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National Insurance - worth carrying on with?

National Insurance - worth carrying on with?

Old Oct 27th 2016, 4:44 pm
  #16  
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Default Re: National Insurance - worth carrying on with?

I didn't attempt to move my UK pensions when I moved over but did update my address and contact details over the years as we moved around in the USA. A few years ago I started drawing one of them early, and in February start drawing the 2nd one when I turn 62. They are both defined benefit plans from UK companies I worked for so no US taxes were due until I started getting my monthly payments.
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Old Oct 27th 2016, 4:57 pm
  #17  
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Default Re: National Insurance - worth carrying on with?

Originally Posted by nun View Post
+10^6

You cannot move UK pension money to a US retirement account and as a US resident it is very unwise to move UK pensions out of the country....ie avoid QROPS. You can move the UK pension money between UK pension providers though.
Once you are resident in the USA many UK providers will not accept transfers. If you have several pensions which you want to consolidate with one provider you should do this before you move.
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Old Oct 27th 2016, 5:13 pm
  #18  
 
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Default Re: National Insurance - worth carrying on with?

Originally Posted by Owen778 View Post
It is very unlikely that this is something you want to do, if you even can.

There are some financial services companies who specialise in transferring pensions, but what they don't tell you is that the IRS may consider moving the pensions to be a taxable event, and that you will probably end up paying much more in administration fees than if you'd just left the money where it is.
I agree with this, and with Nun.

There is a rather litigious financial advisory firm that seems to trawl the internet, including LinkedIn, and share scare stories with any British expats they find, with the intention selling them high questionable and fee-heavy services which apparently move safe and secure funds in British pension investments into dubious offshore (Q)ROPS. I can't share the name because, as a result of legal harassment of BE, the forum will replace the name with a string of asterisks, but suffice to say the name rhymes with a famous diamond company.

If you are approached by one of these sharks I recommend that you tell them to take a hike, and that you will "make a complaint to their compliance officer if they contact you again". Those are the "magic words" which will keep them away from you in future as a documented complaint to the compliance officer can stir up a §4it storm with their regulator, and is a definite black mark against the employee.

If you need to file such a complaint, just address it to "the Compliance Officer" at any corporate office address and it will find its way to the right desk.
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Old Oct 29th 2016, 1:32 am
  #19  
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Default Re: National Insurance - worth carrying on with?

Ignore please

Last edited by michaeldc; Oct 29th 2016 at 1:49 am. Reason: Ignore please
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Old Oct 29th 2016, 1:52 am
  #20  
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Default Re: National Insurance - worth carrying on with?

Originally Posted by MidAtlantic View Post
Once you are resident in the USA many UK providers will not accept transfers. If you have several pensions which you want to consolidate with one provider you should do this before you move.
Many UK providers make it difficult to transfer even if you are in the UK. But the point is well taken.......get your finances sorted as much as possible before any move as cross border transactions are becoming increasingly difficult.
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