Jump to content
jp1000

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

By jp1000 in Tax & Finances During US Immigration

 Share

9 posts in this topic

Recommended Posts

jp1000 Explorer

jp1000   25

Posted
Filed: AOS (apr) Country: United Kingdom
 Timeline
Posted

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.

Link to comment
Share on other sites
OldUser Veteran

OldUser   6,608

Posted
Timeline
Posted (edited)

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 by OldUser
Link to comment
Share on other sites
Boiler Grand Master

Boiler   45,445

Posted
Filed: K-1 Visa Country: Wales
 Timeline
Posted

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.

“If you know the enemy and know yourself, you need not fear the result of a hundred battles. If you know yourself but not the enemy, for every victory gained you will also suffer a defeat. If you know neither the enemy nor yourself, you will succumb in every battle.”

Link to comment
Share on other sites
Boiler Grand Master

Boiler   45,445

Posted
Filed: K-1 Visa Country: Wales
 Timeline
Posted
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.

“If you know the enemy and know yourself, you need not fear the result of a hundred battles. If you know yourself but not the enemy, for every victory gained you will also suffer a defeat. If you know neither the enemy nor yourself, you will succumb in every battle.”

Link to comment
Share on other sites
Boiler Grand Master

Boiler   45,445

Posted
Filed: K-1 Visa Country: Wales
 Timeline
Posted

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.

“If you know the enemy and know yourself, you need not fear the result of a hundred battles. If you know yourself but not the enemy, for every victory gained you will also suffer a defeat. If you know neither the enemy nor yourself, you will succumb in every battle.”

Link to comment
Share on other sites
jp1000 Explorer

jp1000   25

Posted
Filed: AOS (apr) Country: United Kingdom
 Timeline
  • Author
Posted
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?

Link to comment
Share on other sites
Boiler Grand Master

Boiler   45,445

Posted
Filed: K-1 Visa Country: Wales
 Timeline
Posted

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

“If you know the enemy and know yourself, you need not fear the result of a hundred battles. If you know yourself but not the enemy, for every victory gained you will also suffer a defeat. If you know neither the enemy nor yourself, you will succumb in every battle.”

Link to comment
Share on other sites
 
Didn't find the answer you were looking for? Ask our VJ Immigration Lawyers.

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
 Share
Go to topic listing
- Back to Top -

Important Disclaimer: Please read carefully the Visajourney.com Terms of Service. If you do not agree to the Terms of Service you should not access or view any page (including this page) on VisaJourney.com. Answers and comments provided on Visajourney.com Forums are general information, and are not intended to substitute for informed professional medical, psychiatric, psychological, tax, legal, investment, accounting, or other professional advice. Visajourney.com does not endorse, and expressly disclaims liability for any product, manufacturer, distributor, service or service provider mentioned or any opinion expressed in answers or comments. VisaJourney.com does not condone immigration fraud in any way, shape or manner. VisaJourney.com recommends that if any member or user knows directly of someone involved in fraudulent or illegal activity, that they report such activity directly to the Department of Homeland Security, Immigration and Customs Enforcement. You can contact ICE via email at Immigration.Reply@dhs.gov or you can telephone ICE at 1-866-347-2423. All reported threads/posts containing reference to immigration fraud or illegal activities will be removed from this board. If you feel that you have found inappropriate content, please let us know by contacting us here with a url link to that content. Thank you.
×
×
  • Create New...