OK I'm losing my mind -- what info do I need about my pension for FBAR?

I contribute to the Local Gov Pension Scheme because I am a council worker. Now I've found out that has to go on the FBAR. What exactly do they want to know? My yearly contributions? What? I will phone HR and ask for the information, but I can't figure out what information I need. Please can you help?

I contribute to the Local Gov Pension Scheme because I am a council worker. Now I've found out that has to go on the FBAR. What exactly do they want to know? My yearly contributions? What? I will phone HR and ask for the information, but I can't figure out what information I need. Please can you help?

Not your contributions - it's the maximum value of the account during the calendar year; presumably this will be the year-end value. You have to be careful that you don't overstate the 'value'; you may get a statement that presumes you continue to work/contribute for the next 30-40 years - that's a projected value, whereas the contributions made by you and your employer are the actual value.

Someone with more knowledge will surely jump in and provide more info.

Which part of the US Treasury Regulations are you relying on to ascertain this is FBAR reportable?

I am certain it is 8938 reportable and within IR Code Section 402(b) if you are not electing into the treaty, but less convinced it is FBAR reportable.

If you have a final salary pension you don't need to report it on FBAR. if you have a defined contribution plan and you can control the investment of that money then I would put it on FBAR.


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I put a DC pension on the FBAR for the first time last year, and found it was virtually impossible to calculate the maximum value. Technically, the value fluctuates minute by minute with the financial markets. Even if you use the end of day values only, it gets complicated if there are any contributions or other transactions on the account. Just for completeness, I asked my pension provider (Standard Life) if there was any way they could calculate the maximum value for me but they were unable to accommodate the request. Given this predicament, I decided to check the box for "maximum account value unknown" on the FBAR. I figured, if Standard Life doesn't know the maximum value, there's no way they can pass it to the IRS.

Curious if others have done differently.

I put a DC pension on the FBAR for the first time last year, and found it was virtually impossible to calculate the maximum value. Technically, the value fluctuates minute by minute with the financial markets. Even if you use the end of day values only, it gets complicated if there are any contributions or other transactions on the account. Just for completeness, I asked my pension provider (Standard Life) if there was any way they could calculate the maximum value for me but they were unable to accommodate the request. Given this predicament, I decided to check the box for "maximum account value unknown" on the FBAR. I figured, if Standard Life doesn't know the maximum value, there's no way they can pass it to the IRS.

Curious if others have done differently.

Standard Life pensions should be able to help.  I believe that most financial institutions use the closing day values. As there are only a limited number of trading days within each calendar year, this should be a possible number to find out.

I put a DC pension on the FBAR for the first time last year, and found it was virtually impossible to calculate the maximum value. Technically, the value fluctuates minute by minute with the financial markets. Even if you use the end of day values only, it gets complicated if there are any contributions or other transactions on the account. Just for completeness, I asked my pension provider (Standard Life) if there was any way they could calculate the maximum value for me but they were unable to accommodate the request. Given this predicament, I decided to check the box for "maximum account value unknown" on the FBAR. I figured, if Standard Life doesn't know the maximum value, there's no way they can pass it to the IRS.

Curious if others have done differently.

The instructions say:
The maximum value of an account is a reasonable approximation of the greatest value of currency or nonmonetary assets in the account during the calendar year. Periodic account statements may be relied on to determine the maximum value of the account, provided that the statements fairly reflect the maximum account value during the calendar year.

That allows for some flexibility.  What I do is go on-line at the end of each month, print a statement and keep it for my records. I also receive an annual statement from my pension provider. I then use the highest of those 13 values in the year for my report. It has always been a "reasonable approximation" of what has happened during the year.