Originally Posted by Slartybardfast

Try this: A list of 2013 HMRC approved QROPS...

http://www.hmrc.gov.uk/pensionschemes/qrops.pdf

I don't know what the procedure is for transferring, but at least it shows there are approved schemes in the USA.

Originally Posted by Slartybardfast

Also, respectfully correcting post by md95065: it IS possible to transfer money from a previous employer's 401k plan to a new one with a new job. You can either take a rollover check (cheque) payable into a new fund, which is not taxed at the time of transfer, or you can take what is termed a withdrawal, in which case it may be taxable.

Originally Posted by True.2.form

Hi,

Does anyone have any positive experience with transferring their pension from the United Kingdom to an America 401K scheme?

I'm in the process of trying to succeed with this!

I am British and my wife is American, we live in Washington State.

When speaking with my UK pension broker they have explained that in order to transfer my plan to the US I have to find a Qualifying Recognized Overseas Pension Scheme or QROPS.

My wife's 401K is with Fidelity Investment and having spoken with them I've been told they are not able to oblige, citing UK/US policy and exchange rates being problematic.

I am positive this CAN be achieved but the method to this madness is something I have not figured out yet. Unlike the US, the UK will not permit policy holders to distribute part or all of their funds (even with high penalties) until retirement age, so its not as if I can even liquidate it and then transfer the funds overseas.

Nor will, from what I can gather, existing US 401K providers allow a husband to incorporate theirs with a wife's current policy.

Can anyone provide some hope here? - internet searches do provide sites with companies allegedly being able to help but they seem less than legally legitimate

Many thanks,

P

Originally Posted by Cook_County

Don't forget that existing UK pension plans need to be reported every year on the FBAR, the 8938, the 8621, the 8833, the 3520 and the 3520-A depending which apply in a particular case.

Originally Posted by nun

That is arguable. Some take the position that all UK pension plans, even SIPPs, are covered under the treaty.

Originally Posted by Cook_County

I have not seen a legal opinion from any US lawyer suggesting that the treaty over-rides information return filing. There are no rulings from the IRS or any court suggesting this. Filing on this basis would be a very high risk stategy indeed and could lead to substantial penalties.

Originally Posted by Boiler

So this does not apply to final salary schemes?

Originally Posted by Boiler

So how would you deal with a UK State Pension under 8938 for example.

It would appear from a cursory glance that final salary schemes not in payment are excluded.