I have asked something similar before, but I need some more information, I think.

At the moment, I have some funds in my previous employer's 'investment plan' back in the UK. I wasn't allowed to enroll in the company's 'pension plan' because I was not yet 30 so when I joined, I enrolled in this plan instead where they matched my contribution every month.

It turns out that I am having trouble moving this to the USA. I have no plans whatsoever to move back to the UK (I'm a CPR and married to a USC) and the value of the fund is not enough to retire off anyway if I wasn't to transfer it over here.

I have a 401(k) program with my US employer and plan to use that to part-pay for my retirement, should I ever get that far!

However, I am unable to get at the funds from the UK. I contacted the plan administrator and they said that I need to transfer it to a Qualified Oversees Pension Scheme, I cannot simply withdraw the cash (take a hit of a withdrawal fee/tax, etc) and then move it across (which would help as we've recently bought a house!), I have to transfer it to a QOPS.

Unfortunately, my 401(k) plan is not a QOPS and my plan administrator over here will no longer return my calls or Emails as to how to proceed.

Does anyone know of what I might do - or, indeed, any financial advisor/programs which might help. It seems such a waste to leave that money over there!

TIA,

Mark

I looked into this and under IRS rules right now, you cannot transfer a UK pension to a US one.

Can I import my UK frozen pension fund and add it to an IRA or 401K?

No. The United States IRS and revenue authorities in Canada will not permit it. UK Pensions can only be transferred to a US pension where the UK pension plan meets the pension rules of the IRS tax code. Similar rules are enforced by Canada’s revenue authority. No UK pension plan seeks to meet either the US or the Canadian requirements. The benefits and terms of UK pensions are considered to be over-generous by the US and Canadian tax authorities.http://www.ukpensiontransfer.com/faq.htm#Can%20I%20import%20my%20UK%20frozen%20pension%20fund%20and%20add%20it%20to%20an%20IRA%20or%20401K


This is helpful:
http://www.pensionsadvisoryservice.org.uk/...seas_transfers/
A list of QROPSs is available on HMRC’s website.
it does say though that transfers are possible as some US companies are listed as QROPS. However, when I enquired I was told that because of IRS rules it was not possible.

See what you manage to find out - it looks possible technically!

I too have several frozen pensions in the UK and as I work for a large international bank I asked the bank to help me find a way of bring the frozen pensions over to the US... the banks international section spent 3 months looking for a way that I could transfer the money and they came up with nothing.... I too was told that it is IRS that will not allow it and I just have to leave it n the UK... I have contacted the pension companies in the UK and found out that they will still be payable to me when I reach age 65... they also sent me forms to complete with my new name and address and they now send any mail regarding my pensions to me here in the US...

Kez

yep - that's what I was told too - has to sit there until the age that I can draw them - but for me that's like 26 years time!!! It would be of far more use to me here....

LOL mine are payable 20 years today.....

Kez

Any mutual fund/investment company has qualifying plans....i.e. Roll over
Dont know about the foreign funds part.

I personally use AIM out of Houston TX. Check their website, and/or give them a call.

Thanks, guys. I thought that it might not be possible. Damn. I'm currently 37 years away from my UK retirement date and with inflation, etc, that sum of money will be worth practically nothing by then. I believe the term is 'bugger'.

That money can grow a lot in 37 years!