Hi I want to liberate my pension which is in a SIPP any ideas?

The UK Govt insist that pension funds cant be taken in cash, another tax charge, however I think it's possible to liquidate a pension fund from a different country. Any ideas?

I have heard of this happening but it was very dodgy.

I have also heard of somebody who used the SIPP to buy a property at a grossly inflated price whilst getting a 'cashback' bung. Also not legal.

I do not believe you can do it legally unless you find a country with little or no regulation to move to AND your SIPP provider is happy to send the transfer there.

ask a rangers fan.

The government insists that you take your funds as a pension instead of a lump sum because that is what you bought when you paid the money in. You can take your pension as long as you are old enough.

I take it you want to draw the cash out as though it was a savings account. If you wanted a savings account why did you buy a pension? If someone sold you the SIPP when you thought you were opening a savings account then you should take the matter up with them.

Now you are stuck with a pension and you cant have your money back. Be more careful next time you make a purchase.

Tags

　　Private Investment 　　Private Equity 　　Private Capital 　　Personal Investment 　　Pension Fund 　　Pecunix 　　Online Investment 　　Online Business

Related information

What is the best pension release option...?

I believe you can take a lump sum, Tax free, I did. Pay of the mortgage? This generally is higher interest than investments, How ever the pension is going to be smaller. Need to do the sums ho...

I am a company paying invoices on behalf of a pension scheme. How do I record this in my accounting records?

Try talking to someone in the small business association. They can guide you

...

Do we have to file a 1099R pension distribution in the state from where the money came from?

From the NY State Controller's web site FAQ: 1. If I move to a state other than New York, would my pension check be taxed? Your New York State pension is not taxed in New York. Please visi...

Will Ford Pension Funds survive? or should I look for another job?

Based on data in Ford's annual report for 2006: The value of pension benefits payable to US workers like you total $45.3 Billion as of 12/31/06. They have assets invested to pay for thos...

I have been paying a pension for 10 years but need the money back can this be done? it is a nhs pension.?

I have an NHS pension and was in a similar position a couple of years ago. If it is a matter of saving money then you should be able to opt out of paying into your pension for a period of time. T...

PF Withdrawal amount and Employee Pension amount?

Generally PF of employee kept in a account.company contribution is divided into two parts and one part is put in the employee a/c (approx. 8.33% ) and remaining amount kept in employee pension sche...

DO PENSION FUNDS GET TAXED...i have collected all my accumulated pension ...how do i calculate tax on it?

You should have received a 1099-R showing both the gross distribution (Box 1) and taxable amount (Box 2a) of your pension payments. The taxable amount of your pension is taxed as ordinary income...

Is a final salary pension still worth having?

Assuming the pension's funds are being handled by competent outside firm, you don't have massive debits or other immediate needs (not wants) for the money, you (and your blood relatives) ...