Withdrawing UK private pension - taxation
Posted: Mon Mar 18, 2024 5:23 pm
Hi !
I am a US as well as German citizen living in Germany. I worked in the UK for a couple of years and invested into my employers pension plans. Due to my age I am now eligible to withdraw the funds.
Despite lots of research I can't figure out how much I would be taxed in the UK for withdrawing the lump sum. It sounds as if a very large sum (70%) may be withheld by the pension company (Aviva/StandardLife/Aegon) which I need to recoup through a UK tax return. Then I came across the double taxation treaty relief here: https://www.gov.uk/government/publicati ... al-germany
I find this all very confusing.
Any advice or simply hearing about your experience is greatly appreciated!
Thank you.
I am a US as well as German citizen living in Germany. I worked in the UK for a couple of years and invested into my employers pension plans. Due to my age I am now eligible to withdraw the funds.
Despite lots of research I can't figure out how much I would be taxed in the UK for withdrawing the lump sum. It sounds as if a very large sum (70%) may be withheld by the pension company (Aviva/StandardLife/Aegon) which I need to recoup through a UK tax return. Then I came across the double taxation treaty relief here: https://www.gov.uk/government/publicati ... al-germany
I find this all very confusing.
Any advice or simply hearing about your experience is greatly appreciated!
Thank you.