pensions from UK

mikelapta



Joined: 20/11/2008
Posts: 2186

Message Posted:
04/12/2008 17:12

What's the best method of getting them transferred here?.

rocky


Joined: 17/10/2007
Posts: 1749

Message Posted:
04/12/2008 17:13

do you mean state pensions or private pension plans?

smithy


Joined: 17/07/2008
Posts: 5301

Message Posted:
04/12/2008 17:37

to save on all the confusion just have it paid into my account saves all the fuss ha ha

mikelapta



Joined: 20/11/2008
Posts: 2186

Message Posted:
04/12/2008 18:02

I've got both

breezyboy


Joined: 14/05/2007
Posts: 1179

Message Posted:
04/12/2008 18:06

I have read of a scheme where a private pension can be transferred offshore but only to a country approved for this purpose by HMRC. After 7 years as I read it they give up bothering and you can shift it to anywhere you like.



On a state pension if you can maintain a UK address where they pay you, you will get any increases in the amount they pay each year. Otherwise if you are totally out of the coutry these increases are frozen as I understand it.

baldy


Joined: 18/11/2008
Posts: 70

Message Posted:
04/12/2008 18:22

If your address is Mersin 10, Turkey you automatically receive the yearly increase in UK state pension,

cyprusishome


Joined: 31/03/2007
Posts: 2381

Message Posted:
04/12/2008 18:48

My private pension is transfered to an Offshore account in Jersey from where I transfer here on internet if I need to.



Not sure of payment direct to a bank here because of the taxation issues. I know my own cannot be transfered direct to an account outside of EU but obviously that is a rule of the scheme. You therfore need to read you scheme rules that is the only place to get a definitive answer.



Have a friend who receives the UK State pension and gets annual increases as well us winter fuel allowance!!

dozza67


Joined: 11/07/2008
Posts: 607

Message Posted:
04/12/2008 22:07

We have ours paid into a UK bank and then just draw whatever cash we need from an ATM. Easy peasy

Joe Soap


Joined: 17/10/2008
Posts: 170

Message Posted:
04/12/2008 23:15

Hi Dozza67,



What bank charges do you pay for withdrawing cash at the ATM?.......

or do you withdraw Lira?

w26kay



Joined: 14/10/2007
Posts: 479

Message Posted:
05/12/2008 00:22

There is some useful information here on Pensions in payment when living overseas as follows:-



http://www.direct.gov.uk/en/MoneyTaxAndBenefits/PensionsAndRetirement/StatePension/DG_10026714



AND Winter Fuel Allowances to pensioner's abroad:-

http://www.retirementexpert.co.uk/winter-fuel-payments-for-pensioners-living-abroad.html



If you are entitled to it, claim it don't lose it. How often do the UK Government give money away (OK they gave billions to the banks) to ordinary people?

bigears


Joined: 14/03/2008
Posts: 62

Message Posted:
05/12/2008 09:21

if you have a Nation wide account then as far I am led to believe it is free from AYM's. no doubt someone will tell me I am wrong. Also First Direct, this was true in the summer when our son in law had to take money out. Sue

Arek Naw


Joined: 29/08/2008
Posts: 75

Message Posted:
05/12/2008 10:15

HSBC UK Premier customers can withdraw sterling from the HSBC ATM here free of charge.

cyprusishome


Joined: 31/03/2007
Posts: 2381

Message Posted:
05/12/2008 14:35

dozza67,



you must be tremendous charges to draw money from a UK account while living here. If not charges then lousy exchange or indeed both.



Why do you not open an account here?? Far easier and cheaper. Also transfer money on line in bulk is cheaper than using ATM.

dozza67


Joined: 11/07/2008
Posts: 607

Message Posted:
05/12/2008 16:26

We bank with First Direct which is part of the HSBC. When we draw money from an HSBC ATM, we incur no charges at all. We are not premier customers either. Our savings here are with another bank. We usually draw sterling and change it into Lira at an exchange shop which gives us better rates.

HarryHornet



Joined: 18/07/2007
Posts: 291

Message Posted:
05/12/2008 16:31

Nationwide account no charges for any withdrawal anywhere in world



I was charged by both HSBC and First Direct 2 years ago when withdrwaing sterling to pay deposit on property- I have accounts with both hence opened up new account with Nationwide

dozza67


Joined: 11/07/2008
Posts: 607

Message Posted:
05/12/2008 18:23

That used to be the case HarryHornet but then for some reason they stopped charging us. We're not complaining but have to admit in light of the credit situation now throughout the world, we are waiting for them to re-instate the charges. Fingers crossed that they don't anyway. There are other ways to bring money across and one that we have used in the past was to transfer some money into a member of the families account and they bring it out with them when visiting.

cyprusishome


Joined: 31/03/2007
Posts: 2381

Message Posted:
05/12/2008 19:49

The expression "there is no such thing as a free lunch" is my motto. Somewhere, somewhen, somehow you will be paying.