pension advice

[pete-h33]

I have recently moved to France and am hoping someone can point me in teh right direction.

I have looked through the website at some of the financial firms, but dont know which one to use for a pension transfer.

Can anybody ( not a financial adviser) recommend 2 me a financial firm awho are any good?

Cheers Pete

[Sprogster]

Be careful, as you need tax advice from a specialist accountant or lawyer with experience specifically related to your situation. A financial firm will be more interested in flogging you product and earning commission regardless of suitability.

Also don't rush, as most Brits that move to France, do seem to return or move on to another country and the current euro/£ exchange rate, is likely to improve in sterling's favour over the longer term.

[cooperlola]

My own pension provider does this for me.  The deal they have means it's far cheaper than any of the companies I found for myself.  So ask your pension provider first if they do transfers to foreign banks (I think they're called TAPS, from memory) before going it alone.

[tinabee]

[quote user="pete-h33"]I have recently moved to France and am hoping someone can point me in teh right direction. I have looked through the website at some of the financial firms, but dont know which one to use for a pension transfer. Can anybody ( not a financial adviser) recommend 2 me a financial firm awho are any good? Cheers Pete[/quote]

What exactly do you mean by pension transfer?  I initially thought you meant the transfer of a private pension fund to a QROPS or something similar. But having read Cooperlola's post, she has assumed you mean the transfer of your pension income to a French bank, i.e. a currency transfer.

If you let us know what you need, I am sure there will be more people along who can help

[cooperlola]

Ooo, er, Tina, good point.  One or other of us (or indeed perhaps both?) has assumed something which may well be wrong!  Sorry, Pete, if I misunderstood your post.

[Mr Wiggy]

I have recently received a form from Cardiff for information of what state pension I will shortly be getting, when I officially become an old F*rt.

This, I assume will be for taxation purposes but why, when I already have the tax code NT, so as far as I am concerned this should be nothing to do with these people as it will be declared here, so can anyone advise me on this situation?

I know full well that if I fill in these forms and return them, these stupid people in Cardiff  will start taxing my pension, as they did the same with my company pension until Nottingham stepped in.

HELP!!

[tinabee]

[quote user="Mr Wiggy"]

I have recently received a form from Cardiff for information of what state pension I will shortly be getting, when I officially become an old F*rt.

This, I assume will be for taxation purposes but why, when I already have the tax code NT, so as far as I am concerned this should be nothing to do with these people as it will be declared here, so can anyone advise me on this situation?

I know full well that if I fill in these forms and return them, these stupid people in Cardiff  will start taxing my pension, as they did the same with my company pension until Nottingham stepped in.

HELP!!

[/quote]

 

As far as I know you have to fill in the form for the UK tax authorities, which will probably mean they will tax your UK pension at source. I would also imagine that they will tax it anyway at a standard rate, even if you don't return the form. Next May, you need to complete a new France Individual form to submit with your French tax return, so that you can prove to the UK that your state pension is being taxed in France. The UK will at some later date, repay the tax they already took on your pension.

[John Brown]

My OH is due her State Pension soon and my understanding was that the State Pension was always the first amount to be taxed at source in the UK and all other income was then taxed effectively meaning that most Ex-Pats with a UK Personel allowance will not pay tax on their State Pension leaving the reminder of their personal allowance to be used against other income must be taxed in the UK ( ie Local Gov. Pension )

John

[Mr Wiggy]

Well. Thank you, Tinabee.

 

That advice has certainly gone some way in calming my rage, knowing that I will at least be refunded, eventually.

[Rabbie]

[quote user="Mr Wiggy"]

I have recently received a form from Cardiff for information of what state pension I will shortly be getting, when I officially become an old F*rt.

This, I assume will be for taxation purposes but why, when I already have the tax code NT, so as far as I am concerned this should be nothing to do with these people as it will be declared here, so can anyone advise me on this situation?

I know full well that if I fill in these forms and return them, these stupid people in Cardiff  will start taxing my pension, as they did the same with my company pension until Nottingham stepped in.

HELP!!

[/quote]They need your State pension details so they can give the correct tax code to your other pension providers. Income tax is NEVER deducted from your state pension although it uses up part of your taxfree allowance.

[Patf]

Rabbie - thanks for the clear explanation. I've been trying to puzzle that one out for some time.

[tinabee]

[quote user="Rabbie"][quote user="Mr Wiggy"]

I have recently received a form from Cardiff for information of what state pension I will shortly be getting, when I officially become an old F*rt.

This, I assume will be for taxation purposes but why, when I already have the tax code NT, so as far as I am concerned this should be nothing to do with these people as it will be declared here, so can anyone advise me on this situation?

I know full well that if I fill in these forms and return them, these stupid people in Cardiff  will start taxing my pension, as they did the same with my company pension until Nottingham stepped in.

HELP!!

[/quote]They need your State pension details so they can give the correct tax code to your other pension providers. Income tax is NEVER deducted from your state pension although it uses up part of your taxfree allowance.[/quote]

However, assuming that you will eventually pay tax on your state pension here in France, does the state pension still use up part of your tax-free allowance?  Or, once the France Individual form is received by the UK, will the full tax-free allowance be allocated to other pensions, e.g. govt pensions?

[parsnips]

[quote user="tinabee"][quote user="Rabbie"][quote user="Mr Wiggy"]

I have recently received a form from Cardiff for information of what state pension I will shortly be getting, when I officially become an old F*rt.

This, I assume will be for taxation purposes but why, when I already have the tax code NT, so as far as I am concerned this should be nothing to do with these people as it will be declared here, so can anyone advise me on this situation?

I know full well that if I fill in these forms and return them, these stupid people in Cardiff  will start taxing my pension, as they did the same with my company pension until Nottingham stepped in.

HELP!!

[/quote]They need your State pension details so they can give the correct tax code to your other pension providers. Income tax is NEVER deducted from your state pension although it uses up part of your taxfree allowance.[/quote]

However, assuming that you will eventually pay tax on your state pension here in France, does the state pension still use up part of your tax-free allowance?  Or, once the France Individual form is received by the UK, will the full tax-free allowance be allocated to other pensions, e.g. govt pensions?

[/quote]

Hi,

     Yes the personal allowance will be wholly freed up to cover UK taxable income.

[tinabee]

[quote user="parsnips"][quote user="tinabee"][quote user="Rabbie"][quote user="Mr Wiggy"]

I have recently received a form from Cardiff for information of what state pension I will shortly be getting, when I officially become an old F*rt.

This, I assume will be for taxation purposes but why, when I already have the tax code NT, so as far as I am concerned this should be nothing to do with these people as it will be declared here, so can anyone advise me on this situation?

I know full well that if I fill in these forms and return them, these stupid people in Cardiff  will start taxing my pension, as they did the same with my company pension until Nottingham stepped in.

HELP!!

[/quote]They need your State pension details so they can give the correct tax code to your other pension providers. Income tax is NEVER deducted from your state pension although it uses up part of your taxfree allowance.[/quote]

However, assuming that you will eventually pay tax on your state pension here in France, does the state pension still use up part of your tax-free allowance?  Or, once the France Individual form is received by the UK, will the full tax-free allowance be allocated to other pensions, e.g. govt pensions?

[/quote]

Hi,
     Yes the personal allowance will be wholly freed up to cover UK taxable income.
[/quote]

Phew! I thought for a minute the UK as well as France were going to try to get more out of us! Cheers Parsnips[B]