Getting UK pension payout to UK or US bank a/c
Jan 11th 2023, 11:16 pm
#1
Just Joined
Thread Starter
Joined: Jan 2023
Posts: 3
Getting UK pension payout to UK or US bank a/c
I'm a UK expat living in US. I'm trying to set up SIPP in a UK financial invest platform, still in very early stage with comm by phone, just wonder, once set up, if it's possible to to get payout to a UK bank and file it in US with annual statement?
Jan 11th 2023, 11:38 pm
#2
Furby
Joined: Apr 2016
Location: St. Louis, MO.
Posts: 872
Re: Getting UK pension payout to UK or US bank a/c
Not sure what you are asking here.
IF you have a UK bank account, then yes a SIPP payment can be made to it. If you do not currently have a UK bank account then as a US resident you will find it almost impossible to open one. If that is the case then you would either have to get the funds paid into a US account, or perhaps open a Wise Account.
With regard to filing in the US, I assume you mean complying with the foreign account reporting requirements? If that is the case then know that you will have to include the SIPP account (regardless of whether you take any withdrawals or not) when determining what annual forms apply. If you mean reporting any withdrawal income on your normal tax return then you will likely have to complete a substitute 1099R and use that to complete your tax return. The substitute 1099 R would be completed by you using data available to you from the SIPP provider.
As an aside, if you know the value of your current pension fund then you should already be filing that as a foreign account if you meet the thresholds. From your earlier posts for sure you meet the FBAR threshold and may meet the requirement to file Form 8938 with your tax return. If you don’t know the funds value you should still file with a $0 value to be on the safe side.
IF you have a UK bank account, then yes a SIPP payment can be made to it. If you do not currently have a UK bank account then as a US resident you will find it almost impossible to open one. If that is the case then you would either have to get the funds paid into a US account, or perhaps open a Wise Account.
With regard to filing in the US, I assume you mean complying with the foreign account reporting requirements? If that is the case then know that you will have to include the SIPP account (regardless of whether you take any withdrawals or not) when determining what annual forms apply. If you mean reporting any withdrawal income on your normal tax return then you will likely have to complete a substitute 1099R and use that to complete your tax return. The substitute 1099 R would be completed by you using data available to you from the SIPP provider.
As an aside, if you know the value of your current pension fund then you should already be filing that as a foreign account if you meet the thresholds. From your earlier posts for sure you meet the FBAR threshold and may meet the requirement to file Form 8938 with your tax return. If you don’t know the funds value you should still file with a $0 value to be on the safe side.
