Pension Transfers

Safely transfer your pension now you live in the US
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Discover your UK Pension Transfers options

Discover how you can make the most of your UK workplace or private pension.

Get your FREE guide to UK Pension Transfers. Written by US regulated UK pension transfer experts

UK Pension Transfers. SIPPs in the USA

SIPPs

A Self-Invested Personal Pension (SIPP) is a UK government regulated personal pension scheme. SIPPs can be a suitable choice if you now live in the USA, and have your pension back in the UK.
 
SIPPs have a greater scope for making investment decisions. They also have further benefits over other pensions.

 

UK Pension Transfers. QROPS in the USA

QROPS

A Qualifying Recognised Overseas Pension Scheme, or QROPS is an overseas pension scheme. QROPS meet certain requirements set by HMRC.
 
QROPS transfers incur a 25% tax if the QROPS is not in the country where you live. This is unless you are resident in the EEA. Thus, a QROPS in the USA is only suitable in very specific circumstances.

 

Get UK pension advice

Discover the UK pension options that are available.

Get your free initial consultation with an US regulated pension adviser.

Our Pension Transfer Service

We help UK expats who are now based in the USA with a range of pension planning & wealth management.

We know that each of our clients has their own circumstances & requirements. As such, each receives bespoke advice tailored to their needs.

Our pension transfer service includes:

• A personalised pension analysis from an expat retirement expert

• A free search for any lost pensions

• Free, up to date valuations of your UK pensions

• The current performance levels of your UK pensions

• An assessment of your UK pension plans

• Professional advice about your pensions now you live abroad 

The Benefits of UK Pension Transfers

Do you live in the USA? Have you left your company or personal pension in the United Kingdom? There are many reasons to consider a pension transfer.
 
Our UK pension experts can help you to discover your options.
 
The benefits can include:
 
• Your UK pension free of all UK taxes
 
• The facility to pass your pension funds to your beneficiaries tax free (up to and over age 75)
 
• No limiting Lifetime Allowance restrictions
 
• Potential to merge your UK pensions into one, easy to manage pension fund
 
• Learn how to draw your pension income to suit your requirements

Self Invested Personal Pension

A Self-Invested Personal Pension (SIPP) is a UK government regulated personal pension scheme.
 
SIPPs allows you to make investment decisions. These are from the approved investments of HM Revenue and Customs (HMRC).
 
• Save up to 47% UK Tax
 
• Your Pension in US Dollars
 
• No UK Inheritance tax
 
• All the benefits & facts in one guide
SIPPs-USA
QROPS-USA

QROPS – Qualifying Recognised Overseas Pension Scheme

A Qualifying Recognised Overseas Pension Scheme, or QROPS is an overseas pension scheme. QROPS meet requirements set by HMRC.
 
QROPS must have a beneficial owner and trustees. They can receive transfers of UK Pension Benefits.
 
QROPS transfers incur a 25% tax if the QROPS is not in your country of residence. This is unless you are resident in the EEA. Thus, a QROPS in the USA is only suitable in very specific circumstances.

UK Pension Transfers – Frequently Asked Questions

What types of pension can I transfer?

You can transfer most types of pension schemes where there is a transfer value. You can not transfer a UK State Pensions or unfunded public sector schemes.

Will I have to pay UK taxes?
Any pension scheme in the UK will deduct tax at source on pension income paid.
 
This is unless there is a double taxation agreement in place with the country of residence and HMRC agrees to pay gross.

Can I take my pension in US dollars?

Certain types of pension schemes such as SIPPS can pay benefits in multi-currencies.

Is there a minimum amount I can transfer?

Whilst there is no formal minimum, small funds may not be viable to transfer as the costs may outweigh the benefits.

In practice transfer can be considered for funds over £30,000

How long does it take to transfer a pension?

It depends on the type of transfer and the parties involved but a rule of thumb is 4-12 weeks.

Is flexible drawdown available?

Defined contribution pension schemes should be able to offer flexible drawdown but it depends on providers rules and a transfer may be needed to get this benefit.

Are QROPS suitable in the USA?

QROPS can still be used for USA residents but they will be subject to the 25% transfer tax introduced by the UK government where the transfer is outside the EEA and not within your country of residence.

Contact us

Bellingham House Wealth Management
New York, NY 
Direct: + (1) 267.864.8259
Fax: +1 646.430.9466

Complete the form below and one of the UK pension team will contact you shortly

About us

Bellingham House Wealth Management is represented by Lucio Ventrella in the USA. enquiries@bellinghamhouse.co.uk

© 2020 BellingHam House Wealth Management

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