension Pot will have to be declared on the Swiss Tax return from now on?
Not unless you cash it in, whilst in a pension fund it's held in trust & you don't have direct access to it, exactly the same with Swiss pensions.
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  #22  
Old 30.01.2015, 20:04
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Re: UK state pension, new rules after 5. April 2015

While we are on the subject, does anyone know what happened to my NI contributions? Can I take back what I put in, now that I'm in CH?
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  #23  
Old 30.01.2015, 20:10
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Re: UK state pension, new rules after 5. April 2015

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While we are on the subject, does anyone know what happened to my NI contributions? Can I take back what I put in, now that I'm in CH?
Your contributions are safe and held somewhere safe in the UK in depreciating GBP. When you are 65 (or more like 75 if you are under 40) you will be able to draw your pension almost anywhere in the world in the local currency.

It may be worthwhile asking now for a projection on your state pension and see if making an additional payment now that could increase your final monthly pension payment...
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Old 30.01.2015, 20:54
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Re: UK state pension, new rules after 5. April 2015

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I haven't researched the subject very much.....
Indeed not!

The change to private pensions and the introduction of flat-rate state pensions are two unrelated initiatives.

Anyone with a private pension pot will be able to withdraw it all, though 75% of it will be taxable, so it would be unwise to cash it all in at once, unless it's a very small pot.

As for the state pension, yes, there will be a flat rate but rules will apply about eligibility based on contributions. This has always been the case. Women in particular tend to be disadvantaged by this, as many take a few years out to raise children, meaning they have lower total contributions.
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  #25  
Old 01.02.2015, 14:17
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Re: UK Personal Pension after April 2015

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Not unless you cash it in, whilst in a pension fund it's held in trust & you don't have direct access to it, exactly the same with Swiss pensions.
Well yes thats pretty obvious but I was more wondering If you start taking income from the fund i.e. Income drawdown. Afterall, following the Crystallisation event you have full control of the remaining fund.
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  #26  
Old 01.02.2015, 14:32
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Re: UK state pension, new rules after 5. April 2015

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While we are on the subject, does anyone know what happened to my NI contributions? Can I take back what I put in, now that I'm in CH?

Never fear!

Plans are afoot to invest it in the next generation Trident system.
Keeping the free world safe from those pesky Russians... and Chinese...and Cubans ... and Koreans...and IS....and ....
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  #27  
Old 30.03.2015, 23:09
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Re: UK state pension, new rules after 5. April 2015

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Indeed not!
Anyone with a private pension pot will be able to withdraw it all, though 75% of it will be taxable, so it would be unwise to cash it all in at once, unless it's a very small pot.
Indeed 75% of it will be taxed, but at what rate? I asked the two pension fund managers that I have in the UK and to be honest they had no clue what happens to people that are no longer taxable in the UK. I realize that I would have to pay Swiss tax on it (unless I pay it into my Swiss pension), but I don't fancy being caned twice...

Anyone here have a clue or have a pension fund manager that is slightly more clued in than mine?
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  #28  
Old 30.03.2015, 23:25
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Re: UK state pension, new rules after 5. April 2015

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Indeed 75% of it will be taxed, but at what rate? I asked the two pension fund managers that I have in the UK and to be honest they had no clue what happens to people that are no longer taxable in the UK. I realize that I would have to pay Swiss tax on it (unless I pay it into my Swiss pension), but I don't fancy being caned twice...

Anyone here have a clue or have a pension fund manager that is slightly more clued in than mine?
About "what happens to people that are no longer taxable in the UK" What do you mean? What people?
If you live in Switzerland and are not UK resident then you do not pay UK taxes on Swiss income.

If you live in Switzerland and are not UK resident when you receive UK income then that is normally taxable in the UK. Of course there are double taxation agreements to prevent you paying tax twice on the same income.
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  #29  
Old 30.03.2015, 23:30
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Re: UK state pension, new rules after 5. April 2015

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If you live in Switzerland and are not UK resident when you receive UK income then that is normally taxable in the UK. Of course there are double taxation agreements to prevent you paying tax twice on the same income.
Maybe I expressed myself badly (I probably did). What rate of tax will they charge me in the UK, given that I have no tax code? The path of least resistance generally dictates "take the highest and then it won't be wrong"...
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  #30  
Old 30.03.2015, 23:44
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Re: UK state pension, new rules after 5. April 2015

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Maybe I expressed myself badly (I probably did). What rate of tax will they charge me in the UK, given that I have no tax code? The path of least resistance generally dictates "take the highest and then it won't be wrong"...
Well usually it works like this (unless there are special rules for pensions withdrawl).

1. First you calculate your personal allowance
Allowances 2014 to 2015
Personal Allowance for people born after 5 April 1948 £10,000
Income limit for Personal Allowance £100,000

The Personal Allowance goes down by £1 for every £2 of income above the £100,000 limit. It goes down to zero on income £120,000 or above.

2. Then you calculate your tax from this table
Rate Income after allowances 2014 to 2015
10% Up to £2,880
20% Up to £31,865
40% £31,866 to £150,000
45% Over £150,000
50% N/A
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  #31  
Old 31.03.2015, 09:02
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Re: UK state pension, new rules after 5. April 2015

Things can get complicated when you leave the UK but maintain a financail interest

Many people have been caught out by a life insurance payments. Some people have continued to pay life insurance policy premiums that were originally attached to a mortgage, after the mortgage is repaid. They have been led to believe that their next-of-kin will be the benefactor in the even of a death before the term limit. Sometimes the payments carry on for years and amount to thousands of pounds.

However, in most cases the benefactor on the life insurance policy has not been changed on the original policy. In the event of death of the insured, the funds would be paid to the original mortgagee named on the policy and not the insured; even though that mortgagee was repaid years before.

In many cases the insurance carrier will have changed several times so it is difficult to claim the payments.
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  #32  
Old 19.06.2015, 13:52
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Re: UK state pension, new rules after 5. April 2015

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Indeed 75% of it will be taxed, but at what rate? I asked the two pension fund managers that I have in the UK and to be honest they had no clue what happens to people that are no longer taxable in the UK. I realize that I would have to pay Swiss tax on it (unless I pay it into my Swiss pension), but I don't fancy being caned twice...

Anyone here have a clue or have a pension fund manager that is slightly more clued in than mine?
Hi Snoopy did you managed to get an answer on this?

Ie selling 100% of a UK pension pot and being resident in Switzerland:
-Does HMRC get a look in on the 75% or is that Swiss taxed.
-If it is Swiss taxed do they also view the 25% one may have received into a UK bank account as being tax free.

Thanks
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  #33  
Old 19.06.2015, 13:57
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Re: UK state pension, new rules after 5. April 2015

apologies see Marton seemed to give a pretty full response.
Unless you have found anything further out...
Thanks
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  #34  
Old 19.06.2015, 22:41
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Re: UK state pension, new rules after 5. April 2015

Looking for some enlightenment as I'm just about to start filling in the form to claim my UK State pension. I'll collect it under the current rules, not the new ones.

I'm a bit confused as to whether I need to say yes or no to part 7 of the form regarding living/working outside the UK. We've lived in Switzerland since September 1998, but I personally haven't paid into the AHV scheme as my husband pays it for me via his salary I think. So do I answer no that I haven't paid into the scheme or yes that I have? I'm not even sure I have an AHV number as I've never worked here.

And if the answer is yes how can I a) find out my number if I can't find the card anywhere and b) which social security office would I put down on the form? The cantonal one where hubby's work place was/is based or is it the one where we live? And what if I want my British pension paid into my British bank? Is that possible? My miniscule private pension is already paid into my British account, but if I have to claim from the Swiss end presumably I'd lose out on exchange rates all the time.
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  #35  
Old 19.06.2015, 23:31
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Re: UK state pension, new rules after 5. April 2015

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Looking for some enlightenment as I'm just about to start filling in the form to claim my UK State pension. I'll collect it under the current rules, not the new ones.

I'm a bit confused as to whether I need to say yes or no to part 7 of the form regarding living/working outside the UK. We've lived in Switzerland since September 1998, but I personally haven't paid into the AHV scheme as my husband pays it for me via his salary I think. So do I answer no that I haven't paid into the scheme or yes that I have? I'm not even sure I have an AHV number as I've never worked here.

And if the answer is yes how can I a) find out my number if I can't find the card anywhere and b) which social security office would I put down on the form? The cantonal one where hubby's work place was/is based or is it the one where we live? And what if I want my British pension paid into my British bank? Is that possible? My miniscule private pension is already paid into my British account, but if I have to claim from the Swiss end presumably I'd lose out on exchange rates all the time.
I can answer some of your questions.

You can have your British pension paid into your British bank account if you choose.
There is some place in Geneva that will sort it all out for you. Sbriz posted all the details about it on here some time ago.

Your AHV number is on your health insurance card.
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  #36  
Old 19.06.2015, 23:44
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Re: UK state pension, new rules after 5. April 2015

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Hi Snoopy did you managed to get an answer on this?

Ie selling 100% of a UK pension pot and being resident in Switzerland:
-Does HMRC get a look in on the 75% or is that Swiss taxed.
-If it is Swiss taxed do they also view the 25% one may have received into a UK bank account as being tax free.

Thanks
No I haven't yet. I have tried to get through to the people holding my money but after having been on hold for over an hour each time have given up...for now.
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  #37  
Old 19.06.2015, 23:46
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Re: UK state pension, new rules after 5. April 2015

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Things can get complicated when you leave the UK but maintain a financail interest

Many people have been caught out by a life insurance payments. Some people have continued to pay life insurance policy premiums that were originally attached to a mortgage, after the mortgage is repaid. They have been led to believe that their next-of-kin will be the benefactor in the even of a death before the term limit. Sometimes the payments carry on for years and amount to thousands of pounds.

However, in most cases the benefactor on the life insurance policy has not been changed on the original policy. In the event of death of the insured, the funds would be paid to the original mortgagee named on the policy and not the insured; even though that mortgagee was repaid years before.

In many cases the insurance carrier will have changed several times so it is difficult to claim the payments.
Unusual for the mortgage provider to be the named payee of a life insurance policy.

Where do you get your ideas from?
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  #38  
Old 20.06.2015, 00:31
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Re: UK state pension, new rules after 5. April 2015

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Unusual for the mortgage provider to be the named payee of a life insurance policy.

Where do you get your ideas from?
Wasn't that the whole idea of an endowment mortgage?
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  #39  
Old 20.06.2015, 12:09
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Re: UK state pension, new rules after 5. April 2015

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Wasn't that the whole idea of an endowment mortgage?
No, the endowment policy was to enable the policyholder to pay off his debt. It was written in the policy holders name for his benefit & for nobody else.
Not that many mortgages ran for their full term.
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Old 22.06.2015, 14:43
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Re: UK state pension, new rules after 5. April 2015

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I can answer some of your questions.

You can have your British pension paid into your British bank account if you choose.
There is some place in Geneva that will sort it all out for you. Sbriz posted all the details about it on here some time ago.

Your AHV number is on your health insurance card.
Thanks Belgianmum. Before I go rushing off to the AHV office can you or anyone else confirm my vague recollections that my OH actually pays for my contributions via his salary every month? If not, I'd better get on to the AHV and find out what I owe them because I haven't paid anything otherwise and I'm coming up on the Swiss retirement age in just over 18 months. Don't want to have to fork out a big sum if I can do it in smaller chunks just to get a Swiss pension organised. And would I have to pay it for the whole period, i.e. from when I turned 20, or only for the period since we've been living in Switzerland which is 17 years?
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