suzywong

17 hours ago, Andrew from Vista Financial said:

Hi Suzy

Your financial adviser should have completed as part of the transfer in 2006 a LTA questionnaire and the values of the pensions being transferred would have been counted toward the LTA at that time (as this is essentially a benefit crystallisation event).

 You will then be tested on your Barclays Pension against the lifetime allowance as follows:

·         you normally calculate the total value by multiplying your expected annual pension by 20.

·         You also need to add the amount of any separate tax-free cash lump sum.

For example, if the annual pension you will receive is £8,333 a year and you will get a tax-free lump sum of £25,000 as well, the value of that pension for lifetime allowance purposes is £191,660 (20 x £8,333 + £25,000).  

The lifetime allowance currently sits at £1,073,100 so it seems to me as though this will not be an issue for you.

Andy

 

Thank you for your reply Andy. The annual pension is a mere 1166 pounds per annum or a lump sum  of about 25000 pounds. So you are basically saying the fact that I cashed in the whole of my super in 2012 (around 130000 Aud$) . This will not affect my lifetime allowance and I should be able to take the lump sum of 25000 pounds from barclays.  Do I have to declare that I took the super in Australia on the lifetime allowance reckoner?

Hi Marisa

This was done in 2006 by a financial advisor.  The pensions we transferred from the uk were personal pensions set up by ourselves as we were self employed.

Hi everyone, 

Hope you can help

I am an Aussie citizen and transferred two private pensions (NPI AND SCOTTISH WIDOWS) to Australia (ASTERON OPTIMUM/SUN CORP SUPER) on 4.8.2006. .  I was self employed in Australia and did not make any contributions to this Super.  In 2012 on my 55th birthday I cashed in the whole of my Super tax free.

I have now been informed that I am due a small work pension from Barclays bank in the UK.  I would like to take the full lump sum (around 25000 pounds). 

My question is, does the fact that I cashed in my Aussie super in 2006 affect my LIFETIME ALLOWANCE ?  

Its all very confusing...

I look forward to a reply