Moving a Police Pension

moonrakerz

vollketten wrote: »

............I have worked very hard for that money and want to make use of it.

????????? Is this what it seemed to be ?????????????

nic_santorini

I did not think you could transfer it and it was basically stuck until you are 60.

Ian_W

From the 1987 Scheme Booklet page 27 (assuming you didn't transfer to the 2006 scheme, not many did!!):

You may transfer your PPS rights to:
• another public sector pension scheme, or
• any other pension scheme which is registered with HM Revenue and Customs (which can include a personal pension plan), or
• a qualifying recognised overseas pension scheme.

There are a number of issues to consider before making a transfer:
• you must apply for a transfer payment within six months of leaving the police service or opting out of PPS (this is extended to twelve months for transfers to a public sector scheme) – these time limits may be extended by the police authority at their discretion

So if you mean, can I get the money? NO.
If you mean, can I transfer it to another scheme? YES, in theory but note dunstonh's comments about personal pensions and RichardJ's about QROPs in the USA and 3rd party countries.

Cook_County

As this is not a US qualified penion you are presumably already reporting the growth under IR Code section 402(b) annually on your US tax returns and possibly claiming treaty relief.

Loughton_Monkey

Definitely one for Bendix. Needs his persuasive charm!

Ian_W

Cook_County wrote: »

As this is not a US qualified penion you are presumably already reporting the growth under IR Code section 402(b) annually on your US tax returns and possibly claiming treaty relief.

Give him chance!

I was a serving Police officer for 10 years and am on the old Police pension scheme. (Joined 2000,left 2011)

Or do the yanks give you a tax return at Immigration? They're certainly gracious enough folk, IME!

Loughton_Monkey

Ian_W wrote: »

Give him chance!

Or do the yanks give you a tax return at Immigration? They're certainly gracious enough folk, IME!

That reminds me.

While living in Korea, I was struck with how "Loyal" the Koreans were. 99.9% drive a Korean car and I know that a lot of them are rich enough to buy BMW's etc. And they are freely available (albeit with a bit of import tax on top).

The answer is that buying a foreign car - either by an individual or a company - immediately triggers a full tax audit. These guys - the equivalent of HMRC - will come round mob handed and look at every single penny!

A clever way around so-called 'free trade agreements'.

vollketten

so let me get this straight....


I can transfer my police pension to a private scheme within 3 motnhs of leaving....
I can then move it from that scheme to a QROPS in the USA? I wanted to put it into an IRA over here.

Are there IFA's who know how to do this or not?

(no tax returns handed out at immigration....by the way..... )

Loughton_Monkey

vollketten wrote: »

Are there IFA's who know how to do this or not?

You seem not to "get it".

It's not a question of 'knowing how to do it'.

It's a question of professional ethics. Transferring the pension would be considered 'financial suicide". You are hell bent on transferring it to America.

British laws prevent euthenasia. Hence no British Doctor (with any ethics) would sign a note to have you killed.

British laws prevent 'financial advice that does not represent best advice', hence no professional IFA would sign it off.

Please try to understand that.

jh2009

vollketten wrote: »

so let me get this straight....


I can transfer my police pension to a private scheme within 3 motnhs of leaving....
I can then move it from that scheme to a QROPS in the USA? I wanted to put it into an IRA over here.

Are there IFA's who know how to do this or not?

(no tax returns handed out at immigration....by the way..... )

Although i think it would be a bad idea to transfer there is no 3 month limit to transfer. I don't know the rules of the police scheme are but you should be able to transfer at any time until either your normal retirement date, or when you are within say one year of that.

Just as you're living abroad does not mean you cannot draw it from the uk in your retirement. Im sure they will pay it to your account in the US although any payment will be in £'s with you probably paying an exchange rate charge each month. The value of it would also be vary depending on the £/$ exchange rates applicable in payment.

If you leave it where it is, keep the scheme updated with any future changes of address as its easy to lose touch with old benefits, especially when living abroad.