Currency Risks in Transferring Your Occupational Pension to the US

Moving your occupational pension from the UK to a new one in the US is actually easier than it appears, especially if you have all the information that you need. Your pension provider will be able to give you details on what you need to transfer your existing scheme to the new one overseas so that you can get started with the process right away.

A lot of precautions are taken should you decide to go ahead with the transfer. In case you are already being paid your pension benefits for example, the National Association of Pension Funds agree that most pension providers prefer paying the money into a bank account in the UK, using the sterling as its preferred currency. This also means that most of the time, it would be up to you to make arrangements to transfer the money to the US scheme that you prefer.

Of course, when this happens, you also have to consider the effect of the currency being used as you receive your occupational pension. The continuous fluctuation in different currencies will always affect the value of your money, but this is also an aspect that you could use to your advantage. After all, the sterling still proves to be a strong currency despite a few bumps along the way. You could always have it converted into dollars when the exchange rate is at its peak so that you can get the most out of your money.

For you to make a better decision on which road you should be taking, you can get expert advice from Tim Carroll UK Pension. Tim Carroll UK Pension could help you find ways to invest your pension, give you sound advice on what schemes you should transfer your existing pension to, or help you with the overall process. This way, you can maximize and enjoy your pension benefits the best way possible.