The insular British pensions industry can often fail to understand the specific needs of expatriate British pension-holders who no longer live in UK. UK Pension Transfer LLC is a vital link in the expatriate advisory chain. As many British expatriates have already discovered it is not possible to obtain advice, as such, direct from a UK-based pension provider. The Financial Services Authority (FSA) only permits providers to deal with pension holders through UK-regulated Independent Financial Advisers (IFAs). However, it is not possible for USA-resident expatriates to receive advice from a UK-based IFA. Perceived regulatory issues from exposure to the SEC deter IFAs in UK from advising USA residents. If it were not for UK Pension Transfer LLC this could be a Catch-22 situation.
Who will give advice?
Tim Carroll, president of UK Pension Transfer LLC, is ideally placed to provide continuous advice to UK pension-holders who live in USA and other countries on the best solutions for maximising the benefits and options available to them from their frozen British occupational pension arrangements. He has remained a British expatriate himself since 1981 and has experience of residing in several different countries. He fully understands the complex ramifications of continuing to hold a UK pension that represents retirement savings accumulated over many years of former hard work in UK. He is regulated in USA under the Uniform Securities Act and is qualified to advise fellow expatriates wherever they may live outside UK. This includes other nationals who have previously worked in pensionable UK employment.
Why can’t UK pensions be imported to USA ?
Another discovery that research will reveal to an expatriate UK pension-holder is that it is not possible to import a UK occupational pension fund to USA either as a stand-alone scheme or in amalgamation with a USA-based pension arrangement such as an IRA or a 401K. While UK regards USA as a suitable jurisdiction for receiving an exported British pension, the Internal Revenue Service (IRS) in USA imposes a restriction on such imports. There is an irrevocable disparity between the coding systems for pensions in each country. Even though Britain’s HRMC has approved Qualifying Recognized Overseas Pension Schemes (QROPS) in USA the IRS will not permit them to accept transfers of British pension funds. Furthermore, British occupational pensions in general are regarded by USA and Canada as being over generous by their standards.
What is the alternative solution?
Fortunately, there are superior alternatives available. Tim Carroll can guide you expertly through the labyrinth no matter where you are living now and can continue taking care of your UK pension interests permanently.
Please note, the services described above are not available to current UK residents.