Martin Clark

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About Martin Clark

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  • Location Cologne
  • Nationality British
  1. Transfer of UK pension fund with Standard Life

    Thanks Paul, I would at least like to explore that option.  How can I best start that conversation with you?
  2. Transfer of UK pension fund with Standard Life

      Agreed but, unfortunately, easier said than done.  Every adviser I have tried to contact so far in the UK tells me that they can't help me because I am not a UK resident.  Also every insurance company. I do have a call booked with someone from a firm that claims to specialise in helping expats so, hopefully, that will come to something.
  3. Transfer of UK pension fund with Standard Life

    The only reason given was that I am not a UK resident.   I just spoke to Standard Life again. Apparently it is a new company rule that they have since Brexit. The no longer offer an Annuity to non UK residents.  
  4. Transfer of UK pension fund with Standard Life

    The only reason given was that I am not a UK resident.
  5. I have a Group Personal Pension Plan with Standard Life in the UK, funded by an ex-employer. Current value is about 100k.   Standard Life have told me that, because I no longer live in the UK (I have been in Germany since 2000 and have no intention of returning), they cannot pay out a monthly pension.  They say my only options are to take the full amount as a lump sum at my retirement date, or to transfer the fund somewhere else first.  I would like to avoid the huge tax hit of taking the whole amount in one go, so transferring it somewhere else seems to be the thing to do.   However, I am having a great deal of difficulty finding out what the transfer options are.  I looked at the UK Government information for QROPS in Germany which lists only 4 or 5 possible insurance companies who might do this.  One was Condor, which is since taken over by R+V.  However, when I spoke to the R+V representative about this, he had no clue what I was talking about or what a QROPS even is.   Does anyone have any information that might help? Can I transfer the fund to another insurer in the UK and get a monthly payout from them, if so who do I approach? Is there actually any German pension provider who can do this? Can anyone recommend a tax-advisor in the Köln area with relevant knowledge who might be able to help?   M.
  6. UK Private Pension - tax free lump sum

    Many thanks to PandaMunich and other for the detailed and helpful responses. Since I do have the option to forego the lump sum and take a higher monthly pension, it seems that that will be the right way to go.
  7. UK Private Pension - tax free lump sum

    I moved to Germany twenty years ago and now have dual UK/German citizenship.  I pay German taxes but nothing in the UK.   However, I have 2 separate private pensions in the UK, from my earlier employment there, which should start to pay out this year. Both offer an initial "Tax Free" lump sum.  But would that also be regarded as Tax Free in Germany?   The helpdesk of the pension trustees for the larger of the two, have told me that it should be tax free, even in Germany. However, a couple of years ago I spoke with a representative of Abbey Wealth about possibly moving the main pension to a QROPS, and he told me that the lump sum would definitely be treated as income by the German tax authority, and taxed accordingly.   Does anyone know for certain one way or the other?