Is there a way to move my UK pension to the US?

[jp1000 25]

I have a pension with Nest. It doesn't have much in it, a little over £6,000, but I would like to roll this over into the US, either into my 401k or into an IRA.

 

Does anybody have any experience with this? I've been trying to read up on it online but have not really been able to find any solid answers, at least that I understand.

[OldUser 7,701]

I think it's a taxable event.

E.g. withdraw the funds in the UK => Pay taxes => Wire money into US or bring in cash => Invest into IRA.

 

I don't believe there are special agreements between US and UK for handling this sort of situation.

Edited December 9, 2023 by OldUser

[Boiler 46,178]

I used to know this stuff and I doubt anything has changed.

 

There is a sort of route, well if there is a lot of money involved.

[OldUser 7,701]

1 hour ago, Boiler said:

I used to know this stuff and I doubt anything has changed.

 

There is a sort of route, well if there is a lot of money involved.

Intrigued. Though OP only has 6k, what's "a lot"? 

1 mil and up? Lower? Higher?

[Boiler 46,178]

36 minutes ago, OldUser said:

Intrigued. Though OP only has 6k, what's "a lot"? 

1 mil and up? Lower? Higher?

Long time since I looked at this but back then I think it was a million plus.

 

I will remember the acronym and look it up.

[Boiler 46,178]

Can I move my UK pension to USA?

Unlike in many other countries, there is no legal mechanism for transferring UK pension funds to the USA, in recent years many holders of UK pension schemes have transferred their funds using what was then a QROPS and is now a ROPS (Recognised Overseas Pension Scheme) via an offshore location, typically Malta.

[jp1000 25]

2 hours ago, Boiler said:

Can I move my UK pension to USA?

Unlike in many other countries, there is no legal mechanism for transferring UK pension funds to the USA, in recent years many holders of UK pension schemes have transferred their funds using what was then a QROPS and is now a ROPS (Recognised Overseas Pension Scheme) via an offshore location, typically Malta.

You can transfer it from UK -> Malta -> US?

 

Are there any guides on this?

[Boiler 46,178]

https://www.nerdwallet.com/uk/pensions/about-qrops/

[OldUser 7,701]

4 hours ago, jp1000 said:

You can transfer it from UK -> Malta -> US?

 

Are there any guides on this?

I doubt it's doable and worth the time for 6k