Kawasaki_Mike

To be honest I have no idea. I have been living outside the UK since 2002 and have never used any money transfer service. All I do know is that my pension comes in every month, no issues. I do not have any UK accounts so this is the only way to collect it. Before I set this up I just did not collect it at all and just let it build up for 6 years and then claimed a lump sum.

Graham99

What email address do you us to taalk with equitini?

Kawasaki_Mike

[email protected] is the email address I used to start the communication, after I had explained the situation I was contacted by individuals using their name and then @equiniti.com

mikemike

So pension office pay into citibank in the Uk who then transfer to bpi philippines

Mine is paid into BPI UK and I take what i want by transfer and atm

I decided I did not want the Philippines BIR dealing with death duties here as they in conjunction with attorneys will loot the value of my estate.

I suppose if UK insist on it being done via citibank for tax reasons etc i will have to comply

quiltman

Like you Mikemike, I just have my pension paid into my UK BPI account and transfer as needed. If you want it paid direct into a Philippine account then Citibank is the intermediary used by the UK government. I will not change unless the UK passes a law saying ALL pensions paid to an expat MUST be paid direct into a local account. Don't think that's going to happen too soon!!

mikemike

Yes there has been a lot of talk about losing the Uk personal allowance as we are retired overseas. I am hoping that this a a cross party political hot potato and the proposals will not see light of day. I really do want to have assets here that my family cannot get access to because local death duties process is such a clustermuck

quiltman

Yes there has been a lot of talk about losing the Uk personal allowance as we are retired overseas. I am hoping that this a a cross party political hot potato and the proposals will not see light of day. I really do want to have assets here that my family cannot get access to because local death duties process is such a clustermuck
Yes, it has been bandied about for some time but as you say it's politically a hot potato. The only asset we have here is one of our cars. The other is owned by my sons corporation. I'm married to an English woman - and have been for 47 years - so have no real problem with Filipino family! Our wills are drawn up according to UK law which is allowed here - I can post a link if wanted - so any disbursements when we cast off our earthly being will be as per our wills.

Davita

Nothing to do with Philippines but I'm interested in the conversation of UK pensions paid to anyone abroad....I now live in Bali.
I left UK to become a non-resident in 1974 and have never stepped in UK since 1990 and have no other assets there.
At that time I opened an account with Midland Bank (now HSBC) in Channel islands.
My RAF and OAP are still being sent to that account and I internet transfer whenever I need.
Am I in any danger of losing this facility?

mikemike

Yes i re did my wills and have them written in the UK they now supercede the Philippine ones I own nothing in the Philippines except the rags I slouch around in.

mikemike

The thought was that government pensions would be red ringed and not affected by any proposed rule changes that would do away with UK based personal allowances. The rest of us great unwashed who have UK based occupational schemes may be left to hang out to dry. That this thought has not progressed is because any government would find it had a revolt on its hands and a genuine cross bench rebellion

Gazza-d

I have heard somewhere that the Philippine government is also thinking of dropping the reciprical arrangement which would stop the index linking of the UK state pension. I assume that is if you take your pension in the Philippines.

quiltman

I think this may be a non starter because of the number of OFWs in UK. The reciprocal agreement means that OFWs have access to the NHS and other benefits so long as they are working and paying tax in UK. It also protects their Filipino pension amongst other things. In return, the UK treats Expats in the Philippines as though they were in UK regarding pensions and other allowances such as disability - I have a friend here who gets UK disability allowance because of this reciprocal agreement. On the other hand, Australia rescinded their reciprocal agreement with the UK a few years ago so expats pensioners there no longer get the increase. Interestingly, the Philippines has just concluded a reciprocal Social Security agreement with Germany. However, there's not much we can do if either government does rescind the agreement, except bite the bullet.

Borrocks

Hi all - I am after some advice about moving to the Philippines and UK pensions. I receive and Army pension and have just turned 56 so I can now take my personal pension. I am looking at moving to the Philippines in the new year (Panay, with a local lady) and see it is possible to retire there by getting a Special Resident Retire Visa (SRRV) via the Philippines Retirement Authority (PRA) and it appears to qualify I only need a pension and US$10k to deposit in a PRA approved bank. My questions are as follows:
1 - is this correct and are there any other qualifying requirements (I see the health and police check)
2 - is there a minimum monthly pension amount that is acceptable to qualify
3 - Am I best leaving my Army pension paid into a UK bank because of tax rates etc
4 - ditto for my personal pension
5 - What arrangements / costs are required for Healthcare. Do you need private medical insurance and what are the costs (I am healthy)
I would appreciate any advice you have. Regards, Bob

mikemike

1/ PRA website is the definitive answer to this question, they give full requirements
2/ Yes it is on the PRA website
3/ You maybe required to send your pension direct to Philippines as part of PRA requirement, its on their web site.
4/ Many of us use BPI earls court to send our pensions and other investment income. We open a BPI account in Philippines and transfer cheaply and quickly on line
5/ Many of us use PHIL Health at a cost pf 2400 pa for family cover. this will cut costs of bills but is not fully comprehensive.

there a lot of responses in this thread that will help with your pension payments options

quiltman

Just to add to Mikemikes reply.
Item 4. Once you have been out of UK for a full tax year - or, I think you leave UK between 6 and 20 April so that the few days you spent in UK do not count for that fiscal year - then you can use form DTT individual and apply for your PRIVATE pensions to be paid tax free. All government and state pensions remain taxable in the UK as they are excluded from the UK/Phils DTT. Here's some info: INTM343040 - DT claims and applications - Types of income: Pensions and Annuities
here's the PRA info http://www.pra.gov.ph/As_in_detailed...n_090613_2.pdf