stubuzz Posted May 6, 2021 Share Posted May 6, 2021 I would like to know if it is possible to start paying into an old private Prudential pension again. I have read many articles but they some say i can and other say i cannot because of my tax relief status. Does anyone have any experience with this? Link to comment Share on other sites More sharing options...
canopus1969 Posted May 6, 2021 Share Posted May 6, 2021 Best to phone them up with your reference number of you old policy and ask Link to comment Share on other sites More sharing options...
Oxx Posted May 7, 2021 Share Posted May 7, 2021 It is legally permitted (see https://www.pensionsadvisoryservice.org.uk/about-pensions/when-things-change/moving-abroad option #3). However, you'd have to ask Prudential whether they'd permit it in your case. Note, however, that since you won't get tax relief, there's no benefit in putting your money into a pension scheme than putting it into an investment account*. Plus, with the investment account you would have full control over access to the money, and could withdraw as much or as little whenever you wanted without tax penalty. * This could be a new offshore investment account (if you don't have one already), or an existing UK one. Link to comment Share on other sites More sharing options...
Ecky Posted May 10, 2021 Share Posted May 10, 2021 One option may be to check with Prudential about surrendering the policy in full and then reinvest the funds elsewhere. I intend to do just that with a pension i have with Scottish Widows. It's been dormant for years and was unable to make any contributions as living outside UK. Only about GBP 15k but better in my pocket than theirs! Link to comment Share on other sites More sharing options...
stubuzz Posted May 12, 2021 Author Share Posted May 12, 2021 On 5/10/2021 at 2:30 PM, Ecky said: One option may be to check with Prudential about surrendering the policy in full and then reinvest the funds elsewhere. I intend to do just that with a pension i have with Scottish Widows. It's been dormant for years and was unable to make any contributions as living outside UK. Only about GBP 15k but better in my pocket than theirs! My pension cannot be accessed for another 7 years. Link to comment Share on other sites More sharing options...
UKresonant Posted May 21, 2021 Share Posted May 21, 2021 (edited) You should be able to pick a new private pension scheme, and transfer the old pension to the new one...I did this to combine some old AVC pensions into one or two larger pensions. Some I just filled in the transfer request online with a provider that I already had my ID etc, and it was done! ???? (Perhaps only one form to sign) e.g. https://www.standardlife.co.uk/pensions/personal-pension/pension-transfer e.g https://www.hl.co.uk/pensions/transfer-to-the-sipp e.g https://www.scottishwidows.co.uk/retirement/pension-transfers/ Edited May 21, 2021 by UKresonant 1 Link to comment Share on other sites More sharing options...
Brierley Posted May 21, 2021 Share Posted May 21, 2021 Anyone who is UK resident can put up to 2,600 Pounds per year (Net) into a personal pension, after which the government will add 20%, these things are true even if you don't earn or pay tax. It was worth my while to become UK resident again and to do this after being non-resident for almost 20 years. Link to comment Share on other sites More sharing options...
treetops Posted May 22, 2021 Share Posted May 22, 2021 15 hours ago, Brierley said: Anyone who is UK resident can put up to 2,600 Pounds per year (Net) into a personal pension, after which the government will add 20%, these things are true even if you don't earn or pay tax. It was worth my while to become UK resident again and to do this after being non-resident for almost 20 years. £2,880 which gets made up to £3,600. £720 profit per year for non taxpayers, £180 for basic rate taxpayers. Link to comment Share on other sites More sharing options...
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