UK Pension Transfer

Transferring your UK pension to the USA using an international SIPP

If you want to transfer your UK pension to the USA, you can use an international self-invested personal pension (SIPP). 

An international SIPP allows you to invest your pension in a wide range of assets and can be held in multiple currencies, which can help remove any concerns around currency fluctuations. The combined effect of better investment choice and currency control can have a powerful effect on the growth and size of your pension pot at retirement.

If you have more than one UK pension, you can consolidate them into one SIPP. This can reduce the fees you’re paying and help minimise management and administration. A SIPP offers complete flexibility over withdrawals from age 55 and payments can be made directly to your US bank account.

There are advantages as well as disadvantages to transferring a pension that must be considered. A pension transfer is not suitable for everyone and will involve additional costs. No promises or guarantees of investment performance are offered.

Existing QROPS

A qualifying recognised overseas pension scheme (QROPS) is an overseas pension scheme that HMRC recognises as eligible to receive UK transfers from registered pension schemes in the UK.

However transfers to a QROPS that is not in the country of residence i.e. the US since 2017 will incur the Overseas Tax Charge.

Many people in the US have transferred their UK pension funds to overseas jurisdictions such as Malta and often find that they are paying too much in fees, have lost contact with their adviser of worse still have realised that their adviser is not licenced in the United States.

If you find yourself in this situation then please take advantage of our complimentary review service.

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