Anyone know anything about getting U.K. pension paid into our U.S. Bank?
Mar 20th 2018, 12:39 am
#1
Forum Regular
Thread Starter
Joined: May 2009
Location: Olathe, Kansas.
Posts: 44
Anyone know anything about getting U.K. pension paid into our U.S. Bank?
I have a private (Not State pension) pension in the U.K. I'm looking to take the 25% tax free deal and would then like to take a monthly income from the remainder.
I've lived in the U.S. for 17 years, am a citizen, anyone with experience of anything like this?
Tax? Transferring from U.K. to U.S. bank account? any info would be helpful!
Thanks in advance, if nothing else suggestions or pointing me in the right direction!
Thanks Paul.
I've lived in the U.S. for 17 years, am a citizen, anyone with experience of anything like this?
Tax? Transferring from U.K. to U.S. bank account? any info would be helpful!
Thanks in advance, if nothing else suggestions or pointing me in the right direction!
Thanks Paul.
Mar 20th 2018, 1:30 am
#2
BE Forum Addict
Joined: Dec 2013
Location: Consolacion,Cebu
Posts: 1,931
Re: Anyone know anything about getting U.K. pension paid into our U.S. Bank?
From the odd thread on here, I think many UK private pension providers will only pay into a UK account. Probably due to money laundering, or just plain stubborness!You will have to ask your pension provider - you may be lucky and they'll happily pay into a US account!
So far as State Pensions are concerned there's no problem. Just give them details and they'll transfer it- via Citibank I think who do all international transfers for the DWP.
Under the double taxation scheme between US/UK you can claim your UK pensions tax free but of course have to declare them in your IRS return.
So far as State Pensions are concerned there's no problem. Just give them details and they'll transfer it- via Citibank I think who do all international transfers for the DWP.
Under the double taxation scheme between US/UK you can claim your UK pensions tax free but of course have to declare them in your IRS return.
Mar 20th 2018, 11:05 am
#3
Forum Regular
Joined: Apr 2012
Posts: 38
Re: Anyone know anything about getting U.K. pension paid into our U.S. Bank?
Many private pension providers will transfer funds to your US Bank. It is common these days. With regard to the 25% lump sum payment, for US citizens and residents it is considered taxable in the US by the majority. Recent opinions offer an alternative viewpoint. You will not find anything definitive provided by the IRS since the 2001 tax treaty and an IRS private letter from 2008. This has been the subject of numerous and lengthy discussion on this forum with varying opinions. You can discuss with a different CPAs who have international tax experience and get different opinions. Therein lies the problem! Also note that you ultimately take the consequences for any tax returns submitted. CPAs and Tax Attorneys are adept at ensuring you sign various disclaimers to minimize their risk.
Mar 20th 2018, 5:41 pm
#4
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Joined: Apr 2016
Location: Chicago, Illinois
Posts: 334
Re: Anyone know anything about getting U.K. pension paid into our U.S. Bank?
Can't comment re: tax, but if they "require" a UK account, you could use a TransferWise borderless account, which could subsequently route it to your US account with a very favourable exchange rate.
