Go Back  British Expats > Living & Moving Abroad > USA
Reload this Page >

Cashing in a British Pension Scheme

Cashing in a British Pension Scheme

Old Mar 7th 2005, 5:03 pm
  #1  
Septicity
Thread Starter
 
fatbrit's Avatar
 
Joined: May 2004
Posts: 23,762
fatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond repute
Default Re: Cashing in a British Pension Scheme

Originally Posted by UKintheUSA
Is this allowed with a penalty as you can cash in an IRA by paying a penalty?
My husband has a Pension in the UK, is now here in the USA, will be retiring in the USA. Mainly the question is he got saddled/screwed in his divorce and needs "some" of this money if he can get it to get out of debt. This debt hanging over our heads is starting to get to me.
Any advice would be appreciated.

Generally, no way Jose!

We'll need a little more info though:
What sort of pension is it and how is it held?
How big is the pension (approximately)?
How old is he?
fatbrit is offline  
Old Mar 7th 2005, 6:33 pm
  #2  
Septicity
Thread Starter
 
fatbrit's Avatar
 
Joined: May 2004
Posts: 23,762
fatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond reputefatbrit has a reputation beyond repute
Default Re: Cashing in a British Pension Scheme

Originally Posted by UKintheUSA
He is 38 years old and it is held with the British Steel Company he worked for.
He doesn't want to cash ALL of it in just a portion of it. Is it transferable to the USA to be put into an IRA here?

Bad news, I'm afraid.

It certainly isn't transferable to a US IRA or any other US pension scheme under current regulations.

I believe his first chance will come around 50 where he might be able to take a lump sum. He should investigate howw it is performing at the moment and possibly consider transferring it to a SIPP-type scheme if possible so it is more under his control.
fatbrit is offline  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service - Do Not Sell My Personal Information -

Copyright © 2018 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.