Pension Plan transfer from UK to US. May a UK "Personal Pension Scheme" plan for a US Citizen be transferred to US to a rollover or annuity contract w/ taxation deferred?

[Guest rgdibley]

A client of mine - US citizen now living in the US - has three UK pension plans. One is a "TeleWest Unfunded Unauthorized Retirement Benefit Fund" (SS AAR 005) which I believe is NOT elegible for transfer, and must be cashed in the UK.

The other two are called "Personal Pension Schemes" and I am told they may be transferred. A friend of this client purportedly did so in 1999 without consequences.

I called Standard Life in UK today and they informed me that it was their understanding that any such transfer is taxable as income in the US immediately, should it be transferred and they advised against this.

Nobody seems to know the correct answer to this. Help, please!

[david rigby]

Several related discussions in the past. Try the Search feature. A good search word might be "treaty".

[Archimage]

I don't know the answer but I would suggest reading the income tax treaties between the US and the UK.

[Guest deckal]

A client of mine - US citizen now living in the US - has three UK pension plans. One is a "TeleWest Unfunded Unauthorized Retirement Benefit Fund" (SS AAR 005) which I believe is NOT elegible for transfer, and must be cashed in the UK.

The other two are called "Personal Pension Schemes" and I am told they may be transferred. A friend of this client purportedly did so in 1999 without consequences.

I called Standard Life in UK today and they informed me that it was their understanding that any such transfer is taxable as income in the US immediately, should it be transferred and they advised against this.

Nobody seems to know the correct answer to this. Help, please!

Did you ever recieve an answer pls advise......we are trying to transfer plan from standard life also.

[Guest beckam]

Remember even when you transfer the pension within UK, it may still have tax impact in US if you are a US resident or citizen. There are additional tax reporting requirements in US if the UK pension plan fits in the "Passive Foreign Investment Company" regime.