FBAR

So I'm halfway through completing my FBAR and reading all of the guidance as I go. Guidance says:

 "An owner or beneficiary of an IRA is not required to report a foreign financial account held in the IRA."

I was including my pension in the FBAR but this looks to mean that I don't need to. Or does it mean that if you have a US based pension the foreign holdings of that pension don't need to be declared?

This is a pretty frustrating process, any help interpreting gratefully received!

So I'm halfway through completing my FBAR and reading all of the guidance as I go. Guidance says:

 "An owner or beneficiary of an IRA is not required to report a foreign financial account held in the IRA."

I was including my pension in the FBAR but this looks to mean that I don't need to. Or does it mean that if you have a US based pension the foreign holdings of that pension don't need to be declared?

This is a pretty frustrating process, any help interpreting gratefully received!

That is correct I believe. IRAs are US retirement plans and if you have a fund in that IRA that invests in foreign securities then it is not reportable in an FBAR because the bank/brokerage holding those foreign investments is US based.

Thanks.

Mine is UK based - now that we're all in I have a UK pension. Does that count as an IRA do you think, or savings worthy of FBAR? Seems odd to declare it in my tax return and then again as savings.

Thanks.

Mine is UK based - now that we're all in I have a UK pension. Does that count as an IRA do you think, or savings worthy of FBAR? Seems odd to declare it in my tax return and then again as savings.

I think that if your IRA is held outside of the USA then it should be reported on an FBAR, as are UK SIPPs and ISAs.

UK pensions are also reported on an FBAR.

Ah, thanks. That's what I thought initially!! 

Most (but not all) UK pension plans are considered as non-US financial accounts and FBAR reportable. The FBAR is not due until 15 October, so there is plenty of time for you to get this perfect.