A USD, UK Pension !

A USD, UK Pension !

by Thomas Quinn on Sep 3, 2020

UK Pensions, Financial Planning

In this video, we explain how you can create a US dollar UK pension. If your intention is to retire in the USA then having an income from a foreign currency for 20-30 years + might not be your preference. If that's the case then this video will explain what you can do to turn legacy UK pension money to USD today to mitigate some of that currency risk.

00:00 Yes. You read that right, you can create a US dollar UK pension. So welcome back and thanks again fortuning in. So, you have accrued UK pensions from your working life in the UK. You now live and reside and looking to retire in the US. You have a foreign income source coming in from pensions, which will be growing at a different inflation rate in the UK. You've also got currency considerations and volatility that will be happening from the day you retire until the day you and your spouse pass away. So this can be very hard to create a retirement plan around these external factors, just influencing the amount of money that you'll be getting in over retirement.

01:03 So, what you can do is you can find a UK SIP that specializes in working with US residents. So a UK SIP is a self invested personal pension. This is the equivalent of an IRA in the UK. So you can consolidate any number of UK pensions into this SIP and invest this in Pound Sterling. However, you can turn this to dollars and invest this in dollars at any point of your choosing. And you can invest this exactly like you'll be investing your 401k and your IRA. Now, a CIP isn't for everyone. You must review this against your personal circumstances and your goals. However it is an option you can take advantage of now. So you can create a US dollar UK pension. Thanks for tuning in again. Please like, and go onto a YouTube channel and subscribe to our YouTube channel. We talk about all things, retirement, investments, planning, currency for former UK residents and Brits now living in the US. Cheers.

If you're not a client and you want to find out how we could help you if you live in the USA having formally lived in the UK, please get in touch on +1 646-201-4865 or info@taylortaylorusa.com 

Taylor & Taylor Financial Services USA LLC is a registered investment adviser.  Information presented is for educational purposes only and does not intend to make an offer or solicitation for the sale or purchase of any specific securities, investments, or investment strategies.  Investments involve risk and, unless otherwise stated, are not guaranteed.  Be sure to first consult with a qualified financial adviser and/or tax professional before implementing any strategy discussed herein. Past performance is not indicative of future performance.