Living overseas and getting yr pension

#1
Soon to become a "pensioner" after 22 but not going to live in Blightly. Does anybody have any experience of the best banks to get my money paid into? I heard they will pay into a foreign bank but I think this may not be a good idea (charges, tax in yr new country etc)

Thanks
 
#2
Bullshit - what Country are you going to live in? If Spain, then you will have an option of opening two accounts with the Spanish bank, one sterling and one euros. When you transfer money into the sterling account, the bank, at your discretion will transfer it to the euro account at the banking rate (better than the tourist rate). Can't help with any other country :(
 
#3
No personal experience but do know a bloke who got out in Canada. He just kept his pension into a UK account and drew through hole in the wall when needed.

He seemed to be fine with that.
 
#4
I have a pension paid into a Jersey account tax free as I am no longer residing in the UK, with internet banking this is easy enough to get hold of when I need it...............
 
#5
bluebell_49_echo said:
I have a pension paid into a Jersey account tax free as I am no longer residing in the UK, with internet banking this is easy enough to get hold of when I need it...............
Can you tell me what the charges are like ?
 
#6
bluebell_49_echo;

What does the Jersey a/c offer that the high st doesn't??

I wont be UK resident and will only pay minimal tax on my pension as my pension will be classed as my sole earnings. I had a quick look into the Jersey a/c and it looked as though the charges and setup were pretty high. Can you enlighten me a bit?!
 

Alsacien

LE
Moderator
#7
You could also leave it in a UK current account that has a credit card on it - that way you avoid all charges unless you draw cash....
 
#8
#9
To Boggy :I have an interest paying current account with HSBC go to Google and put in HSBC Jersey and it should give you a a brek down of their products.

To bullshit : The advantage to me is that as a non tax payer i do not attract the Inland revenue.
 
#10
I have some experience in this. To cut a long story short, it turns out that my most practical option when I move to Australia is to carry on having my pension paid into my UK current account and use the local ATM to make periodical withdrawals.

Sounds silly I know, but I consulted an independent financial advisor who confirmed this to be the case.
 
#11
I was under the impression that if you went outside Europe your pension was frozen and not indexed linked so the best bet is leave it in the uk and draw when needed
 
#12
bluebell_49_echo said:
To bullshit : The advantage to me is that as a non tax payer i do not attract the Inland revenue.

If you are out of the country 180 days a year and are registered as no longer resident, Inland Revenue has no claim on the contents of your high street bank. I also have an offshore account, I tend not to use it except as a savings account. They are easy to open, Barclays is 2500 pounds to open (as of 4 years ago)

I've been a non-resident for the last 8 years, I have no issues at all with IR, if I do a little work back in the UK, I pay my taxes etc like a good girl then get the whole lot back come April.
 
#13
Lucky_Jim said:
I have some experience in this. To cut a long story short, it turns out that my most practical option when I move to Australia is to carry on having my pension paid into my UK current account and use the local ATM to make periodical withdrawals.

Sounds silly I know, but I consulted an independent financial advisor who confirmed this to be the case.
I'm with you Jim - precisely what I was told as well. However, I (we) will be applying for full citizenship after 90 days, so I wonder if we will continue to pay tax on our pensions as Aussie citizens...?

Can someone incredibly clever, wise, and equipped with a financial brain the size of large moon answer this?

F_S - talking 'bout you here... :D

Edited to add: Question answered by Gentlesoul - cheers!
 
#14
Darth_Doctrinus said:
[Can someone incredibly clever, wise, and equipped with a financial brain the size of large moon answer this?
Let's leave my moon out of this....

What lucky Jim has said is what I understand to be correct. But as we cannot give financial advice in here it's important that BS knows these are just our opinions. With something as complex and important as a pension, it's worth getting professional advice on this one.
 
#17
I have always been under the impression that HMG will pay your pension into any account worldwide. I know of one guy who now lives in the Philippines, as he is married to a local, and has his pension paid in to Citibank out there.

HSBC is always a good bet for banking worldwide, I have had an account with them since I was a nipper in HK, in the 70's, when it was the Honkers and Shankers. I haven't been anywhere yet that they didn't have some sort of presence.
 
#18
chimp503 said:
I was under the impression that if you went outside Europe your pension was frozen and not indexed linked so the best bet is leave it in the uk and draw when needed
That's the problem with the single word "pension"!

The Army's pension is, AFAIK, payable worldwide at whatever rate was agreed when you retired - and it will be uprated in line with the RPI.

The Old Age Pension is paid worldwide AFAIK, but if it is paid to the residents of certain countries (South Africa for one), it is not uprated in line with the RPI.

But as others have pointed out, all you need to do is sort out a hole in the wall with the underlying account in the UK.

I understood that Jersey has to tell the Revenue about all customers receiving interest from accounts on the Island. But I might be wrong!

Litotes
 
#19
Hummm... not what the Pension Office told me. They said that they will transfer the monthly pension into a foreign bank at the business rate of the day. They assured me it would be done without charge. If this is right then this is by far the cheapest way of getting your hands on the cash. They also said that the lump sum must be paid by bank transfer into a British bank or a cheque can be issued.

I have also been told by the tax man that British Military pensions are taxed at source. I am going to Canada and it would have been much cheaper to be taxed by the Canadians. Some people are saying this is not true?

I am getting out soon and am about to confirm this in writing and will post the replay. Meanwhile if anyone can confirm (no third hand bar room chats please) I will chase it up the chain and report back
 
#20
Lucky_Jim said:
I have some experience in this. To cut a long story short, it turns out that my most practical option when I move to Australia is to carry on having my pension paid into my UK current account and use the local ATM to make periodical withdrawals.

Sounds silly I know, but I consulted an independent financial advisor who confirmed this to be the case.
Don't you need a UK address?
 

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