Claiming Private UK Pension
Hi all.
I have a small private pension in the UK. Have just reached the age of 55 and thought I could claim the benefits as advised be Pension Wise UK. Have just tried and have been advised by my pension company that as I live overseas, my only option is to take the whole lot and pay huge tax (as opposed to tax free lump sum and monthly payments) My husband has been advised the same by his pension provider too. My question is: Has anyone managed to successfully claim the 25% tax free lump sum
Well from a HMRC perspective, lump sums are not covered under the DTA ie UFPLS meaning UK have taxing rights whereas pension income is covered under the DTA (for Perm/Ctizens) meaning Australia have taxing rights.
With the ATO, typically, foreign super (UK pensions) lump sums are assessed for tax on the Applicable Fund Earnings (AFE): https://www.ato.gov.au/individuals/super/foreign-super-funds/withdraw-a-lump-sum-directly-from-a-foreign-super-fund/
Whereas pension income is assessed f
