We’d like to remind Forumites to please avoid political debate on the Forum.
This is to keep it a safe and useful space for MoneySaving discussions. Threads that are – or become – political in nature may be removed in line with the Forum’s rules. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
pension problem
bodlan
Posts: 1 Newbie
I am currently residing in the USA. I have an old UK pension coming to maturity soon. I would prefer the cash to remain in the UK to be used to pay maintenance for children from previous marriage.
Is this likely to be possible to arrange? The amount in question would be under the current triviality limit. Not sure if I can have a UK bank account to have it payed into.
Is this likely to be possible to arrange? The amount in question would be under the current triviality limit. Not sure if I can have a UK bank account to have it payed into.
0
Comments
-
I would have thought that you could open a UK account (or sterling account in the Channel Islands) and have the pension paid into this.
Please note that, under the UK/US tax treaty, most pensions will be taxed in the US rather than the UK, as it seems you are tax resident in the US.'I want to die peacefully in my sleep, like my father. Not screaming and terrified like his passengers.' (Bob Monkhouse).
Sky? Believe in better.
Note: win, draw or lose (not 'loose' - opposite of tight!)0 -
It would be very difficult to open a UK account if you are a non-resident.Not sure if I can have a UK bank account to have it payed into.Stephen Covey once said that "when you teach once, you learn twice". That is the primary reason for my participation on the forums as an IFA.
Although I strive to provide accurate information in my posts, there may be the odd time when I fail. Yes I know it's hard to believe but even Your Hero can make mistakes. Apologies in advance.0 -
https://wealth.barclays.com/en_gb/home/international-banking/who-we-help/resident-non-doms/non-resident-bank-account.html
might be of interest - presumably once the account was open you would be able to set up a standing order to pay the maintenance?0 -
anyone tell me how to post a thread its staring me in the face or its not there AAAAAAAAAAAAAAAAAAAAAAAAAAAAg0
-
letters4me wrote: »anyone tell me how to post a thread its staring me in the face or its not there AAAAAAAAAAAAAAAAAAAAAAAAAAAAg
On a board index page (not a thread page) top left (below the headings and above the threads list), there's a blue "New Thread" button.Eco Miser
Saving money for well over half a century0 -
I am currently residing in the USA. I have an old UK pension coming to maturity soon. I would prefer the cash to remain in the UK to be used to pay maintenance for children from previous marriage.
Is this likely to be possible to arrange? The amount in question would be under the current triviality limit. Not sure if I can have a UK bank account to have it payed into.
Am sure it's possible, though fewer banks in Europe now want the business of US citizens/residents, due to the recent reporting requirements imposed by the US govt via FATCA. In addition to Barclays mentioned above, I belive Citi UK also operates an "expat" account for US tax residents, though not sure whether you need a UK address for it.
Be aware that due to FATCA, your account details will be disclosed to the IRS for as long as you have US residency / citizenship.0 -
What about having it paid direct to the ex's bank account?0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.7K Banking & Borrowing
- 253.4K Reduce Debt & Boost Income
- 454K Spending & Discounts
- 244.7K Work, Benefits & Business
- 600.2K Mortgages, Homes & Bills
- 177.3K Life & Family
- 258.4K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards