Skip to main content

This is a new service – your feedback will help us to improve it.

  • RE: Superannuation lump sum payment

    Thanks, I spoke with an HMRC Tax SME and they confirmed that any withdrawal of funds from a superannuation fund would be classified as a pension withdrawal in the UK for a Brit citizen living in the uk, and therefore would reduce my pension contribution tax free allowance in subsequent years from £60k to £3.6k.
  • RE: Superannuation lump sum payment

    Thanks for your reply. The link though points to the page which is covers going above the money purchase annual allowance via payments into a pension. My query is to do with withdrawing monies from my Superannuation policy not contributions paid in. Are you able to reply re whether this full lump withdrawal from my Superannuation would trigger changing my annual allowance from £60000 to £4000. Thanks Joe
  • Superannuation lump sum payment

    Hello, I am a UK citizen living in the UK who through working in Australia in 2015 has a superannuation fund. If I withdraw all of the monetary value as a lump sum from my superannuation fund is this considered a pension withdraw in the UK and as such will this reduce my yearly tax free pension contribution allowance from £60,000 to £4,000? If so does this change in my tax free threshold only apply when I transfer the lump sum value to a UK bank account? Therefore would it not apply if I left the lump sum amount in an Australian bank account? Regards 

    Name removed admin