Joro

UK pension trahsfers

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    Hello everyone

    Apart from my state pension I have several small pensions, each about 70GBP per month.

    Will I lose out if I transfer these each month, or will I be better off transferring them as lump sum each year.

    Not sure how this will affect tax!!!

    Any info would be invaluable

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    The tax implications are pretty much the same when ever you transfer your pension. In theory you may be liable for tax on any exchange rate gain if you leave the money in the UK and then transfer it all at once, but to be honest the sums are so small it's unlikely to be much, if anything at all. Whether it would be best to transfer the money monthly or once a year will depend on whether you need the funds here to live on, if they could be earning interest here or in the UK and if there is a charge for transferring the money.

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    Thanks for the reply

    Looks a bit like "heads I win, tails you lose"

    I won't need the money each month to live on, so it may be a good idea to let it build up a bit.

    We generally use Currency Direct or Money corp, whose charges are pretty minimal, so I am not too bothered about about charges.

    Thanks again

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