Kibkom North Cyprus Forum

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

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

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).
Q2. All UK pensions are taxed at source in the UK.
Q3. Seek advice from the Armed Forces Pensions Society.

Tomsteel

Thank you, does anyone else have an opinion?

Kind regards

Lasagne

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.

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.

RAZR63 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.

There is no way that your forces pension is Tax Free I'm afraid

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

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).

Hi all

I’d just like to say thank you for all your posts and the information you have shared.

Kind regards

Lasagne