UE4 doesn't properly import transparent PSD files

You have to keep extra files, and do extra work every time you make a change - it’s completely unnecessary and time consuming.
And, I’m no expert, but I don’t think this a limitation of the Photoshop format, the information is definitely there, it’s just that the editor isn’t importing it correctly.

Surely working with transparent PSDs is pretty common, I’m really surprised that this is a problem.