When do British limitations stop being applicable once I transfer the money to a Qrops?
For the first five years after you cease to be UK-resident UK rules will apply, this relates primarily to how the fund can be invested. If you have already been non UK resident for five years, UK rules cease to apply immediately the fund is transferred. Can I transfer my pension even if I have started to take income or capital from it? You can transfer it after you have put it into draw down (taking capital payments) – though if you have started taking out a certain amount at regular intervals you should continue to do so. If you have bought an annuity or you have started receiving a final salary scheme pension you cannot transfer it. Can I transfer my state pension? No. We are talking about transferring a pension fund not a guaranteed income as in the case of a state pension. Are there tax implications while the fund is untouched if I leave it in the UK or transfer it? No, the fund is not taxed in either case while you are not receiving anything from it. What is the difference in taxa
Related Questions
- Which rate is used to convert the money transferred - the rate applicable on the date of the money transfer request or otherwise?
- Are there any extra charges applicable for using the Online Transfer mode to send money to India?
- When do British limitations stop being applicable once I transfer the money to a Qrops?
