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UK state pension

UK state pension

Old Feb 4th 2024, 12:21 pm
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Default UK state pension

Hi Guys

One quick question about UK state pension. I have not worked in UK for more than 10 years. I am far away from the pension age. I think I am not qualified for the UK state pension yet. I think I do not need to report anything for the UK state pension in the fbar and 8938 for 2023, right? I am also curious that if someone works in the UK for more than 10 years but not reach the pension age, how does he/she report it at Fbar and 8938? Does HMRC will give you one number when work in the UK for more than 10 years?

In addition, for the UK employment pension, if I do not take any distribution, I only report it in the Fbar/8938, I do not need to report any tax, right?

For 401k, before I withdraw any money or receive the distribution, I think there are nothing to report and no tax for both IRS and HMRC, right?

Thanks

Last edited by Helen1234; Feb 4th 2024 at 12:30 pm.
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Old Feb 4th 2024, 3:14 pm
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Default Re: UK state pension

With regard to the UK state pension there is nothing to report on any form until you start receiving an income.

For other pensions you should report them on an FBAR, and Form 8938 if the aggregate total of all foreign investments exceeds the specified limits. If it is a defined benefit plan with no known value then best practice is to report it with a value of $0.

On 401K withdrawals, nothing to report to the IRS until you withdraw, and I assume that is the case with the UK but I don’t know, others who live there will know for sure.
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Old Feb 4th 2024, 4:25 pm
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Default Re: UK state pension

This is a reminder that if you're outside the UK and have previous national insurance contributions, you should aim to make voluntary contributions to increase the amount of your UK state pension. It's a great deal.
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Old Feb 4th 2024, 5:16 pm
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Default Re: UK state pension

Originally Posted by Glasgow Girl
With regard to the UK state pension there is nothing to report on any form until you start receiving an income.

For other pensions you should report them on an FBAR, and Form 8938 if the aggregate total of all foreign investments exceeds the specified limits. If it is a defined benefit plan with no known value then best practice is to report it with a value of $0.

On 401K withdrawals, nothing to report to the IRS until you withdraw, and I assume that is the case with the UK but I don’t know, others who live there will know for sure.
got it, thanks. So, we only start reporting 401k when we receive the income or withdraw money from 401k, right? Do you know whether HMRC have something like Fbar to report oversea bank account? I guess no? never heard UK asks people to report their oversea account (only the oversea bank interests as income if you live in the UK), right?

Last edited by Helen1234; Feb 4th 2024 at 5:38 pm.
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Old Feb 5th 2024, 6:29 pm
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Default Re: UK state pension

Originally Posted by Helen1234
got it, thanks. So, we only start reporting 401k when we receive the income or withdraw money from 401k, right? Do you know whether HMRC have something like Fbar to report oversea bank account? I guess no? never heard UK asks people to report their oversea account (only the oversea bank interests as income if you live in the UK), right?
Correct, no need to ever report foreign account balances to HMRC.
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Old Feb 5th 2024, 7:57 pm
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Default Re: UK state pension

Originally Posted by durham_lad
Correct, no need to ever report foreign account balances to HMRC.
thanks
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Old Feb 5th 2024, 8:38 pm
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Default Re: UK state pension

Originally Posted by Glasgow Girl
With regard to the UK state pension there is nothing to report on any form until you start receiving an income.

For other pensions you should report them on an FBAR, and Form 8938 if the aggregate total of all foreign investments exceeds the specified limits. If it is a defined benefit plan with no known value then best practice is to report it with a value of $0.
....And (correct me if you think I'm wrong)..... An FBAR is not reported for UK STATE PENSION (even if one is at an age when they were already receiving that pension)
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Old Feb 5th 2024, 9:05 pm
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Default Re: UK state pension

Correct, because there is no foreign account to report for the UK state pension.
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