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Combining UK Pension Plans

Combining UK Pension Plans

Old Apr 2nd 2018, 5:36 pm
  #1  
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Default Combining UK Pension Plans

Hi all, I have 3 separate private pension plans in the UK which I am thinking of combining. All are reported on my FBAR, but I wanted to ask if there is any kind of taxable event here in the US if I take the transfer values and have them combined? I don't actually get to touch the money and the receiving PPP has to be HMRC approved etc. Any input appreciated. Thanks
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Old Apr 2nd 2018, 6:12 pm
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Default Re: Combining UK Pension Plans

Originally Posted by reltub View Post
Hi all, I have 3 separate private pension plans in the UK which I am thinking of combining. All are reported on my FBAR, but I wanted to ask if there is any kind of taxable event here in the US if I take the transfer values and have them combined? I don't actually get to touch the money and the receiving PPP has to be HMRC approved etc. Any input appreciated. Thanks
I did this. As a dual US/UK citizen, and resident in the US, I combined two personal pensions and a SIPP in order to have them together in one place and reduce the fees I was incurring. Provided it is done directly from one provider to another I do not believe there is any US tax consequence.
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Old Apr 3rd 2018, 4:01 pm
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Default Re: Combining UK Pension Plans

Many thanks for the prompt response, and it aligns with my simple understanding of how I think that things work - hopefully the IRS agrees :-)
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