UK Pension Transfers to USA Explained

Transferring your UK pension to the USA isn’t a new choice, it is however, an option that is often not discussed between client and adviser. However, with transfer values continuing to increase, many international workers with a UK pension are now considering this option in the search for greater investment freedom.

By maximising your international employment status and consolidating your UK pensions into one investment vehicle, you can create a plan which allows you to draw income through retirement to suit your needs, potentially improve your tax efficiency and pass more on to your loved ones.

UK Pension Transfers Require Professional Advice

For any pension with a value over £30,000, you are required by to seek advice from a qualified finance professional before proceeding with your UK pension transfer.

Although with something as important as your retirement plans it could be argued that any transfer, regardless of size should only be completed after receiving advice.

Why are people transferring their UK Pension?

Firms Looking To De-Risk

Firms are actively trying to de-risk their liabilities by incentivising members to take a UK pension transfer, typically in the form of either a cash payment or an increase in the transfer value on the condition that those benefits are transferred out to another pension arrangement.

Record High CETV’s

Cash Equivalent Transfer Values (CETV) for UK private pensions have hit new highs in recent years. When calculating a CETV for a UK pension transfer, the most important investment return factor used by a scheme actuary is the risk-free investment return based on UK gilt yields which are currently at a record low level.

Market Uncertainty

With so much uncertainty in the markets, investors are seeking ways to increase control over their investments as the expectation of yields remaining low for longer increases.

Why choose GWM USA?

At GWM USA we know that making a decision on whether to transfer your UK pension can be daunting, which is why our team of experienced UK pension Advisors are on hand to help you answer the questions most British internationals are asking.

All of our advisors are US licensed Advisory Representatives, meaning they are well placed to advise in all areas of personal financial planning including UK pensions.

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UK Pension Transfer FAQ’S

What are my options when transferring my UK pension?

There isn’t a one size fits all solution when transferring your UK pension. A common vehicle for expatriates in the US when transferring is a Self-Invested Personal Pension (SIPP for short). Our team of Investment Advisors are on hand to talk through all the pros and cons of each options available to you.

How long does it take to transfer my UK pension?

The process of transferring your UK Pension typically takes 5-6 weeks but this is dependent on a number of factors. Thankfully our team of paraplanners and researchers are on hand to do all the legwork and ensure a smooth road to a successful conclusion.

Does it cost money to transfer a UK pension?

Yes, we charge an upfront one-off fee to process your actual UK pension transfer. The exact cost of transferring your UK pension is dependent on a number of factors, however the process of exploring your options is completely free.

Can I transfer my UK pension to another person?

Typically, 50% of your UK DB pension is passed onto your spouse upon death. In the event that your children are your next of kin, they will only benefit if they are still classed as dependant (Under 21 and in full time education). You can’t transfer your pension to another person whilst you are alive.

Who can transfer their UK pension?

In some cases, a UK pension transfer is not possible. Public sector unfunded defined benefit scheme members are prohibited from transferring, and if you are within one year of retirement age, it is left to the discretion of the trustees of the scheme.

There are lots of ways that we can help you. So why not request a call back.

All the best relationships have to start somewhere.

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