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I am a United States citizen living and working in the United Kingdom. I am enrolled in the Universities Superannuation Scheme pension plan. Do contributions to this plan need to be reported on my US income tax return and if so, what is the proper way of doing that?

Article 18, Paragraph 5 of the US-UK tax treaty seems to say that the contributions are "deductible (or excludable)". However it is unclear to me whether this means that the taxpayer can choose between a deduction and an exclusion, or if it means that a deduction is available in some circumstances and an exclusion is available in other circumstances.

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