UK private pension.. any point continuing?
Hi there,
I have a small private pension which my current employer contributes to. Soon I will be self employed and I have the option to continue to pay into this pension. If I am going to become a US citizen (through marriage) at some point in the near future is there any point in maintaing this pension, or am I better off just using a long term high-interest savings account? I understand that state pensions are covered by the tax treaty, but I am unsure about the rules for private pensions. Thanks! |
Re: UK private pension.. any point continuing?
Originally Posted by tprlg
(Post 9990164)
Hi there,
I have a small private pension which my current employer contributes to. Soon I will be self employed and I have the option to continue to pay into this pension. If I am going to become a US citizen (through marriage) at some point in the near future is there any point in maintaing this pension, or am I better off just using a long term high-interest savings account? I understand that state pensions are covered by the tax treaty, but I am unsure about the rules for private pensions. Thanks! |
Re: UK private pension.. any point continuing?
If I am going to become a US citizen (through marriage) at some point in the near future |
Re: UK private pension.. any point continuing?
If your employer has put more than 50% of the money into the pension it will be relatively easy to deal with it on your US taxes. A simple application of the tax treaty is all that is necessary. If you start making contributions yourself as a US citizen it will get complicated. I would look at the options you have for retirement savings in the US and understand the consequences they will have if you ever return to the UK.
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