HighlandPenguin

To Anyone who can advise me

I am in a situation where I have a Group
Pension Plan with Standard Life in the UK. I want to terminate the plan
and get a refund on my investment into the pension plan. Is this
possible? So far Standar Life is saying I can only touch the plan when I
am 50 and can't cash it in, at an earlier time. They also said some
other absurd statement, that I can't transfer it to the US due to some
Inland Revenue issue. Any info at all would be helpful.

Regards

Scott

HighlandPenguin

Originally posted by HighlandPenguin
    > To Anyone who can
advise me
    >
    > I am in a situation where I have a Group Pension Plan
with Standard Life in the UK. I want to terminate the plan and get a
refund on my investment into the pension plan. Is this possible? So far
Standar Life is saying I can only touch the plan when I am 50 and can't
cash it in, at an earlier time. They also said some other absurd
statement, that I can't transfer it to the US due to some Inland Revenue
issue. Any info at all would be helpful.
    >
    > Regards
    >
    > Scott


Please could someone respond to my question. Surely there
must be plenty of you guys who have had to transfer or have your pension
paid out, when going over to the US.

Cheers

Scott

Jeffreyhy

Scott,

"had" to have the pension transferred or paid out? You can't
just leave it where it is until you're old enough to start drawing on
it?

I suspect you need to talk to a UK pension or tax specialist about
this.

Regards, JEff

Originally posted by HighlandPenguin

    > Please could someone respond to my question. Surely there must be
plenty of you guys who have had to transfer or have your pension paid
out, when going over to the US.
    >
    > Cheers
    >
Scott

Meauxna

Originally posted by HighlandPenguin
    > Please could
someone respond to my question. Surely there must be plenty of you guys
who have had to transfer or have your pension paid out, when going over
to the US.
    >
    > Cheers
    >
    > Scott

Try searching/posting in
the USA forum on BE.

Nicola76

Originally posted by HighlandPenguin
    > To Anyone who can
advise me
    >
    > I am in a situation where I have a Group Pension Plan
with Standard Life in the UK. I want to terminate the plan and get a
refund on my investment into the pension plan. Is this possible? So far
Standar Life is saying I can only touch the plan when I am 50 and can't
cash it in, at an earlier time. They also said some other absurd
statement, that I can't transfer it to the US due to some Inland Revenue
issue. Any info at all would be helpful.
    >
    > Regards
    >
    > Scott



Hi Scott

I had the same problem with my Royal Mail Pension.
I paid into it for 7 years and they wouldn't let me have what I paid
into it because I had paid it for more than 5 years. They said I can
transfer it to another pension plan as long as that plan allows it
otherwise it stays exactly where it is. The same with a foreign plan -
as long as they allow it. So I am waiting until I am employed here to
ask how that will work, otherwise I can't touch it until I'm 50 too :( I
understand your frustrations. I would have welcomed what I have paid
into the plan greatly when I was moving here, especially with the EAD
taking so long. I just hope I can transfer it so it's all in one place
instead of here and there. I've notified them of my new address so
hopefully they won't forget me at 50 lol!

Nicola

Timeline TSC

NOA1
January 15th 2003
NOA2 June 19th 2003 (Online Status)
NOA2 Letter
received June 23rd 2003
NVC Letter recieved July 2nd 2003 (dated 30th
June)
Packet 3 received July 10th 2003
Returned IV-15 July 21st 2003
(Delayed due to being in the USA when it arrived)
Interview date
received July 25th 2003
Interview date September 2nd 2003
Got the
Visa!!!
Moved to the USA September 5th 2003

Got married November 1st


Adjustment of Status - Atlanta
Applied for SSN in married name
November 21st 2003
AOS & EAD sent November 22nd 2003
Received at Atlanta
office November 25th 2003 (UPS online)
SSN arrived November 28th 2003

Driving Test December 11th 2003
AOS & EAD NOA received dated December
17th 2003
Appointment for Biometrics January 24th 2004

Gary

On Mon, 23 Feb 2004 20:04:45 +0000, HighlandPenguin
<member18460@british_expats.com> wrote:

    >Originally posted by HighlandPenguin
    >> To Anyone who can
    >advise me
    >>
    >> I am in a situation where I have a Group Pension Plan
    >with Standard Life in the UK. I want to terminate the plan and get a
    >refund on my investment into the pension plan. Is this possible? So far
    >Standar Life is saying I can only touch the plan when I am 50 and can't
    >cash it in, at an earlier time. They also said some other absurd
    >statement, that I can't transfer it to the US due to some Inland Revenue
    >issue. Any info at all would be helpful.
    >>
    >> Regards
    >>
    >> Scott
    >
    >Please could someone respond to my question. Surely there
    >must be plenty of you guys who have had to transfer or have your pension
    >paid out, when going over to the US.
    >Cheers
    >Scott

Scott,

Without saying too much about who my employers are... A group
personal pension plan is subject to specific Inland Revenue rules and
regulations. They do prohibit refunds on a PPS outwith the 30 day
period (not true of occupational plans). A GPP transfer of benefits
is available to some countries but *not* the USA (note this isn't the
same as a refund). Depending on the AMC on the plan I'd consider
leaving it where it was or transferring into an individual stakeholder
(no financial advisor is required to tv into stakeholder - just
complete a disclaimer).

You might also want to look at whether or not you are in the with
profits or a unit linked fund. If you're in with profits and didn't
enter after August 2002 then your fund will get hit with an MVA. This
is about 16% at Standard Life at the mo'. You'll also get hit for it
on internal transfers, switches to a unit linked fund and external
transfers.

You'll be able to pay into the plan for 5 years after you leave the UK
as long as you have a UK bank account...if that's any use to you.
Sorry I can't go into more detail - just have to skim the basics.

Gary

Haggischomper

Hi Scott

As others have advised, I would get in touch with an expert.


I work for the UK Govt and have about 15 years worth of pension saved
up. I asked about it months ago and, though the ol' memory is rusty, I
seem to recall hearing the same statement about the Inland Revenue. In
the end, I have decided to leave it as it is and draw on it when I
retire (not soon enough!).

The pension money would have been really
handy for me in the short term but, the more I think on it, the happier
I am to leave it lying until I retire. For me, I think that is best in
the long term.

Of course, all this will become redundant when I win the
Lotto....

Andy


Originally posted by HighlandPenguin
To Anyone who can advise me
    >
    > I am in a situation where I have a
Group Pension Plan with Standard Life in the UK. I want to terminate the
plan and get a refund on my investment into the pension plan. Is this
possible? So far Standar Life is saying I can only touch the plan when I
am 50 and can't cash it in, at an earlier time. They also said some
other absurd statement, that I can't transfer it to the US due to some
Inland Revenue issue. Any info at all would be helpful.
    >
    > Regards

Scott

Andy Platt

"HighlandPenguin" <member18460@british_expats.com> wrote:

    > Please could someone respond to my question. Surely there
    > must be plenty of you guys who have had to transfer or have your pension
    > paid out, when going over to the US.

I think a lot of us in the same situation have decided to leave it there and
draw it when we retire. That's certainly my case so, although I've been here
for nearly seven years, I haven't "been there done it".

Andy.

Squire

In article <>, HighlandPenguin
<member18460@british_expats.com> writes
    >> I am in a situation where I have a Group Pension Plan
    >with Standard Life in the UK. I want to terminate the plan and get a
    >refund on my investment into the pension plan. Is this possible? So far
    >Standar Life is saying I can only touch the plan when I am 50 and can't
    >cash it in, at an earlier time. They also said some other absurd
    >statement, that I can't transfer it to the US due to some Inland Revenue
    >issue. Any info at all would be helpful.
    >>
    >Please could someone respond to my question. Surely there
    >must be plenty of you guys who have had to transfer or have your pension
    >paid out, when going over to the US.
Wow - 4 hours after your original post and you're already jumping up and
down?

In brief - when you originally subscribed to your pension plan you
effectively entered into an agreement with the Inland Revenue that you
would obtain certain tax reliefs on your contributions into the plan.
The corollary of this is that in return for favourable tax treatment you
(and the pension provider) had to accept various conditions laid down by
the Inland Revenue, including restrictions on earliest benefit dates and
transferability of funds to another pension provider. Only transfers to
similarly approved plans and pension providers would be acceptable.