Pensions Transfer From Uk

ek51 · Sep 7th, 2009, 14:15

Hi, not sure if this the correct section, but here goes.

I am planning to settle in Kolkata in a few years and my question is below.

I have worked in a Local Authority job for 19 years and I would like to know if anyone has transferred their Local Government Authority pension to a private indian company like LIC, ICCI etc... and if there were any pitfallls to avoid, any good companies and whether you could get the pension early, I am 44 now and I would like the pension to mature when I was 50-55, not 65.

Many thanks.

Nick-H · Sep 7th, 2009, 21:29

Goodness, that's a new one!

I have no idea if they would accept a transfer, or if it would be wise to do so if they did.

Personally, if I had a secure public-sector pension, I would leave it be. I have a small pension (about £300 a month) from a private-company pension fund in UK, which I started drawing at about 55. I would not consider transferring it into an Indian financial institution, even if I could. That's just my opinion.

fsg · Sep 7th, 2009, 21:44

@ Nick

Your , [in UK miniscule] pension which you can easily live on, shows just how well you can live in India.

Nick-H · Sep 7th, 2009, 21:50

Well, I always say that, given my wife's experience of Indian housekeeping, we could live on it if we had to. Generally, though, we do spend more.

Of course, it is not far off the UK's state retirement pension. I wouldn't like to be trying to live on that in UK!

goangoangone · Sep 8th, 2009, 10:20

Can you take that type of pension at that age?

ps. Have you heard of this? Many people don't know of it's existence. http://www.thepensionservice.gov.uk/pensioncredit/

saganaki · Nov 16th, 2009, 17:39

Actually, if you've been outside the UK for five years, it's well worth transferring corporate pensions to New Zealand of all places.

That's because the UK government taxes your pension withdrawals, but NZ doesn't. Also, in NZ you can withdraw the entire lump sum with no penalty.

(Disclosure, I work for a company that offers this scheme to people who have UK pensions).

Sep 7th, 2009, 14:15	#1
ek51 nearly in Kolkata, give me a little time Join Date: Sep 2008 Location: london Posts: 23	Pensions Transfer From Uk Hi, not sure if this the correct section, but here goes. I am planning to settle in Kolkata in a few years and my question is below. I have worked in a Local Authority job for 19 years and I would like to know if anyone has transferred their Local Government Authority pension to a private indian company like LIC, ICCI etc... and if there were any pitfallls to avoid, any good companies and whether you could get the pension early, I am 44 now and I would like the pension to mature when I was 50-55, not 65. Many thanks.

Sep 7th, 2009, 21:44	#3
fsg Senior Member Join Date: Aug 2006 Location: U.K Posts: 478	@ Nick Your , [in UK miniscule] pension which you can easily live on, shows just how well you can live in India. __________________ The British gave India bureaucracy..... India perfected it [Lord Desai]

Sep 8th, 2009, 10:20	#5
goangoangone What happened? Join Date: Aug 2004 Location: Goa Posts: 1,953	Can you take that type of pension at that age? ps. Have you heard of this? Many people don't know of it's existence. http://www.thepensionservice.gov.uk/pensioncredit/ __________________ GoanGoan......here

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Sep 7th, 2009, 21:29	#2
Nick-H This is just a cameo appearance Join Date: Oct 2004 Location: Chennai, India Posts: 36,197	Goodness, that's a new one! I have no idea if they would accept a transfer, or if it would be wise to do so if they did. Personally, if I had a secure public-sector pension, I would leave it be. I have a small pension (about £300 a month) from a private-company pension fund in UK, which I started drawing at about 55. I would not consider transferring it into an Indian financial institution, even if I could. That's just my opinion.

Sep 7th, 2009, 21:50	#4
Nick-H This is just a cameo appearance Join Date: Oct 2004 Location: Chennai, India Posts: 36,197	Well, I always say that, given my wife's experience of Indian housekeeping, we could live on it if we had to. Generally, though, we do spend more. Of course, it is not far off the UK's state retirement pension. I wouldn't like to be trying to live on that in UK!

Nov 16th, 2009, 17:39	#6
saganaki Fellow traveler Join Date: Nov 2008 Location: Mumbai Posts: 7	Actually, if you've been outside the UK for five years, it's well worth transferring corporate pensions to New Zealand of all places. That's because the UK government taxes your pension withdrawals, but NZ doesn't. Also, in NZ you can withdraw the entire lump sum with no penalty. (Disclosure, I work for a company that offers this scheme to people who have UK pensions).