NHS PENSIONS

tempest_2

Hi, I have an NHS occupational Pension, superannuation. I have paid into this scheme for 10 years. I am due to move to the USA next year and wanted to know if there was a way to transfer it to a US pension scheme. Or should I do something eles with it.

Thanks, I'm a little stuped as the NHs pension agency don't seem to be able to tell me. ???

Pal

Moving money to overseas pension schemes is difficult, especially when the USA is involved. Your best bet is to wait until you have moved and ask your adviser in the US what he thinks you should do.

Chances are that you will be taxed on the transfer value if you move it so you would be better off leaving it in the UK until you retire.

Debt_Free_Chick

Chances are that you will be taxed on the transfer value if you move it so you would be better off leaving it in the UK until you retire.

Pal - thought this was fixed by the latest revisions to the Double Taxation Treaty.

It doesn't mean that the transfer is the best thing to do, just that a potential barrier is removed.

Regards

Pal

No idea. The last time I looked at this was a few months ago and I haven't read anything since.

Do you have any details?

Debt_Free_Chick

Do you have any details?

Does Google not work ;-)

http://www.inlandrevenue.gov.uk/pdfs/ukusa_dtconvention.pdf

Article 18.2(b)

"any benefits accrued under the pension scheme, or contributions made to the pension scheme by or on behalf of the individual’s employer, during that period shall not be treated as part of the employee’s taxable
income and any such contributions shall be allowed as a deduction in computing the business profits of his employer in that other State"

The transfer value is derived from contributions made by the individual and/or their employer. Arguably, it would include investment growth, if a personal pension, but it would still be exempt, as such "payments" are excluded, being taxed in accordance with the "Contracting State" (host company).

Can I send you a bill for this ;-)

Pal

Thanks, I think! ???

Does Google not work ;-)

But it is so much easier to ask you to do it! ;D

Can I send you a bill for this ;-)

I will consider paying for this advice once I have reviewed and approved your appointment and terms of business letters, received an invoice along with a complete breakdown of how it was calculated, and disputed it for another 2 years just for the hell of it. Then I will demand a discount, before refusing to pay anyway.