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Form 8938 and UK Company Pension

Form 8938 and UK Company Pension

Old Jan 10th 2016, 6:04 pm
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Default Form 8938 and UK Company Pension

As its tax time again just wanted to confirm filing requirement given these circumstances. We have been in USA 10 years and have triggered for the first time Form 8938 threshold through savings in a UK bank account. I also have a defined benefit company pension from former UK employer but will receive no income on this until 2027. On Form 8938 do I include this UK company pension and do I put value as zero. Also does this UK pension need to be included on FBAR. Thank you.
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Old Jan 11th 2016, 3:58 am
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Default Re: Form 8938 and UK Company Pension

I have never included my UK DB pension plan on my FBAR reporting. I have no control over it or the investments in it, and don't know what value to place on it as I can never cash it out. I do know that it will start paying out a monthly income when I'm 62.

I've never hit the threshold for 8938 so can't speak to that.
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Old Jan 11th 2016, 4:14 am
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Default Re: Form 8938 and UK Company Pension

Originally Posted by Cincyscot55 View Post
As its tax time again just wanted to confirm filing requirement given these circumstances. We have been in USA 10 years and have triggered for the first time Form 8938 threshold through savings in a UK bank account. I also have a defined benefit company pension from former UK employer but will receive no income on this until 2027. On Form 8938 do I include this UK company pension and do I put value as zero. Also does this UK pension need to be included on FBAR. Thank you.
DB pensions don't need to go on FBAR, but it does go on 8938. Follow the instructions as to how to value it. For a DB pension you might be able to calculate the present lump sum value with some actuarial assumptions or you might say that you don't get anything from the pension administrators and don't know the present value.......

Last edited by nun; Jan 11th 2016 at 4:58 am.
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Old Jan 11th 2016, 7:20 am
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Default Re: Form 8938 and UK Company Pension

Originally Posted by nun View Post
DB pensions don't need to go on FBAR, but it does go on 8938. Follow the instructions as to how to value it. For a DB pension you might be able to calculate the present lump sum value with some actuarial assumptions or you might say that you don't get anything from the pension administrators and don't know the present value.......
I always do the latter, keeping it simple. $0 on 8938, just give the name and address of the pension provider.
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Old Jan 11th 2016, 9:16 pm
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Default Re: Form 8938 and UK Company Pension

Originally Posted by robin1234 View Post
I always do the latter, keeping it simple. $0 on 8938, just give the name and address of the pension provider.
Same here - declared, but with balances of $0. We have other defined contribution pensions that trigger the filing requirement in the first place. 8938 is a bit of a faff the first time, but should be easier going forward as Turbo Tax will auto fill the data from last time and I just need to change amounts.
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