Can you cash in a UK pension

Hi,

I have a friend who, having worked in the UK, has a reasonable with-profits pension there.

She moved to Ireland permanently 10 years ago and is now looking at cashing in her pension. I'm sure she can transfer it but is she entitled to keep it in the UK and is she entitled to cash it in or can it only be transferred to into an Irish pension fund.

regards,

Rockflake

How old is she?

She is 49.

I don't know if she can cash in her pension in the UK, so I googled it and found this from the Revenue

http://www.hmrc.gov.uk/pensionschemes/liberation.htm

She can transfer it to Ireland to a QROPS approved pension plan. If she transfers it to a Buy Out Bond she will be able to access it from 50.

She can then take tac free cash and purchase and annuity with the remainder or invest in an AMRF/ ARF or take taxable cash. Her options are based on how much is left over after she took her tax free cash. she won't be able to take the whole lot out as cash unless the remainder is less than €20,000.


Steven
www.bluewaterfp.ie