Hi, I need to transfer my UK pension fund (from the troubled Equitable-Life provider) to my US 401k plan. The financial advisor appointed by my company is pretty clueless as to what the legalities are, if any. Is this a simple process? Anyone had experience of this? Any advice would be great. Thanks!
Pete
On 2002-02-25 06:12, healdp wrote:
Hi, I need to transfer my UK pension fund to my US 401k plan
Pete
Sorry that is not possible - 401K plans are for deferred income. You cannot add funds from outside your US employment.
You may be able to contribute up to $2000 into either an IRA or a Roth IRA (or split between both)and have it effective for 2001 provided you do it before April 15th. For 2002 the contribution limit has been raised to $3000
You may have adverse tax issues to transfer UK pension money to the US. - My opinion is that you would be better off leaving your money in some sort of UK plan.
Send private if you wish to discuss further on the IRAs
Paul
Thanks Paul. Well, it sounds like I should forget the 401k, and just transfer funds to a high interest savings account. Maybe I'll then transfer what I can to an IRA. I don't want to leave it in the UK. I'll contact the provider (rather then the IFA) to see if they can cash it out for me.
Thanks again!
Peter