Dogspeak

Hi peeps,

I need to find a firm either based in the US or outside the US that can hold my investment 'paper' on a custodian basis for the trustees of my UK SIPP.

This custodian will need to be regulated by the US IRS.

Can't imagine that I am the first Brit with a SIPP to come across this need but having real problems finding any US bank or stockbroker who understands what I am looking for.

Background: UK citizen planning to apply for a K-1 visa as soon as my pension has been sorted out.

All advice welcomed.

Regards,

DS

Dogspeak

Not sure if the absence of comments is because the topic is too dull or that this subject is so rare that no one has a view.

Must be someone on the Forum who has, or had, a UK SIPP? If you have any thoughts, do share them. Or just make it up! I'm getting closer every day to the wire on this.

DS

fatbrit

Moving a UK pension to he US has come up many times. It is usually followed shortly be a new member with minimal posts telling you to PM him because he has a secret to share with you.

Have never seen anyone successfully move a UK pension to the US, yet.

Dogspeak

Hi FB, appreciate the response.

I'm fairly clear about most of this. A UK SIPP has three components: Trustee; Custodian; Fund Manager.

My Trustee company, Hornbuckle Mitchell, is quite happy with me becoming a US resident. But both my present custodian bank, who hold the actual securities, and my present fund manager would have to be regulated by the US IRS for them to continue providing services once I was eligible for US residency. In fact, 'eligible' is defined by them as being the point at which I submit my K-1 visa application, something I want to do reasonably soon.

Thus it is not a question of transferring the pension to the US; it can remain happily in the UK.

It's getting a new custodian that is important.

I was given the impression by my present fund manager that this is nothing particularly special but having spoken to many US banks and stockbrokers none seems to have a clue as to what I am talking about!

Hope that makes it a little clearer.

DS

fatbrit

It's totally clear. I don't think you'll find anyone, though. Once they know in the UK that you're going to the US, they'll drop you like hotcakes. And nobody in the US will touch your investments unless you cash them out and reinvest over here.

Do shout if you find anyone.......but I've read the pension and investment question many times......but never seen a suitable answer.

Dogspeak

Well after a week calling various firms, it is starting to look like that!

I will report my findings in case they are value to other Forumites as and when I get to the end of this - or blow my brains out, whichever comes first

porvera

If the SIPP can remain in the UK, which of course it can, why do you need to find a custodian in the USA?

Dogspeak

This was starting to dawn on me earlier this afternoon.

It's then a case of finding a SIPP administrator who is happy to have a client who is, or will be, a US resident alien.

I'm putting out feelers tomorrow morning.

Peter Newton

Do a Google search for "Qualified Retirement Overseas Pension Scheme"

I wouldn't like to comment in the public forum on the merits or tax advantages, but I do know of folks in the US that have used these schemes.

im9907620

But Hornbuckles are a SIPP administrator as well as Trustee firm so why would you be looking for another? The SIPP can stay in the UK and, from a tax point of view, is protected by the tax Treaty. If you are going to retain a UK address then keep that for correspondence for your SIPP. I'm not sure either, why you are looking for a US custodian - are you overcomplicating this??