USA

USA Residents

With regards to UK pensions that you have left behind, this is a very complex area of planning as the main issues involved require an understanding of the specific tax position in the USA. Dominion Financial Management is not authorised to provide tax advice in these countries but is aware of the issues involved and can explain to your own tax adviser in your country of residence the options available to you. For example:

There is no ability to transfer to a QROPS anywhere without serious tax consequences. 

Many clients opt to consolidate their pensions into a specialised UK SIPP with a provider that is very comfortable with USA tax reporting.  Most mainstream UK pension companies will not take on USA residents as new clients once they have left the UK.  If consolidation into a SIPP is suitable, a USA tax resident can opt to have a the SIPP  taxed in one of two ways which you will require expert US tax advice before proceeding.  

If a SIPP is chosen, the asset manager of your pension must be licenced by the SEC to accept a USA resident as a client, and must be able to provide the information required for USA tax reporting based not on the UK tax year, but they USA calendar tax year.  

The IRS will require this specific reporting in the timeframes required in USA law.  We can recommend both an asset manager and  SIPP provider that have extensive US experience and the appropriate regulatory licences to operate. 

This is a highly specialised area of planning which most UK IFAs do not go near. As recognised experts in this field, we can help. Our advice process is very in-depth and complex and will need a great deal of explanation which cannot be explained accurately here.

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