# Transferring US pension to UK?



## SherriH (Nov 14, 2010)

Hello, folks. I plan on moving to the UK by Dec 2011, and I was wondering how I would go about(or if I can) transferring my state pension. I've been working at the same place for almost 12 years and have a bit built up, and I would rather not cash it out for obvious reasons! Can anyone give me any advice on the right way to go about this?


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## Bevdeforges (Nov 16, 2007)

State pension as in "state of New Jersey" or FICA (Social Security)?

US Social Security can be paid out to you in the UK (or most other countries) via direct deposit to your UK bank account. It's handled through the local Consulate and is probably the most efficient way to receive your Social Security.

Other pensions usually are paid out "the old fashioned way" by check or direct deposit (usually to a US account).

If you're talking about transfering your pension fund into another fund, I don't believe you can do that. You may want to consider taking the cash-out and rolling that into an IRA or other self-saving pension vehicle that is tax sheltered. You'll continue having to file US income taxes, no matter how long you stay in the UK, so it's handy to have a tax sheltered retirement account (though you'll pay your taxes on it as you withdraw funds after retirement).
Cheers,
Bev


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