foreign pension, 100% bond

I really appreciate the answers so many of you have been offering, not just to me.  I’m afraid I’m falling into every pitfall possible.  It isn’t the investment plans themselves that are the problem; it’s the US taxation.  I asked several weeks ago about a pension plan that I took out in Romania in 2009.  When I posted that question, I wasn’t quite sure what sort of investment it carried.  I’m looking at the policy now, and it says “Bond 100 %.”  I’ve tried looking up about foreign bonds, but with zilch comprehension.
As a practical matter (I’m USC, and back living in the UK now):  Should I dump this thing, even if just for the sake of simplicity?  And as a more immediate matter, how does it get reported on the tax return, just as a “foreign pension”?  It’s through ING.
Of course no one would tell me what I “should” do, but any information to help make that decision would be so very appreciated by this financial nitwit.

I really appreciate the answers so many of you have been offering, not just to me.  I’m afraid I’m falling into every pitfall possible.  It isn’t the investment plans themselves that are the problem; it’s the US taxation.  I asked several weeks ago about a pension plan that I took out in Romania in 2009.  When I posted that question, I wasn’t quite sure what sort of investment it carried.  I’m looking at the policy now, and it says “Bond 100 %.”  I’ve tried looking up about foreign bonds, but with zilch comprehension.
As a practical matter (I’m USC, and back living in the UK now):  Should I dump this thing, even if just for the sake of simplicity?  And as a more immediate matter, how does it get reported on the tax return, just as a “foreign pension”?  It’s through ING.
Of course no one would tell me what I “should” do, but any information to help make that decision would be so very appreciated by this financial nitwit.

I think you need some professional advice. "Bond 100%" could mean anything and as you are dealing with 3 countries that's even more complicated.

But as a general rule I find that simplicity is a good thing when dealing with financial and tax matters. It's never good to have small amounts of money spread across different types of accounts that produce tax filing problems completley out of proportion to the amount of money involved.

Professional advice would be prudent. I note you have  tax matters strung out amongst other posts.

As nun commented, simplicity is a good thing.

Truer words were never uttered.  We never meant to get complex, especially with the smallish amount of money we have.  But our living circumstances changed, and the resulting complexity is a nightmare.  We dumped the trusts three years ago, and we're now going to do likewise with the pension.  We'll take the hit and be shot of it.
However, although it's a major headache at the moment, the interest from these accounts was my only income, and falls well below any threshold you can name (either interest, or total income).  So will the problem be only with reporting, and not with paying?
After getting rid of these, though, I still have the issue of how a US citizen in the UK can plan for retirement.  (I'm already in my 50s.)  So I'm still reading through.
Many thanks all.
ETA:  Just reading through my posts, I can see that they really make me sound like an airhead.  Honestly, I do have a brain, but obviously not in this area.

After getting rid of these, though, I still have the issue of how a US citizen in the UK can plan for retirement.  (I'm already in my 50s.)  So I'm still reading through.

You need a good tax spring clean. You'll have to pay a professional to do this, but it will be worth it in peace of mind. Maybe you can transfer your pensions to the UK or maybe it's just best to cash it out. You need some UK based advice for that.

As far as retirement goes UK based employer sponsored plans are good as are cash ISAs although the cash ISA is not US tax free.

You should also look into the possibility of contributing to a US ROTH IRA if you have enough income. Other than that you could invest in individual stocks and bonds or probably simpler just open a US based Vanguard brokerage account and buy Vanguard EFTs that are UK reporting so that they are taxed by HMRC just like UK pooled investments.

Every helpful bit of advice makes my heart sink further.  I thought I could file for the past six years and be done with it.  The forms don't actually look that hard, comparing them to the investments we have.
But how could I find a person competent in this area?  I'm not even qualified to judge the competence of a professional.  (And the pension stuff is in Romanian anyway.)  The next question is how to pay for someone like this.  I was looking at prices people were looking at, and not only are they out of reach, but the pricing seems less than straightforward.
And if I'm allowed to rant a bit, it all just seems so WRONG for the IRS to operate under the presumption that any money owned, or half-owned, by an American is necessarily American money.  It's earned here, it's invested here, it will stay here, it's nothing to do with the US at all.  And in my case, this whole nightmare is only because my name appears on the accounts.  (Well, that's easily taken care of.)
So many of us are just ordinary people trying to do the right and wise thing.  In 2003 it seemed right to have money in something better than an ordinary savings account, hence the unit trusts (how did I know they'd be a minefield?).  In 2009 it seemed a good idea to have a pension plan.
So, the best of all possible world here is to have enough money, but not too much.

Maybe give these guys a try

http://www.towertax.com

http://www.britishamericantax.com

It may cost you, but balance it against your sanity and the potential penalties.

Thanks for this, nun, it's a place to start.  I've also thought of a few Americans with foreign experience I can contact, at least to explain a few specific things.

Nun, why do you recommend those particular tax advisors?  I looked at both of those sites, and couldn't see any lists of prices for services.  Do you have personal expeerience of these firms?

Nun, I hope you don't mind me jumping into your thread, but it looks as if I'm also going to need professional advice.

Nun, why do you recommend those particular tax advisors?  I looked at both of those sites, and couldn't see any lists of prices for services.  Do you have personal expeerience of these firms?

Nun, I hope you don't mind me jumping into your thread, but it looks as if I'm also going to need professional advice.

I had some work done by Tower Tax and was happy with it and British American Tax is the firm of a long time contributor to this site. You'd get excellent service from both, I can't tell you what it would cost though. There's also a guy called Pete Newton who gets raves over at BritishExpats who seems to be dual qualified.

http://www.britishexpatstax.com/

and there are the firms like

http://www.taxesforexpats.com/index.html

http://www.greenbacktaxservices.com/

Thanks, nun.  I'll get in touch with Tower Tax and maybe some of the others and see what their prices are.