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Pension Question

Pension Question

Old Sep 15th 2004, 2:25 am
  #1  
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Default Pension Question

I have a small but not insignificant amount of money in a couple of old pension schemes back in Britain. One was an employers' scheme I contributed to for a couple of years and the other was a private one I started before going to work in Africa and then never got round to doing anything about when I got back.

Apparently you are not allowed to simply transfer out the current cash value of such pensions, you can only transfer to another scheme of some sort. Does anybody know if it's possible to transfer to an IRA in the US? Are there any other options?

Anybody know a decent financial adviser in the north/central NJ area who could deal with this sort of thing?
Advice appreciated.
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Old Sep 15th 2004, 4:37 am
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Default Re: Pension Question

Originally Posted by elfman
I have a small but not insignificant amount of money in a couple of old pension schemes back in Britain. One was an employers' scheme I contributed to for a couple of years and the other was a private one I started before going to work in Africa and then never got round to doing anything about when I got back.

Apparently you are not allowed to simply transfer out the current cash value of such pensions, you can only transfer to another scheme of some sort. Does anybody know if it's possible to transfer to an IRA in the US? Are there any other options?

Anybody know a decent financial adviser in the north/central NJ area who could deal with this sort of thing?
Advice appreciated.
Call you nearest Edward Jones guy and make an appointment.
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Old Sep 15th 2004, 3:46 pm
  #3  
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Default Re: Pension Question

Originally Posted by elfman
I have a small but not insignificant amount of money in a couple of old pension schemes back in Britain. One was an employers' scheme I contributed to for a couple of years and the other was a private one I started before going to work in Africa and then never got round to doing anything about when I got back.

Apparently you are not allowed to simply transfer out the current cash value of such pensions, you can only transfer to another scheme of some sort. Does anybody know if it's possible to transfer to an IRA in the US? Are there any other options?

Anybody know a decent financial adviser in the north/central NJ area who could deal with this sort of thing?
Advice appreciated.
My understanding is that because of the differences in tax laws, you can not transfer a UK pension to a US retirement plan, and vice versa (I tried, both ways). Hope you find a good expert.
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Old Sep 15th 2004, 4:03 pm
  #4  
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Default Re: Pension Question

I tried to find a way to transfer my pension and just couldn't find a way to do it. There was supposed to be ratification of an agreement between the US and UK on this subject, but I don't know if anything came of it.

I am just going to wait until I reach minimum retirement age and then get the money, if there is any left of course, the value seems to drop each year.

Steve
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Old Sep 15th 2004, 11:26 pm
  #5  
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Default Re: Pension Question

I see.

Thanks for the replies anyway. I wonder if (long shot) there's any way it can be done through an intermediary account, something offshore, or similar.
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