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
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.
and so he should the govt website explains it clearly
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
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 :-)
In message , Chris Blunt writes
No. You do9nt pay tax either because the total income is less than the tax threshold, OR you should be but arent paying it!!
Quite.
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