Collecting UK pension in USA and disability benefits
#16
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Or you can just tell the UK gov that you live in the US and want your pension paid directly into your US account and it will show up at whatever interval you request it, in dollars, with no fees on either end, no time wasted messing around. In addition, I'm long gone so don't have UK bank accounts -- don't know if the OP has retained a UK bank account. As mikelincs says, you'd have to start analysing each deposit to figure out rates, but there has never been anything seemingly untoward to make me want to spend time on doing that or work out some convoluted route to get my money at some fractionally improved rate.
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Or you can just tell the UK gov that you live in the US and want your pension paid directly into your US account and it will show up at whatever interval you request it, in dollars, with no fees on either end, no time wasted messing around. In addition, I'm long gone so don't have UK bank accounts -- don't know if the OP has retained a UK bank account. As mikelincs says, you'd have to start analysing each deposit to figure out rates, but there has never been anything seemingly untoward to make me want to spend time on doing that or work out some convoluted route to get my money at some fractionally improved rate.
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You are aware that if you receive funds directly from another country, in your case UK to US, the receiving bank will automatically exchange the currency from GBP to USD. Therefore changing it at there rate of exchange, which as most know will be quite a wide margin ..... I'm not suggesting change what your doing, its just food for thought.
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You are aware that if you receive funds directly from another country, in your case UK to US, the receiving bank will automatically exchange the currency from GBP to USD. Therefore changing it at there rate of exchange, which as most know will be quite a wide margin ..... I'm not suggesting change what your doing, its just food for thought.
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#21
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Other members here are mistaken, you can still get your UK disability payments paid even if you reside in the US as long as you were getting them before you moved and you continue to meet the requirements of the DWP.
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#22
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Or you can just tell the UK gov that you live in the US and want your pension paid directly into your US account and it will show up at whatever interval you request it, in dollars, with no fees on either end, no time wasted messing around. In addition, I'm long gone so don't have UK bank accounts -- don't know if the OP has retained a UK bank account. As mikelincs says, you'd have to start analysing each deposit to figure out rates, but there has never been anything seemingly untoward to make me want to spend time on doing that or work out some convoluted route to get my money at some fractionally improved rate.
Thank you!
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I still pay income tax in the UK, but it is possible to elect to have your pension paid directly into a US account and pay tax here.
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I pay tax in the UK where my income is and submit a return in the IRS for no income under the rule of no double taxation. Although it would probably be better to have all income transferred directly into US accounts and pay tax here where the rate is lower. As usual things are complicated and working out the best method is complex.
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#27
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I pay tax in the UK where my income is and submit a return in the IRS for no income under the rule of no double taxation. Although it would probably be better to have all income transferred directly into US accounts and pay tax here where the rate is lower. As usual things are complicated and working out the best method is complex.
The only way to sensibly answer your initial question is to know your citizenship and residency.
Last edited by nun; Nov 16th 2013 at 3:23 pm.
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#28
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It does. As described in the post you referenced, it is so simple to sign up to have your pension deposited directly into your US bank account. Mine is very small, so I elected to receive it quarterly, and it shows up regular as clockwork.
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#29
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I pay tax in the UK where my income is and submit a return in the IRS for no income under the rule of no double taxation. Although it would probably be better to have all income transferred directly into US accounts and pay tax here where the rate is lower. As usual things are complicated and working out the best method is complex.
Last edited by nun; Nov 17th 2013 at 3:46 am.
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#30
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Must say this site is really valuable for me because I don't know anyone in my particular boat, dealing with international taxation issues.
Many thanks to you all!
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