Armed Forces Pension
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- Kibkommer
- Posts: 132
- Joined: Sun 11 Mar 2018 9:07 am
Armed Forces Pension
Hi everyone
Not sure whether anyone can help but any information is better than none!
I have just moved here and have an Armed Forces pension paid over here in TL.
The following questions fall out of this:
1. Is this the best way to have the pension paid?
2. Is there a way to get it paid tax free or tax efficiently?
3. If it is better to leave it paid in the UK, what is the best way to access it here without incurring costs.
Thank you all in advance
Lasagne
Not sure whether anyone can help but any information is better than none!
I have just moved here and have an Armed Forces pension paid over here in TL.
The following questions fall out of this:
1. Is this the best way to have the pension paid?
2. Is there a way to get it paid tax free or tax efficiently?
3. If it is better to leave it paid in the UK, what is the best way to access it here without incurring costs.
Thank you all in advance
Lasagne
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- Kibkommer
- Posts: 2656
- Joined: Sun 21 Oct 2012 8:17 am
Re: Armed Forces Pension
Q1. Everybody's circumstances vary. AF pensions are paid in sterling but sent overseas in the currency used in the specific country, at the banking exchange rate on that day (TRNC = TL).lasagne33 wrote:Hi everyone
Not sure whether anyone can help but any information is better than none!
I have just moved here and have an Armed Forces pension paid over here in TL.
The following questions fall out of this:
1. Is this the best way to have the pension paid?
2. Is there a way to get it paid tax free or tax efficiently?
3. If it is better to leave it paid in the UK, what is the best way to access it here without incurring costs.
Thank you all in advance
Lasagne
Q2. All UK pensions are taxed at source in the UK.
Q3. Seek advice from the Armed Forces Pensions Society.
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- Kibkommer
- Posts: 132
- Joined: Sun 11 Mar 2018 9:07 am
Re: Armed Forces Pension
Tomsteel
Thank you, does anyone else have an opinion?
Kind regards
Lasagne
Thank you, does anyone else have an opinion?
Kind regards
Lasagne
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- Kibkommer
- Posts: 123
- Joined: Fri 28 Apr 2017 1:09 pm
Re: Armed Forces Pension
Hi
not sure which part of the north you are living but may be worth contacting the RBL they have a branch in Kyrenia. also they (british legion) run a stall at the saturday market in lapta as far as i recall, so may be worth you popping down tmrw and ask. hopefully you will get more replies, but if not they are a good point of call. good luck.
not sure which part of the north you are living but may be worth contacting the RBL they have a branch in Kyrenia. also they (british legion) run a stall at the saturday market in lapta as far as i recall, so may be worth you popping down tmrw and ask. hopefully you will get more replies, but if not they are a good point of call. good luck.
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- Kibkommer
- Posts: 763
- Joined: Wed 10 Sep 2014 12:57 pm
Re: Armed Forces Pension
I have my pension paid into my UK bank account and draw it out in cash (sterling) here. I am with Santander bank and I don't get charged any bank charges/fees for drawing out cash at the ATM here (but depends on which one) It's also tax free as I am under the threshold.
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- Kibkommer
- Posts: 360
- Joined: Thu 23 Jan 2014 6:35 am
Re: Armed Forces Pension
There is no way that your forces pension is Tax Free I'm afraidRAZR63 wrote:I have my pension paid into my UK bank account and draw it out in cash (sterling) here. I am with Santander bank and I don't get charged any bank charges/fees for drawing out cash at the ATM here (but depends on which one) It's also tax free as I am under the threshold.
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- Kibkommer
- Posts: 1648
- Joined: Tue 03 Apr 2012 7:49 pm
Re: Armed Forces Pension
Tax allowance if your pension and total earnings are under £11800 no tax is paid
2018/19 2017/18
Basic personal allowance £11,850 £11,500
Married/civil partners allowance £8,695 £8,445
Minimum married/civil partners allowance £3,360 £3,260
2018/19 2017/18
Basic personal allowance £11,850 £11,500
Married/civil partners allowance £8,695 £8,445
Minimum married/civil partners allowance £3,360 £3,260
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- Kibkommer
- Posts: 763
- Joined: Wed 10 Sep 2014 12:57 pm
Re: Armed Forces Pension
Marriage Allowance lets you transfer £1,190 of your Personal Allowance to your husband, wife or civil partner - if they earn more than you. This reduces their tax by up to £238 in the tax year (6 April to 5 April the next year).
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- Kibkommer
- Posts: 132
- Joined: Sun 11 Mar 2018 9:07 am
Re: Armed Forces Pension
Hi all
I’d just like to say thank you for all your posts and the information you have shared.
Kind regards
Lasagne
I’d just like to say thank you for all your posts and the information you have shared.
Kind regards
Lasagne