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UK pension question

UK pension question

Old Apr 9th 2008, 12:25 pm
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Question UK pension question

Hi everyone,

I'll be moving to the States with my USC husband in a few months, and have a question about my UK Stakeholder pension. I was advised by people on this board to keep my UK bank accounts open after I've left the country, and to change the address to my parents; but what should I do with regards to my pension. I will obviously be stopping monthly payments after I've left the UK (as I will no longer be resident for tax purposes), but should I change the address to my parents also, or to my stateside address (my pension company is affiliated with one of the banks I already have an account with). I'm only in my twenties, so it's not as if I'll be drawing this pension anytime soon, but I want to make sure I've tied up as many lose ends as possible before I leave, as this move is permanent i.e I'm not intending to ever return to the UK to live again.

Katie
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Old Apr 9th 2008, 12:56 pm
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Default Re: UK pension question

Originally Posted by Three Lions View Post
Hi everyone,

I'll be moving to the States with my USC husband in a few months, and have a question about my UK Stakeholder pension. I was advised by people on this board to keep my UK bank accounts open after I've left the country, and to change the address to my parents; but what should I do with regards to my pension. I will obviously be stopping monthly payments after I've left the UK (as I will no longer be resident for tax purposes), but should I change the address to my parents also, or to my stateside address (my pension company is affiliated with one of the banks I already have an account with). I'm only in my twenties, so it's not as if I'll be drawing this pension anytime soon, but I want to make sure I've tied up as many lose ends as possible before I leave, as this move is permanent i.e I'm not intending to ever return to the UK to live again.

Katie
I would put all things in your parents address for now ....

Umm ..never say never ....shit happens !!
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Old Apr 9th 2008, 3:31 pm
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Default Re: UK pension question

Chances are you'll never see a penny of that pension anyway so the address hardly seems to matter, but use your parents address just for convenience if nothing else.
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Old Apr 9th 2008, 4:21 pm
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Default Re: UK pension question

Originally Posted by chicagojlo View Post
Chances are you'll never see a penny of that pension anyway so the address hardly seems to matter, but use your parents address just for convenience if nothing else.
Its understood that Soc Sec is a bit dodgy as far as its future goes, but why do you say that?
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Old Apr 9th 2008, 4:56 pm
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Default Re: UK pension question

In their twenties, probably didn't pay into it for more than a few years. Charges will eat it up in all likelihood, from my previous experience as a pensions person. And my experience of having a pension I paid into for a few years and the charges eating it all up !
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Old Apr 9th 2008, 10:32 pm
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Default Re: UK pension question

I left Scotland at age 40 having taught for 8 years. I couldn't believe I would just contact the SPPA in 20 years' time and my pension would be there ready and waiting, but that's the way it worked out! I did not give them a new address at all but I did remember to contact them myself when the time came around. They sent me a change of address form (and a change of name as I had remarried). To be on the safe side, you could give them your parents' address, or yours. It wouldn't matter so long as you keep it updated.
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Old Apr 10th 2008, 1:45 am
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Default Re: UK pension question

Teacher and NHS pensions are different I'm afraid, a personal pension paid into for a few years isn't likely to last 40 plus years of charges. But it's worth giving them your address since it won't cost you anything and with it being a stakeholder pension there may be some chance.
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Old Apr 10th 2008, 2:15 am
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Default Re: UK pension question

Originally Posted by Three Lions View Post
Hi everyone,

I'll be moving to the States with my USC husband in a few months, and have a question about my UK Stakeholder pension. I was advised by people on this board to keep my UK bank accounts open after I've left the country, and to change the address to my parents; but what should I do with regards to my pension. I will obviously be stopping monthly payments after I've left the UK (as I will no longer be resident for tax purposes), but should I change the address to my parents also, or to my stateside address (my pension company is affiliated with one of the banks I already have an account with). I'm only in my twenties, so it's not as if I'll be drawing this pension anytime soon, but I want to make sure I've tied up as many lose ends as possible before I leave, as this move is permanent i.e I'm not intending to ever return to the UK to live again.

Katie
Our bank, building society, pensions etc all have our US address and send all correspondence here and have done so for 12 years.
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Old Apr 10th 2008, 4:22 am
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Default Re: UK pension question

Originally Posted by Jerseygirl View Post
Our bank, building society, pensions etc all have our US address and send all correspondence here and have done so for 12 years.
Same here. What is the benefit of using parents' address?
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Old Apr 10th 2008, 12:45 pm
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Default Re: UK pension question

Originally Posted by Sally Redux View Post
Same here. What is the benefit of using parents' address?
The only reason I can think of is if you are trying to avoid paying US tax.
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Old Apr 10th 2008, 12:53 pm
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Default Re: UK pension question

In the initial stages of these moves ...it can make things easier to have an address ,..
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Old Apr 10th 2008, 1:58 pm
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Default Re: UK pension question

It's possible a company may renege on their pension obligations over time, but you can always hope. If you have made contributions yourself you should at least get those back plus interest.

In the case of a corporate pension I think it would be important to keep them advised of address changes as who knows what may happen - they could be taken over, have distribution options for you to approve etc etc. Even the Scottish teachers' pension authority had changed its name and I had trouble finding their website initially - I had to ask the teachers' union.

No worries about the IRS finding out about your pension because the company writes to you over here. You will get taxed in the UK but can either have the IRS vouch for your residency here (there is a form) and avoid that, OR claim a deduction from your US taxes.
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