As 'it's taxable in the UK' you should not have to pay any Swiss Tax, however I know at least 1 canton that takes a different view as no tax was actually paid in the U.K. It might therefore be worthwhile to pay some UK tax by withdrawing more than the personal allowance so some UK tax is actually paid on the UK taxable income.
I corrected something I wrote in my previous message. I said you can withdraw 10% a year from your SIPP tax free. I meant of course £10K. Or whatever the approx annual tax threshold is in the UK these days.
Thanks for your helpful replies...I read through Article 19 in the UK/Swiss double taxation convention paper, but it is not the easiest to fully comprehend all of the detail in the paragraphs
I wanted to bring this thread up to date, as it seems there are now not many SIPP providers that will accept a pension transfer from a UK pension. I have a Reassure pension, but for UK non-residents they now seem to offer no flexibility in taking the pension other than taking an annuity.
Has anyone found a good SIPP provider in the last year that will still take non-resident UK pensions? I am considering https://www.myexpatsipp.com/ as an option.
I was advised by a Chartered Financial Adviser in Ediburgh a few years ago to try opening a low cost SIPP with AJ Bell,but when I contacted them they said I couldn't do it as I'm in Switzerland.
On the whole I'm terrified of SIPPs, I transferred my small pension pot into one, lost the lot when the SIPP provider went bust and FSCS told me I was not eligible for compensation. My husband had a mirror case to mine and was paid the full whack plus a few thousand extra. My case was prepared by the Chartered Financial Adviser I saw in Edinburgh, he advised me to appeal, the appeal failed and my file was closed. It was sold on to another SIPP provider who also went bust. It's now in the hands of a no win, no fee legal firm specialising in failed FSCS cases. I no longer trust the pension industry in Britain, it's too poorly regulated and full of shysters.
Is anyone here now using myexpatsipp? I am trying to do something to get out of Reassure but they will not even tell me how I could take an annuity as they only offer these if you live in the UK. So far I have spent 6 months trying to transfer out of them to myexpatsipp or to get an annuity as I have already retired. But no success so far.