"Frozen" Pension Funds - moving money elsewhere
"Frozen" Pension Funds - moving money elsewhere
Author
Discussion

5potTurbo

Original Poster:

13,380 posts

184 months

Thursday 17th March 2011
quotequote all
This being PH, I have faith someone will know the answer!

SHORT QUESTION
Does anyone know if I can move money from existing UK private pension funds to a recognised pension fund elsewhere in the E.U.?

BACKGROUND
I moved from the UK to Luxembourg 13 years ago, having worked for a US Bank in the UK for ~10 years leading up to my move. I have 2 amounts of money in 2 of that Banks staff pension schemes, which whilst I'm not paying anything into them, still accrue money based on the funds performance.

I would like to move the money from those 2 funds to the Luxembourg state pension fund (which I already pay 8% of my gross income into) to buy me some more years entitlements, lowering my retirement age. The frozen funds in the UK can not be drawn until I'm 67.

Thanks in advance! thumbup


The Leaper

5,346 posts

222 months

Thursday 17th March 2011
quotequote all
Short answer, yes in principle.

Longer answer, yes, you can make the transfer to an appropriate pension fund. This will mean either an employer sponsored pension arrangement or a personal pension plan you have in your own name. This will almost certainly EXCLUDE the Luxembourg state system, so your thoughts in that direction may well have to change.

R.

5potTurbo

Original Poster:

13,380 posts

184 months

Thursday 17th March 2011
quotequote all
Thanks

I also have 2 private pensions in Lux with Foyer & Fortis, so I'll contact Mercer to see what they say about releasing the money to one of those

Welshbeef

49,633 posts

214 months

Thursday 17th March 2011
quotequote all
What about uk state pension earned? Do you just inform the inland revenue uk of your current address and country.

Or do you have to keep a uk sterling bank account ensure that's linked to your national insurance number then wait until you retire

ukshooter

501 posts

228 months

Thursday 17th March 2011
quotequote all
QROPS may be the way ahead for you.

The Leaper

5,346 posts

222 months

Friday 18th March 2011
quotequote all
Russell,

Interesting that you mention my employer of 33 years! Thee's no doubt in my mind that they have all the expertise needed for you to get quality advice from them.

R.

5potTurbo

Original Poster:

13,380 posts

184 months

Wednesday 23rd March 2011
quotequote all
I had to re-read my posts to see which company's I'd named. It's been a long day!

I have an answer on one of the funds - it seems I already transferred the money out! D'oh! Face.Palm.
I now need to email the other email address about moving the balance that I know exists....