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jp1000

Is there a way to move my UK pension to the US?

By jp1000 in Tax & Finances During US Immigration

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jp1000 Explorer

jp1000   23

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I have a pension with Nest. It doesn't have much in it, a little over £6,000, but I would like to roll this over into the US, either into my 401k or into an IRA.

 

Does anybody have any experience with this? I've been trying to read up on it online but have not really been able to find any solid answers, at least that I understand.

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OldUser Mentor

OldUser   4,831

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I think it's a taxable event.

E.g. withdraw the funds in the UK => Pay taxes => Wire money into US or bring in cash => Invest into IRA.

 

I don't believe there are special agreements between US and UK for handling this sort of situation.

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Boiler Grand Master

Boiler   43,458

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I used to know this stuff and I doubt anything has changed.

 

There is a sort of route, well if there is a lot of money involved.

“If you know the enemy and know yourself, you need not fear the result of a hundred battles. If you know yourself but not the enemy, for every victory gained you will also suffer a defeat. If you know neither the enemy nor yourself, you will succumb in every battle.”

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Boiler Grand Master

Boiler   43,458

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36 minutes ago, OldUser said:

Intrigued. Though OP only has 6k, what's "a lot"? 

1 mil and up? Lower? Higher?

Long time since I looked at this but back then I think it was a million plus.

 

I will remember the acronym and look it up.

“If you know the enemy and know yourself, you need not fear the result of a hundred battles. If you know yourself but not the enemy, for every victory gained you will also suffer a defeat. If you know neither the enemy nor yourself, you will succumb in every battle.”

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Boiler Grand Master

Boiler   43,458

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Can I move my UK pension to USA?

Unlike in many other countries, there is no legal mechanism for transferring UK pension funds to the USA, in recent years many holders of UK pension schemes have transferred their funds using what was then a QROPS and is now a ROPS (Recognised Overseas Pension Scheme) via an offshore location, typically Malta.

“If you know the enemy and know yourself, you need not fear the result of a hundred battles. If you know yourself but not the enemy, for every victory gained you will also suffer a defeat. If you know neither the enemy nor yourself, you will succumb in every battle.”

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jp1000 Explorer

jp1000   23

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2 hours ago, Boiler said:

Can I move my UK pension to USA?

Unlike in many other countries, there is no legal mechanism for transferring UK pension funds to the USA, in recent years many holders of UK pension schemes have transferred their funds using what was then a QROPS and is now a ROPS (Recognised Overseas Pension Scheme) via an offshore location, typically Malta.

You can transfer it from UK -> Malta -> US?

 

Are there any guides on this?

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Boiler Grand Master

Boiler   43,458

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https://www.nerdwallet.com/uk/pensions/about-qrops/

“If you know the enemy and know yourself, you need not fear the result of a hundred battles. If you know yourself but not the enemy, for every victory gained you will also suffer a defeat. If you know neither the enemy nor yourself, you will succumb in every battle.”

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