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Vik77

FBAR on UK Pension -- how to handle? [split topic]

By Vik77 in Tax & Finances During US Immigration

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Vik77 Contributor

Vik77   3

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On 9/13/2013 at 11:25 AM, HikerMark said:

You are required to report defined contribution pensions on the FBAR, not defined benefit pensions or Social Security pensions.

So, for the UK that means reporting personal pensions, RAPs etc. If your pension is based on your final salary then you do not need to report it on the FBAR.

However, both types of pension need to be reported on Form 8938.

 

I have question about this? 

 

I will be doing a FBAR due to my UK bank account exceeding $10k at one point during the year. 

 

I was auto enrolled into a UK employer pension scheme and was only on it for a few years.  

 

Before emigrating I closed the pension scheme to stop deductions from my pay check. I was given a statement that showed the fund transfer value ...it was only around £600. Though it did mention the quoted value is not guaranteed due to daily changes in unit prices 

 

Do I report this on FBAR, in terms of a dollar value if I report this, this year and need to do a future FBAR I'm curious because the unit prices may get worse and cause me to have a lower figure or vice versa? 

 

 

 

Hopefully someone can chime in! 

 

 

TBoneTX Grand Master

TBoneTX   45,604

Posted
Filed: Citizen (apr) Country: Ecuador
 Timeline
Posted

The above has been split from an old (now-closed) thread in the Moving to the US forum.

06-04-2007 = TSC stamps postal return-receipt for I-129f.

06-11-2007 = NOA1 date (unknown to me).

07-20-2007 = Phoned Immigration Officer; got WAC#; where's NOA1?

09-25-2007 = Touch (first-ever).

09-28-2007 = NOA1, 23 days after their 45-day promise to send it (grrrr).

10-20 & 11-14-2007 = Phoned ImmOffs; "still pending."

12-11-2007 = 180 days; file is "between workstations, may be early Jan."; touches 12/11 & 12/12.

12-18-2007 = Call; file is with Division 9 ofcr. (bckgrnd check); e-prompt to shake it; touch.

12-19-2007 = NOA2 by e-mail & web, dated 12-18-07 (187 days; 201 per VJ); in mail 12/24/07.

01-09-2008 = File from USCIS to NVC, 1-4-08; NVC creates file, 1/15/08; to consulate 1/16/08.

01-23-2008 = Consulate gets file; outdated Packet 4 mailed to fiancee 1/27/08; rec'd 3/3/08.

04-29-2008 = Fiancee's 4-min. consular interview, 8:30 a.m.; much evidence brought but not allowed to be presented (consul: "More proof! Second interview! Bring your fiance!").

05-05-2008 = Infuriating $12 call to non-English-speaking consulate appointment-setter.

05-06-2008 = Better $12 call to English-speaker; "joint" interview date 6/30/08 (my selection).

06-30-2008 = Stokes Interrogations w/Ecuadorian (not USC); "wait 2 weeks; we'll mail her."

07-2008 = Daily calls to DOS: "currently processing"; 8/05 = Phoned consulate, got Section Chief; wrote him.

08-07-08 = E-mail from consulate, promising to issue visa "as soon as we get her passport" (on 8/12, per DHL).

08-27-08 = Phoned consulate (they "couldn't find" our file); visa DHL'd 8/28; in hand 9/1; through POE on 10/9 with NO hassles(!).

Italian_in_NYC Rising Star

Italian_in_NYC   259

Posted
Filed: Citizen (pnd) Country: Italy
 Timeline
Posted

Yes, report it.

Use the spot rate either at the day of highest balance, if you have it, or the 12/31/17 spot rate.

Next year you will report the highest balance.

AOS:

RD: 6/21/06

Biometrics: 7/25/06

ID: 10/24/06 - Approved

Conditional GC Received: 11/3/06

I-751

RD: 7/31/08

NOA 1: 8/6/08

Biometrics: 8/26/08

Transferred to CSC: 2/25/09

Approved: 4/23/09 (email received)

Card mailed: 4/28/09 (email received)

Card Received: 5/1/09

N-400

RD & PD: 7/28/09

NOA 1: 8/1/09

Biometric appt: 8/12/09

Interview Letter received: 10/02/09 (notice dated 09/29)

Interview Date: 11/10/09 at Federal Plaza in Manhattan

Oath Letter: 11/10/09

Oath Date: 11/13/09 - Special ceremony at USS Intrepid - Done - USC

 
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