Receiving your UK State Pension in the USA
You can claim your UK State Pension abroad if you’ve paid enough UK National Insurance contributions to qualify. You will still qualify for an increase every year if you live in the USA.
You can get a State Pension statement if you need to find out how much State Pension you may get. Your LDN Wealth advisor can help you complete all necessary forms and decode the State Pension statement you receive.
Claiming your UK State Pension
You must be within 4 months of your State Pension age to claim.
LDN Wealth can advise you on how to complete claim forms to receive your UK pension in the USA.
If you live part of the year abroad
You must choose which country you want your pension to be paid in. You can’t be paid in one country for part of the year and another for the rest of the year.
Bank accounts your pension can be paid into
Your State Pension can be paid into:
• a bank in the country you’re living in
• a bank or building society in the UK
You can use:
• an account in your name
• a joint account
• someone else’s account – if you have their permission and keep to the terms and conditions of the account
You’ll need the international bank account number (IBAN) and bank identification code (BIC) numbers if you have an overseas account.
You’ll be paid in local currency – the amount you get may change due to exchange rates.
LDN Wealth recommends using a specialist currency exchange account so that you make the most of your money and are not subject to poor exchange rates.
Paying Tax
The USA and UK has a double taxation agreement so you’ll only pay tax on your pension once. This may be to the UK or the USA.
For more information on receiving your UK State Pension in the USA contact LDN Wealth today.