Questions about receiving UK private pensions in the US
#1
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Joined: Jul 2018
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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.
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.
#2
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.
I'm sure you'll get some good advice from the forum pros.
HTH.
#3
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Joined: Aug 2013
Location: Eee Bah Gum
Posts: 4,099
Re: 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.
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.
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.
#4
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.
#5
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.
#6
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Joined: Jul 2018
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Re: Questions about receiving UK private pensions in the US
many thanks for your help.