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Moving pensions...

Moving pensions...

Old Jun 27th 2006, 8:17 pm
  #1  
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Default Moving pensions...

Out of interest, what have been other peoples' experiences when it comes to moving overseas as regards to pensions?

I've just been told that my pension can't be converted to cash to be taken abroad (even though I will no longer be a UK citizen), but that I can transfer it to a different pension fund with another company (I'll call them during business hours tomorrow to see if that includes an overseas company or not!)

It's not that big a deal - just would have been nice to be able to show the pension as a readily-available asset for immigration purposes, rather than one that I have no access to until I'm 50.

What have others done? Just set up an additional pension in the US and kept their UK one as-is (I suppose it doesn't really matter what currency it's in!), or are there ways of moving it to the US (either as cash or as a US-based fund)?

cheers

Jules
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Old Jun 28th 2006, 2:17 am
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Default Re: Moving pensions...

Originally Posted by jules_r
... (even though I will no longer be a UK citizen)
If you are currently a UK citizen, why would you not be one in the future?

Ian
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Old Jun 28th 2006, 11:41 am
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Default Re: Moving pensions...

Originally Posted by ian-mstm
If you are currently a UK citizen, why would you not be one in the future?
Because I'm moving to the US? (hence posting on an immigration forum!) :-)

cheers

Jules
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Old Jun 28th 2006, 11:45 am
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Default Re: Moving pensions...

Originally Posted by jules_r
Because I'm moving to the US? (hence posting on an immigration forum!) :-)
cheersJules
Umm ..you don't lose your citizenship just because you move ..
and you can still keep your UK citizenship even if you become
a US citizen...
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Old Jun 28th 2006, 12:05 pm
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Default Re: Moving pensions...

Originally Posted by Ray
Umm ..you don't lose your citizenship just because you move ..
and you can still keep your UK citizenship even if you become
a US citizen...
Junior members are allowed to talk bollocks and give us all a laff though
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Old Jun 28th 2006, 12:59 pm
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Default Re: Moving pensions...

Originally Posted by jules_r
Because I'm moving to the US?
Yah... I moved from the UK to Canada and I didn't lose my UK citizenship. I even acquired Canadian citizenship. And then I moved to the US... and I still didn't lose my UK citizenship... or my Canadian citizenship. And now I'm also a US citizen... and I left the UK 47 years ago - and I'm still a UK citizen.

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Old Jun 28th 2006, 4:37 pm
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Default Re: Moving pensions...

Originally Posted by ian-mstm
Yah... I moved from the UK to Canada and I didn't lose my UK citizenship. I even acquired Canadian citizenship. And then I moved to the US... and I still didn't lose my UK citizenship... or my Canadian citizenship. And now I'm also a US citizen... and I left the UK 47 years ago - and I'm still a UK citizen.

Ian
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Old Jun 28th 2006, 5:04 pm
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Default Re: Moving pensions...

Originally Posted by jules_r
Out of interest, what have been other peoples' experiences when it comes to moving overseas as regards to pensions?

I've just been told that my pension can't be converted to cash to be taken abroad (even though I will no longer be a UK citizen), but that I can transfer it to a different pension fund with another company (I'll call them during business hours tomorrow to see if that includes an overseas company or not!)

It's not that big a deal - just would have been nice to be able to show the pension as a readily-available asset for immigration purposes, rather than one that I have no access to until I'm 50.

What have others done? Just set up an additional pension in the US and kept their UK one as-is (I suppose it doesn't really matter what currency it's in!), or are there ways of moving it to the US (either as cash or as a US-based fund)?

cheers

Jules

The reason you cannot take the cash it's because it's intended for a pension and you got tax relief on the premiums.

Not sure why you would want to move the pension to the US. Why would you trust a US provider more than a British one, particularly since you are probably not familiar with American financial institutions?

Just my tuppence...
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Old Jun 29th 2006, 3:40 am
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Default Re: Moving pensions...

Originally Posted by Boiler
When you were a babe in arms?
Umm... right!

Ian
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