ukemigrant

Hi everyone, I have about 4 separate pensions in the UK and was thinking of transferring them all over here to consolidate them. Has anyone done this already and if so can you tell us about it? Also if you came across any helpful websites can you post them?

If you feel the temptation to tell us to just see a financial advisor over here, I've already done that but I need to talk to someone with more experience in this area.

Cheers.

Bob

Might not be much help to you, but I think there's a few threads floating around that have pearls of wisdom if you do a search for them here, or they could be in the moving back to UK forum as well...

fatbrit

Virtually impossible to get total control of them since HM's government believes you're too stoopid to look after your own pension. If you're dreaming of getting them into your US IRA, forget it coz it ain't gonna happen. The best bet if you want some control is to xfer them to a single UK SIPP if you can find a company that'll deal with you when you're not UK resident. Course, if you don't tell 'em...

There's a company based in the US who seem to be the main player in advertising "transferring" pensions. They were no good for me as their service charges were too high for the meagre amount the bastards managed to squeeze out of me before I fled Blighty, and in addition their so-called "transfer" was really nothing other than a SIPP with offshore features, something which you could possibly manage yourself without their commission. Larger amounts may make their product more attractive. PM me if you want their contact details -- this is not a recommend BTW.

dunroving

Just to confirm what others have said - 'tain't easy. Because of different tax laws pertaining to pensions, I was told I couldn't transfer a UK pension to the US. I was also told the converse (can't transfer a US pension to the UK). It can get a bit complicated (wherever you live) to have pensions in two (or more!) countries and I'm not looking forward to retirement and having to sort it all out.

I vaguely remember in the last thread like this someone came up with some around the Wrekin way of doing it, but it was like a foreign language to me. (and I can definitely believe that the "cut" taken by whatever financial whiz helps you will be considerable, bloodsucking leeches).

ukemigrant

Thanks for all your replies. After I posted the thread (and having already searched the site with no joy) I did a google search and found lots more relevant links. At this time, I'm not sure I can go with the 'it can't be done' as most of the links I found implied it would depend on what you're trying to do.

There was a recent change to the US/UK double taxation treaty but it's written like the Patriot Act, so I've emailed some local tax places to see if they can offer advice.

If all else fails I could consolidate them all like fatbrit suggests.

I'll keep you posted on this thread if/when I find something as I personally don't want to leave this til years down the line when I'm less compos mentes.... Also if I pop my clogs before this is sorted I wouldn't want my better half to have to sort out the mess.

dunroving

Yes, please do let us know what you find out. I'd like to transfer my US pension fund over to the UK at some point if possible. In 20 years if the dollar is worth fewer sterling, I don't want to end up with a paltry US-based pension.

fatbrit

ditto

ukemigrant

I posted these to the wrong thread so am resubmitting them here:

jackpetj

I'm in a similar position. I have 12 yrs of pension contributions in the UK, plus 10 yrs in the US. My original UK fund is a final salary scheme, so I've decided to just leave it as is.
I recently returned to the UK and although I still work for the same company, I took the precaution of opening an IRA account with fidelity so I could roll over the pension funds if I were to leave my current employer and not be foced to cash them in and suffer tax and penalties.
There is no way of telling what exchange rates will do in the future, but as someone pointed out, at least I won't be foced to buy an annuity at age 75 (ultimately so that the government can get there hands on it).
I'm just taking the chance that I can spread the risk between UK and the US.
I won't be able to retire to the US (not US citizen), but the IRA may buy a holiday home for three months of the year (while we are mobile).
Rgds
PJ

Tony Mullaney

UK Pension problems anyone ??

I can Help !! If you have not yet found anyone to help with your pension problems over in the USA, I work for a company that only deals with UK pensions for ex-pats. Although I am based in GA I can do most of the work involved over the phone/fax or by email ; [email protected]
If you want to email me first we can take it from there.

Tony Mullaney

You are correct you can not directly transfer a UK pension into the USA, However the law is to change in April 06 and trivial pensions can be cashed out and transfered.

It is a little more complicated than that by all means contact me as this is what I do for a living and it will cost you nothing. [email protected]

fatbrit

How about posting some general advice on transfering pensions here on the forum rather than just advertising?

Tony Mullaney

My intent was not to advertise but respond to a request for help.

When you ask for general advice do you mean explain the double taxation and the pension simplification act, needless to say from the names you can assume it is not quite that easy, I can only offer to help anyone that want to contact me, I do not even make a charge in the first instance talk is free.
[email protected]
:

fatbrit

Lots of expats over here have UK pensions from a variety of sources. How do they transfer them to the US?

The idea of this board is to share your experience, not market your product. Many here offer advice about their area of expertise without blatantly selling their wares. You have made a contribution of two posts so far which offer no help whatsoever unless people contact you privately. Unless you produce something helpful, I shall be forced to dismiss you as a bottom feeder spammer. I would be glad of the advice you can offer, but it's up to you...

Manc

would you like an insurance quote Fatbrit?