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Topic: Retirement Pension and Money Transfer  (Read 1183 times)

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Retirement Pension and Money Transfer
« on: September 21, 2019, 04:00:38 AM »
Although SS can be paid in to a U.K account, I was wondering is anyone had difficulties with having an IRA or 401(k) distribution, periodic installments, or lump sums paid directly into a U.K bank account by the pension provider. Also, what sort of fees are being uncured for such transfers?

Do some forum members simply have any distributions paid directly to their State side bank accounts and then transfer any monies to their U.K account?

I'd also be interested to learn what money transmitters people use; the cost and simplicity of moving funds.

Finally from an income tax perspective, would the gross 'pension', (if paid to a U.S. bank) be the reported value, (once converted to Stirling) on SA100 or would it be the actual amount that you transfer back to the U.K., (should you decide to transfer less then the 'whole' amount from the U.S).?


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Re: Retirement Pension and Money Transfer
« Reply #1 on: September 21, 2019, 09:15:41 AM »
I can't speak to the retirement fund types, but for transferring the money cost-efficiently, most of us use Transferwise.  It's easy, the fees are very very low, the exchange rate seems to be in line with live forex rates, and it's secure.

I use it to move money between my US and UK accounts, and my sister has used it to send me money (she's really really generous... what can I say?).
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Re: Retirement Pension and Money Transfer
« Reply #2 on: September 21, 2019, 11:29:57 AM »
Although SS can be paid in to a U.K account, I was wondering is anyone had difficulties with having an IRA or 401(k) distribution, periodic installments, or lump sums paid directly into a U.K bank account by the pension provider. Also, what sort of fees are being uncured for such transfers?

Do some forum members simply have any distributions paid directly to their State side bank accounts and then transfer any monies to their U.K account?
 I have my US private pensions (2) plus distributions from my IRA paid into my US bank account

I'd also be interested to learn what money transmitters people use; the cost and simplicity of moving funds.
Transferwise, easy to use and inexpensive

Finally from an income tax perspective, would the gross 'pension', (if paid to a U.S. bank) be the reported value, (once converted to Stirling) on SA100 or would it be the actual amount that you transfer back to the U.K., (should you decide to transfer less then the 'whole' amount from the U.S).?
I pay UK tax on an arising basis, which is the way most do it, so pensions, retirement withdrawals, plus dividends from after tax accounts are all reported gross, regardless of how much of it I transfer to the UK
Dual USC/UKC living in the UK since May 2016


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