Pension transfer from UK to US fund

Littleblackdog47

Hi there,

Am speaking with a certain company about taking my ITV pension and Aegon pension and using transfer fund to set up a multi currency SIPP

Said company is looking to charge 500 UK pounds per annum to look after this SIPP

Anyone on here know the market and is this an expensive fee?

Thanks in advance.

Dom

Marcon

Littleblackdog47 said:

Hi there,

Am speaking with a certain company about taking my ITV pension and Aegon pension and using transfer fund to set up a multi currency SIPP

Said company is looking to charge 500 UK pounds per annum to look after this SIPP

Anyone on here know the market and is this an expensive fee?

Thanks in advance.

Dom

If you mean 'doing all the administration' then £500 looks pretty cheap. Are there extra fees for drawdown, running a bank account etc?

Keep_pedalling

Assuming your ITV pension is a DB pension how do you plan to transfer it? 

bostonerimus

Why do you want to do this transfer?

dunstonh

Said company is looking to charge 500 UK pounds per annum to look after this SIPP

Normally the SIPP provider makes the charge for providing the SIPP.    So, what is this "said" company?

Anyone on here know the market and is this an expensive fee?

We don't know what the fee is for or how much the fund value is.   These things need context against the amount invested.  e.g. is it £500 against  a £10,000 balance or £200,000 balance or whatever?

And is the ITV pension defined benefit or defined contribution (the former will be a lot more than £500)

QrizB

Here is OP's previous thread (although "thread" might be a stretch, OP isn't a prolific replier):
https://forums.moneysavingexpert.com/discussion/6345976/itv-pension

dunstonh

QrizB said:

Here is OP's previous thread (although "thread" might be a stretch, OP isn't a prolific replier):
https://forums.moneysavingexpert.com/discussion/6345976/itv-pension

Key information on that first post is that the OP is resident in the US.  That is going to eliminate an awful lot of platforms/providers.

bostonerimus

QrizB said:

Here is OP's previous thread (although "thread" might be a stretch, OP isn't a prolific replier):
https://forums.moneysavingexpert.com/discussion/6345976/itv-pension

If the OP is living in the USA they should leave any UK pension where it is because the US/UK Tax Treaty gives it a lot of protection. There is no way to transfer a non-US pension into a US pension. Moving a UK pension out of the UK could be a taxable event to a US resident and there are plenty of companies looking to sell dubious QROPS and other "international structures" to US residents without regard to the US tax consequences.

Littleblackdog47

Hi again,

ITV have offered me a transfer amount to close pension with them and I want to transfer my Aegon pension to USA as it seems to be doing nothing with them just accruing fees!  Total is in the region of 120000 uk pounds.

Thanks for all replies!

dunstonh

ITV have offered me a transfer amount to close pension with them

Is it a defined benefit scheme?    Most private sector DB schemes offer a CETV.  However, if the value is over £30,000 then you will be required to seek advice from an IFA or FA with appropriate transfer permissions.

and I want to transfer my Aegon pension to USA as it seems to be doing nothing with them just accruing fees!

That is not how it works.  Plus, refer to bostonerimus's posts further up on the complications.   Transferring it because you don't understand it won't solve any problems.

bostonerimus

You've given us zero information about the ITV pension or how the other pension is invested, so it's impossible to make sensible observations. The one thing I can state emphatically is that you cannot transfer any type of UK pension to a US pension. The two systems simply have no mechanism for that.