Transferring UK pension to US 401K!
Jan 22nd 2013, 12:06 pm
#47
Joined: Dec 2001
Location: Dixie, ex UK
Posts: 52,448
Re: Successfully transferring UK pension to US 401K??
Their is no reasonable explanation why a UK Ex Pat should not be able to transfer their Pension Investments. The Inland Revenue will allow it tax free but the IRS puts up an illogical barrier by saying UK Pensions Investments do not qualify.Yet investments in a 401k are made exactly the same as into a British Pension.
Jan 22nd 2013, 1:22 pm
#48
BE Forum Addict
Joined: Aug 2004
Posts: 4,754
Re: Transferring UK pension to US 401K!
Originally Posted by taipan624 View Post
Yet investments in a 401k are made exactly the same as into a British Pension.
Yet investments in a 401k are made exactly the same as into a British Pension.
Mar 10th 2013, 12:41 pm
#49
Just Joined
Joined: Mar 2013
Posts: 1
Re: Successfully transferring UK pension to US 401K??
I've just done a quick search and found this link: http://www.hmrc.gov.uk/pensionschemes/qrops.pdf. It is a new list of recognized QROPS plans, including the US. Good luck...I'll be looking into this soon too so let us know how it turns out.
Hi,
Does anyone have any positive experience with transferring their pension from the United Kingdom to an America 401K scheme?
I'm in the process of trying to succeed with this!
I am British and my wife is American, we live in Washington State.
When speaking with my UK pension broker they have explained that in order to transfer my plan to the US I have to find a Qualifying Recognized Overseas Pension Scheme or QROPS.
My wife's 401K is with Fidelity Investment and having spoken with them I've been told they are not able to oblige, citing UK/US policy and exchange rates being problematic.
I am positive this CAN be achieved but the method to this madness is something I have not figured out yet. Unlike the US, the UK will not permit policy holders to distribute part or all of their funds (even with high penalties) until retirement age, so its not as if I can even liquidate it and then transfer the funds overseas.
Nor will, from what I can gather, existing US 401K providers allow a husband to incorporate theirs with a wife's current policy.
Can anyone provide some hope here? - internet searches do provide sites with companies allegedly being able to help but they seem less than legally legitimate
Many thanks,
P
Does anyone have any positive experience with transferring their pension from the United Kingdom to an America 401K scheme?
I'm in the process of trying to succeed with this!
I am British and my wife is American, we live in Washington State.
When speaking with my UK pension broker they have explained that in order to transfer my plan to the US I have to find a Qualifying Recognized Overseas Pension Scheme or QROPS.
My wife's 401K is with Fidelity Investment and having spoken with them I've been told they are not able to oblige, citing UK/US policy and exchange rates being problematic.
I am positive this CAN be achieved but the method to this madness is something I have not figured out yet. Unlike the US, the UK will not permit policy holders to distribute part or all of their funds (even with high penalties) until retirement age, so its not as if I can even liquidate it and then transfer the funds overseas.
Nor will, from what I can gather, existing US 401K providers allow a husband to incorporate theirs with a wife's current policy.
Can anyone provide some hope here? - internet searches do provide sites with companies allegedly being able to help but they seem less than legally legitimate
Many thanks,
P
Mar 10th 2013, 5:53 pm
#50
BE Forum Addict
Joined: Aug 2004
Posts: 4,754
Re: Successfully transferring UK pension to US 401K??
I've just done a quick search and found this link: http://www.hmrc.gov.uk/pensionschemes/qrops.pdf. It is a new list of recognized QROPS plans, including the US. Good luck...I'll be looking into this soon too so let us know how it turns out.
Mar 10th 2013, 6:22 pm
#51
Account Closed
Joined: Mar 2004
Posts: 2
Re: Transferring UK pension to US 401K!
Do let us know, we need a guinea pig.
Mar 10th 2013, 6:46 pm
#52
Account Closed
Joined: Aug 2002
Location: Kentucky
Posts: 38,865
Re: Successfully transferring UK pension to US 401K??
Mar 12th 2013, 11:56 am
#53
Just Joined
Joined: Mar 2013
Posts: 1
Re: Transferring UK pension to US 401K!
hi there,
i was searching for exactly the same topic and came across this forum.
Lived in UK for 10 years and have my pension fund there.
Been in US for 6 years hence, and am now getting around to wanting to transfer the funds to a QROPS scheme.
ill call the funds listed in the latest "approved" list.
...not much hope though.
i was searching for exactly the same topic and came across this forum.
Lived in UK for 10 years and have my pension fund there.
Been in US for 6 years hence, and am now getting around to wanting to transfer the funds to a QROPS scheme.
ill call the funds listed in the latest "approved" list.
...not much hope though.
Mar 25th 2013, 10:54 am
#54
Just Joined
Joined: Mar 2013
Posts: 2
Re: Transferring UK pension to US 401K!
There is an online article called 'expat guide to the USA' which, at the very end of the article gives this link to QROPS that are recognised by HMRC
http://www.hmrc.gov.uk/pensionschemes/qrops.pdf
It says the list was updated on 15-Mar-2013
Happy hunting!
-Michelle G
http://www.hmrc.gov.uk/pensionschemes/qrops.pdf
It says the list was updated on 15-Mar-2013
Happy hunting!
-Michelle G
Mar 25th 2013, 11:59 am
#55
BE Forum Addict
Joined: Aug 2004
Posts: 4,754
Re: Transferring UK pension to US 401K!
There is an online article called 'expat guide to the USA' which, at the very end of the article gives this link to QROPS that are recognised by HMRC
http://www.hmrc.gov.uk/pensionschemes/qrops.pdf
It says the list was updated on 15-Mar-2013
Happy hunting!
-Michelle G
http://www.hmrc.gov.uk/pensionschemes/qrops.pdf
It says the list was updated on 15-Mar-2013
Happy hunting!
-Michelle G
Mar 25th 2013, 1:28 pm
#56
Forum Regular
Joined: Jan 2013
Location: Gainesville, FL
Posts: 202
Re: Transferring UK pension to US 401K!
Last month, I contacted the company who hold my 401k/403B, as they are on the QROP list but they pretty much said a transfer couldn't be done from my UK company pensions.
Mar 25th 2013, 3:18 pm
#57
Just Joined
Joined: Mar 2013
Posts: 2
Re: Transferring UK pension to US 401K!
The list wasn't meant for US residents. I thought the original poster was resident in the UK and wanted to transfer a UK pension to the US. At the end of the list there are about a dozen US companies that are listed by HMRC as being QPROPs. Just trying to be helpful . . .
Mar 25th 2013, 7:46 pm
#59
BE Forum Addict
Joined: Aug 2004
Posts: 4,754
Re: Transferring UK pension to US 401K!
The list wasn't meant for US residents. I thought the original poster was resident in the UK and wanted to transfer a UK pension to the US. At the end of the list there are about a dozen US companies that are listed by HMRC as being QPROPs. Just trying to be helpful . . .
Jun 11th 2013, 5:41 pm
#60
Forum Regular
Joined: Nov 2011
Posts: 51
Re: Transferring UK pension to US 401K!
I have moved to the US and tried to transfer my Police pension over here. When I opened the account with Fidelity I was told I can transfer it over. The sales person got it wrong and I have now been told I can not transfer it.
From posting in the Police forum someone transferred their pension from the UK to Canada because that is where they moved. Now this is going to sound really silly but although I have moved to the US can I transfer it to Canada? I can not cash it out in the UK so need to transfer it somewhere. Any thoughts?
Cheers
From posting in the Police forum someone transferred their pension from the UK to Canada because that is where they moved. Now this is going to sound really silly but although I have moved to the US can I transfer it to Canada? I can not cash it out in the UK so need to transfer it somewhere. Any thoughts?
Cheers