Go Back  British Expats > Living & Moving Abroad > USA
Reload this Page >

Questions about receiving UK private pensions in the US

Questions about receiving UK private pensions in the US

Old Jul 19th 2018, 3:34 pm
  #1  
Just Joined
Thread Starter
 
Joined: Jul 2018
Posts: 2
shexla is an unknown quantity at this point
Default Questions about receiving UK private pensions in the US

I am moving back to the USA. I have private UK pensions. Do I pay UK or US or both US and UK tax on these pensions.

I am moving back to the USA. Is it better to have the UK DWP send my state pension to my US bank or to my UK bank? What I am wondering is whether the UK DWP gets a better exchange rate than I would get myself. When living in the UK, I had the USA Social Security sent to my UK bank because they got a better exchange rate than I could get since they exchange large amounts of pension money.

Last edited by christmasoompa; Jul 19th 2018 at 4:11 pm.
shexla is offline  
Old Jul 19th 2018, 4:15 pm
  #2  
SUPER MODERATOR
 
christmasoompa's Avatar
 
Joined: Oct 2007
Location: In a darkened room somewhere.............
Posts: 33,985
christmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond reputechristmasoompa has a reputation beyond repute
Default Re: Questions about receiving UK private pensions in the US

Hi, welcome to BE. I've merged your threads as they are on the same subject, and also moved them to the main US forums - the Trailer Park is only for off topic stuff really.

I'm sure you'll get some good advice from the forum pros.

HTH.
christmasoompa is offline  
Old Jul 19th 2018, 4:23 pm
  #3  
BE Forum Addict
 
Joined: Aug 2013
Location: Eee Bah Gum
Posts: 4,099
durham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond reputedurham_lad has a reputation beyond repute
Default Re: Questions about receiving UK private pensions in the US

Originally Posted by shexla
I am moving back to the USA. I have private UK pensions. Do I pay UK or US or both US and UK tax on these pensions.

I am moving back to the USA. Is it better to have the UK DWP send my state pension to my US bank or to my UK bank? What I am wondering is whether the UK DWP gets a better exchange rate than I would get myself. When living in the UK, I had the USA Social Security sent to my UK bank because they got a better exchange rate than I could get since they exchange large amounts of pension money.
Once you are no longer resident in the UK you will report and pay only US taxes on your UK pensions. (As you are "moving back" I am assuming that you are a US citizen so you should have been reporting those UK pensions on your US tax returns anyway).

I don't personally know for certain if DWP paying your pension directly to your US bank is the best method but almost certainly it is.
durham_lad is offline  
Old Jul 19th 2018, 7:47 pm
  #4  
Wondering if...
 
celticgrid's Avatar
 
Joined: Apr 2009
Location: Clarence, NY
Posts: 1,213
celticgrid has a reputation beyond reputecelticgrid has a reputation beyond reputecelticgrid has a reputation beyond reputecelticgrid has a reputation beyond reputecelticgrid has a reputation beyond reputecelticgrid has a reputation beyond reputecelticgrid has a reputation beyond reputecelticgrid has a reputation beyond reputecelticgrid has a reputation beyond reputecelticgrid has a reputation beyond reputecelticgrid has a reputation beyond repute
Default Re: Questions about receiving UK private pensions in the US

In respect of where to have it paid, a lot depends on whether you need it at time of payment or not. I have a small pension paid into a UK account and am lucky not to need it on a weekly basis, so it sits there until I feel the exchange rate is reasonable, then it gets transferred. If you need it as it is paid, I would suggest getting it paid in the US is better.
celticgrid is offline  
Old Jul 19th 2018, 8:06 pm
  #5  
 
lansbury's Avatar
 
Joined: Apr 2005
Location: Milwaukie, Oregon
Posts: 9,962
lansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond reputelansbury has a reputation beyond repute
Default Re: Questions about receiving UK private pensions in the US

Originally Posted by celticgrid
In respect of where to have it paid, a lot depends on whether you need it at time of payment or not. I have a small pension paid into a UK account and am lucky not to need it on a weekly basis, so it sits there until I feel the exchange rate is reasonable, then it gets transferred. If you need it as it is paid, I would suggest getting it paid in the US is better.
Sums it up in a nutshell.
lansbury is offline  
Old Jul 22nd 2018, 4:02 pm
  #6  
Just Joined
Thread Starter
 
Joined: Jul 2018
Posts: 2
shexla is an unknown quantity at this point
Default Re: Questions about receiving UK private pensions in the US

many thanks for your help.
shexla is offline  

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Contact Us - Archive - Advertising - Cookie Policy - Privacy Statement - Terms of Service -

Copyright © 2024 MH Sub I, LLC dba Internet Brands. All rights reserved. Use of this site indicates your consent to the Terms of Use.