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The transfer of a UK workplace pension or personal pension to any US retirement account, including an IRA, is not permitted by the Internal Revenue Service (IRS). However, there can be benefits to transferring your UK pension to a fully flexible UK pension like a Self-Invested Personal Pension (SIPP). Before determining whether a pension transfer […]
Whether or not you can transfer out of a UK defined benefit pension to a defined contribution pension (like a personal pension) either in the UK or abroad will first depend upon whether it is an unfunded public sector defined benefit scheme or not. With the introduction of the new UK pension flexibilities in April […]
Yes, usually a UK personal pension can be transferred to another type of UK personal pension plan (like a self-invested personal pension) and/or a different UK personal pension plan provider. However, it is worth noting that some UK pension providers will not accept US residents as new clients. There can be a number of benefits […]
In the UK, a pension scheme (also known as a pension plan) is a type of savings or investment plan with favourable tax treatment compared to other forms of savings which have been created to provide a person with an income in retirement. There are many different types of UK pension schemes in existence that […]
In the UK, excluding the State Pension from the government, there are two main types of pension schemes or plans: Defined contribution / money purchase / personal pensions: These pensions can be workplace pensions or private pensions set-up by you. The value of the pension at retirement will depend upon how much money has been […]