Looking to early retirement


A

Arthur

I have my work pension with Merseyside Pension Fund.
I have close to 16 years of service....
I am 50 and hope to have enough to call it quits (as in F$ck You!)
in less than 5 years.
If i take early retirement will the gov.t tax this pension and/or lump sum
payment?

Arthur

ps. I want to retire to live in The Philippines.
 
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C

Chris Blunt

I have my work pension with Merseyside Pension Fund.
I have close to 16 years of service....
I am 50 and hope to have enough to call it quits (as in F$ck You!)
in less than 5 years.
If i take early retirement will the gov.t tax this pension and/or lump sum
payment?

Arthur

ps. I want to retire to live in The Philippines.
That's what I've done. Retired early and live in the Philippines. The
government won't tax you on your pension once you become non-resident.

Chris
 
Y

yoosnet

That's what I've done. Retired early and live in the Philippines. The
government won't tax you on your pension once you become non-resident.

How do you manage that then? I thought they taxed you on all income
that's generated in the UK? I've got a mate from the UK who lives in
Chiang Mai and he pays income tax on his UK pension.
 
C

Chris Blunt

How do you manage that then? I thought they taxed you on all income
that's generated in the UK? I've got a mate from the UK who lives in
Chiang Mai and he pays income tax on his UK pension.
I'm not actually old enough to get a pension, but maybe I was
mistaken. I've been out of the UK for so long and I haven't had a tax
return to fill in for as long as I can remember. I don't pay tax on
any of my UK sourced income, but perhaps pensions would be treated
differently. Maybe he should take advice on how to arrange his
finances so as to avoid as much tax as possible.

Chris
 
Y

yoosnet

I'm not actually old enough to get a pension, but maybe I was
mistaken. I've been out of the UK for so long and I haven't had a tax
return to fill in for as long as I can remember. I don't pay tax on
any of my UK sourced income, but perhaps pensions would be treated
differently. Maybe he should take advice on how to arrange his
finances so as to avoid as much tax as possible.
He does that already. I was just curious about your remark that
pensions are tax-free. I thought you had a big secret we all ought to
share :)
 
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J

john boyle

Chris Blunt said:
I'm not actually old enough to get a pension, but maybe I was
mistaken. I've been out of the UK for so long and I haven't had a tax
return to fill in for as long as I can remember. I don't pay tax on
any of my UK sourced income, but perhaps pensions would be treated
differently.
No. You do9nt pay tax either because the total income is less than the
tax threshold, OR you should be but arent paying it!!

Maybe he should take advice on how to arrange his
finances so as to avoid as much tax as possible.
Quite.
 

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