hTTi

I can't help directly with the questions asked, but here is some general information (and personal opinions) about UK personal pensions, which may assist readers. In general, you have the following retirement options with a UK personal pension: 1. Use the proceeds to buy an annuity This provides a g...

I believe Gary C is right. As far as I am aware, the only time seeking financial advice is a legal requirement in the UK is taking a transfer value from a defined benefits scheme. Even then, there is the advice-free alternative of leaving the pension where it is. This is often (though not always) th...

Thanks for clarifying this Panda. Although it's not personally relevant, for my interest, and in case it's of use to others: As a SIPP was taxed until 2024 as a normal investment fund (with tax each year on interest, dividends and realised gains, plus Vorabpauschale), and from 2025 as a pension, wit...

It's no longer relevant to me personally, as I cashed in my UK SIPP last year - I owe a lot of thanks to PandaMunich for warning about the tax change. But for my interest, and in case it helps others: Is there an inconsistency between these statements? Germany has clarified through the tax law chang...

To confirm my interpretation, which may also be useful to others who have a UK SIPP or similar foreign pension, which is taxable in Germany: If benefits are encashed before 31.12.2024, they will be taxed in Germany as a normal investment fund, i.e. only on the capital gain. If benefits are encashed...

The same rules apply to SIPP: If you paid tax-relieved money into the SIPP, Germany will make you tax 100% of the payout under this new rule. Thanks very much for clarifying this Panda. So my optimistic interpretation of “Versorgungseinrichtung“ as not applying to a SIPP is wrong. That Information ...

I’m still a bit uncertain about this. In my previous message, I concluded that the change as set out in law applies only to company pensions (my interpretation of Versorgungseinrichtung), and therefore should not apply to a UK SIPP. However, PandaMunich’s original description says it applies to a US...

I've just come across this thread. I note that the first change is headed "US Pension Plans", but that the detailöd article refers to "foreign company pension schemes". Would this also apply to a UK SIPP. It's not a Company Pension scheme, but it's a private Pension arrangement ...

I've just come across this thread. I note that the first change is headed "US Pension Plans", but that the detailöd article refers to "foreign company pension schemes". Would this also apply to a UK SIPP. It's not a Company Pension scheme, but it's a private Pension arrangement t...