Does anyone know how i go about doing this? has anyone managed to do it successfully???

Hi Dawn,
Depending on your circumstances/age/residency history there are a number of things you might be able to do, but transferring your plan to the US is not one of them sadly. Is there a specific reason why you need that money in the US?

Been asked many times on here, and the consensus is always that it is almost impossible other than via something called QROPS, which apparently is only worthwhile if you have a stack of money invested.

I'm keeping my UK pension active, paying into it monthly, and when it matures I'll have the funds paid into my UK bank account and will transfer lumps when the rate is good.

Not a bad idea at all, especially for those who are unsure about their long term 'home'. For the benefit of other readers the amount of contributions is generally limited to £3,600 per tax year for 5 years after leaving the UK unless one has UK relevant earnings. After 5 years the contributions would not normally attract tax relief if allowed by the pension provider.

One of the advantages of going offshore with your UK pension to a 'QROPS' is the ability to operate in multi currency, so when the exchange rate is looking good (say 1.75) part of the fund can be converted rather than waiting for it to 'mature' and finding it is only 1.4. But as stated previously on many occasions, because of the cost of QROPS, its not generally cost effective much under a £100K fund value.

Hi - I understood that when you retire in the UK it is compulsory to buy an annuity and that only a relatively small amount can be taken as a lump sum from a personal pension. This is why I would like to get my pension out of the UK and into a QROPS so that when I retire I have full control of the entire fund. Then, if I drop dead on the second day of my retirement, at least my beneficiaries can have the money instead of the annuity provider getting to keep it all.

At present you don't have to buy an annuity until 75 and even then you can continue subject to certain restrictions. The new coalition govt are due to abolish the need to purchase an annuity in early 2011 probably via the Budget. Your options would be a UK Self Invested Plan (SIP) or a QROPS. No tax on death in a QROPS if you are taking benefits. Likely to be 55% in UK if you are taking benefits. QROPS not really cost effective under £100,000 but just depends on your objectives/future plans.

Thanks im9907620
Do you know if the fund value would be mine to leave to my beneficiaries under this new arrangement you described?

Thanks im9907620
Do you know if the fund value would be mine to leave to my beneficiaries under this new arrangement you described?

Yes, could go to them direct or transferred out into a trust. Of course any distributions/income would be taxable to them depending on their country of residence and tax rates at the time. Potentially lots of flexibility, e.g. buy an annuity with some of the fund (if rates are attractive) and leave the rest to grow or take ad-hoc income within UK or QROP rules. The latter generally has more flexible rules and investment options.

Thanks for the very helpful info. Sounds like my cause for wanting my pension out of the uk may be unnecessary if the changes described occur.