Pension transfer from UK to USA

xylophone

This is a deferred DB pension.

The OP was a member of the scheme for seven years.

I assume that on leaving, he was given a statement of deferred benefits showing his situation at DOL.

It is possible that the Scheme administrators provide an annual statement.

I wonder does the  figure of £30,000 derive from information provided therein?

bostonerimus

Deleted_User said:

Littleblackdog47 said:

Mordko, Value of ITV pension is 30000 sterling with a transfer value of 86000 been offered by ITV.

Sorry, still don’t understand what you mean by “value of ITV pension”. 

What is the annual pension benefit you are supposed to get after retirement? (I am guessing the answer to my question is not “30K”).

Its hypothetically possible that something changed recently or that you are in a unique position and there is a reasonable way of transferring pensions is available in your case (although I really doubt it).  Have you been provided with a step by step process and references to applicable US tax laws which will be used to bring in these funds? Do you know where the money will end up?  

How did you come across these pension transfer advisors?  There are a lot of unscrupulous people in the financial industry and a decent proportion keeps contacting UK expats with wonderful ideas about pension transfers. 

The potential future value of the DB pension and the DC option need to be known before any decisions are made. The great thing about DB pensions is that they are far simpler in an international context than their DC cousins and more clearly dealt with in tax treaties.

penners324

You seemed to have asked this question at least twice before.

Most responders have said, NO.

You could do it but would lose MOST of it to tax. So why would you do it?

bostonerimus

penners324 said:

You seemed to have asked this question at least twice before.

Most responders have said, NO.

You could do it but would lose MOST of it to tax. So why would you do it?

Yes, the OP is either getting bad advice or misunderstanding the advice they are being given...or maybe just posting to see what happens.