Consolidating Foreign Accounts
I was wondering if anybody has any experience of this. I am an American immigrant with a bunch of accounts in the UK from previous jobs etc. My wife has a bunch also.
At tax time we have FinCen 114 and 8938 to mess about with. I closed most of our accounts. We only have pensions (maybe 8 of them), one life insurance policy that matures in 2018 and a single bank account to pay for stuff like presents in the UK.
If I could consolidate all our pensions down to 2 that would be great. Maybe I could get the money into a SIPP so I have more choices. With the recent news that Fidelity is not allowing US Citizens to trade mutual funds if they live overseas if looks like the options for 'US Persons' are dwindling by the day.
Anyone done pension consolidation in the UK? Costs, rules etc?